Internet of Things Market in BFSI Introduction
Internet of things (IoT) in banking, financial services, and insurance (BFSI) sector has created a platform where physical, virtual, and real world is integrated and all the connected dots interact with each other. IoT has evolved as network of process, connected devices, data and people, and facilitates real-time communication. Technological advancements and pace of innovation continue to impact BFSI industry operating models and reshape banking ecosystems dramatically. The most prominent of these emerging technologies are cloud computing and digital technologies building successful roadmap for banks and financial service providers.
Increasing number of tech savvy customers using smart devices are encouraging major banks and financial institutions to come up with digital banking and other services to enhance overall customer experience. This would fuel growth of the IoT market in BFSI sector. Additionally, growing focus of end user organizations to boost business productivity, optimize and streamline processes, and reduce long term operational cost is anticipated to increase adoption of IoT systems, solutions, and services in BFSI industry over the forecast period, propelling market growth worldwide. In contrast, threat associated with data privacy and security is one of the major roadblocks impeding growth of the Internet of things market in BFSI sector.
Internet of things market in BFSI covers major components, regions and countries. Prominent segments to be included in this research study are hardware, solution, service and end user. Based on solution the IoT market in BFSI is segmented into customer relationship management (CRM), enterprise resource planning (ERP), asset management, fraud detection, risk and other solutions. The IoT market in BFSI has been segmented based on services into consulting, implementation, integration, and other support services. The end user segment is bifurcated into banks, financial service providers, and insurance companies.
The IoT market in BFSI covers major regions North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these regions, North America holds major share of the overall pie as consumers in the region focus on quality of service and value. This is encouraging major banks in the region to go digital and develop customer-centric strategy. Further, in terms of technology adoption, Asia Pacific and Latin America to witness tremendous growth in coming years. This growth mainly attributed to growing trend of online and mobile banking in major countries such as China, India, and Brazil in these regions.
Internet of Things Market in BFSI Competitive Landscape
The market is getting more consolidated owing to increasing number of strategic partnerships and mergers and acquisitions among major IoT vendors. Further, competition in the market is expected to intensify due to entrance of new players offering niche technological solutions. Prominent and emerging players identified in the IoT market in BFSI are Amazon Web Services, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Cisco Systems, Inc., salesforce.com Inc., Alkami Technology, Worldwide Interactive Services, LLC and Temenos Group.
Major Regions/Countries include:
- North America
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on IoT market in BFSI would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.