IoT in Banking & Financial Services Market Size, Share, Growth Report 2032

The global IoT in banking & financial services market size was worth around USD 2.19 billion in 2023 and is predicted to grow to around USD 101.59 billion by 2032 with a compound annual growth rate (CAGR) of roughly 53.20% between 2024 and 2032.

Request Free Sample

The report analyzes and forecasts the IoT in banking & financial services market on a global and regional level. The study offers historical data from 2018 to 2022 along with forecast from 2024 to 2032 based on revenue (USD Billion).

Global IoT in Banking & Financial Services Market: Overview

IoT is the interconnection of distinguished embedded computing devices within the existing infrastructure. IoT provides an advanced connectivity of various systems, devices, and services that is not only restricted to machine-to-machine (M2M) communications but also covers various domains, protocols, and applications. In financial services, the interconnection of these devices is likely to guide their business in automating various processes.

Assessment of IoT in banking & financial services market dynamics gives a brief thought about the drivers and restraints for the IoT in banking & financial services market along with the impact they have on the demand over the years to come. Additionally, the report also includes the study of opportunities available in the IoT in banking & financial services market on a global level.

Digitalization in the banking sector is likely to fuel the IoT in banking & financial services market during the forecast timeframe. In 2015, the Singaporean financial sector invested nearly USD 225 million to establish innovation labs and infrastructure for fintech services. However, increasing cyber-attack scan might hinder this market’s growth. The use of banking with voice assistance is anticipated to present an opportunity to drive this market in the future. Amazon, Google, and Apple have offered their platforms and services to the U.S. Bank for voice assistance banking.

Request Free Sample

The report gives a transparent view of the IoT in banking & financial services market. We have included a detailed competitive scenario and portfolio of leading vendors operative in the IoT in banking & financial services market. To understand the competitive landscape in the IoT in banking & financial services market, an analysis of Porter’s Five Forces model for the IoT in banking & financial services market has also been included. The study encompasses a market attractiveness analysis, wherein application, component, end-user, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.

Global IoT in Banking & Financial Services Market: Segmentation

The study provides a crucial view of the IoT in banking & financial services by segmenting the market based on application, component, end-user, and region. All the segments of IoT in banking & financial services market have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on application, the IoT in banking & financial services market is divided into data management, cybersecurity, proactive services, product planning and marketing, customer relationship management, and data analysis. The data management segment is anticipated to grow at a considerable rate during the estimated timeframe, due to the increasing adoption of online banking facilities in developing economies, such as China and India. Hardware, software, and service comprise the component segment of this market.

Based on component segment the IoT in banking & financial services market is divided into Hardware, software, and service. 

By end-user, this market includes banks, insurance companies, mortgage companies, brokerage firms, and others.

Global IoT in Banking & Financial Services Market: Report Scope:

Global IoT in Banking & Financial Services Market: Regional Analysis

The regional segmentation comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America and Europe for the IoT in banking & financial services market with their further bifurcation into the U.S., Canada, Mexico, UK, France, Spain, Germany, Switzerland, China, Japan, India, South Korea, Australia, Brazil, Argentina, UAE, Saudi Arabia, and South Africa.

North America is projected to hold a significant share in the global IoT in banking & financial services market during the forecast time period. North America is the most technologically advanced region; it was a pioneer in adopting IoT in banking sector. Furthermore, rising investments in IoT in the U.S. are expected to propel this regional market. The Asia Pacific is anticipated to grow at a considerable rate in the estimated timeframe, due to the growing investments made related to the usage of technology in the banking sector.

Global IoT in Banking & Financial Services Market: Competitive Analysis

The competitive profiling of noticeable players of the IoT in banking & financial services market includes company and financial overview, business strategies adopted by them, their recent developments and product offered by them which can help in assessing competition in the market. Noticeable players included in this report:

• Microsoft Corporation
• IBM Corporation
• Oracle Corporation
• SAP SE
• Cisco Systems
• Inc.
• Accenture
• Infosys Limited
• Vodafone Group plc
• Software AG
• Capgemini SE
• Among others

This report segments the global IoT banking & financial services market as follows:

Global IoT in Banking & Financial Services Market: Application Segment Analysis

• Data Management
• Cyber Security
• Proactive Services
• Product Planning & Marketing
• Customer Relationship Management
• Data Analysis

Global IoT in Banking & Financial Services Market: Component Segment Analysis

• Hardware
• Software
• Service

Global IoT in Banking & Financial Services Market: End-User Segment Analysis

• Banks
• Insurance Companies
• Mortgage Companies
• Brokerage Firms
• Others

Global IoT in Banking & Financial Services Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa