Internet of Things (IoT) in Banking and Financial Services

Global Internet of Things (IoT) in Banking and Financial Services Market to Reach US$66.2 Billion by 2030

The global market for Internet of Things (IoT) in Banking and Financial Services estimated at US$9.6 Billion in the year 2023, is expected to reach US$66.2 Billion by 2030, growing at a CAGR of 31.7% over the analysis period 2023-2030. Solutions Application, one of the segments analyzed in the report, is expected to record a 32.6% CAGR and reach US$47.5 Billion by the end of the analysis period. Growth in the Services Application segment is estimated at 29.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.9 Billion While China is Forecast to Grow at 28.9% CAGR

The Internet of Things (IoT) in Banking and Financial Services market in the U.S. is estimated at US$2.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$8.8 Billion by the year 2030 trailing a CAGR of 28.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 26.8% and 24.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 16.8% CAGR.

Global Internet of Things (IoT) in Banking and Financial Services Market - Key Trends and Drivers Summarized

How Is Internet of Things (IoT) Transforming Banking and Financial Services?

The Internet of Things (IoT) is transforming banking and financial services by enhancing customer experiences, improving security, and enabling new financial services. IoT devices such as wearable payment devices, smart ATMs, and connected point-of-sale (POS) systems are revolutionizing how consumers interact with financial institutions. These connected devices enable real-time transactions, personalized financial services, and more efficient payment processing. IoT solutions are also being used to improve risk management and fraud detection, as data from connected devices can be analyzed to detect unusual patterns and flag potential threats. Additionally, IoT-based solutions are helping banks streamline branch operations, manage assets, and optimize customer service delivery.

How Are Technological Advancements Shaping IoT in Banking and Financial Services?

Technological advancements in IoT, artificial intelligence (AI), and blockchain are driving the adoption of IoT in banking and financial services. AI-powered analytics are being used to analyze data from connected devices to identify trends, predict customer needs, and offer personalized financial products. Blockchain technology is being integrated with IoT to provide secure and transparent transaction processing, reducing the risk of fraud in financial transactions. Furthermore, advancements in wearable devices and biometric authentication are enhancing the security of mobile and contactless payments. These innovations are making IoT solutions more reliable, secure, and customer-centric, enabling financial institutions to offer new services and improve their competitive positioning.

How Do Market Segments Define the Growth of IoT in Banking and Financial Services?

Applications include payment processing, risk management, and asset management, with payment processing leading the market due to the rise of contactless payments and wearable payment devices. Components include hardware such as connected POS terminals and wearable devices, and software for data analysis and security, with software gaining traction as financial institutions prioritize analytics and fraud detection. End-users include retail banks, commercial banks, insurance companies and financial service providers, with retail banks leading the adoption of IoT solutions to enhance customer experiences and streamline operations. The market is growing rapidly in regions like North America and Europe, where digital banking and mobile payments are widespread.

What Factors Are Driving the Growth in the IoT in Banking and Financial Services Market?

The growth in the IoT in banking and financial services market is driven by several factors, including the rising demand for contactless payments, advancements in wearable technology, and the need for enhanced security. As consumers increasingly prefer contactless payment options, banks and financial institutions are adopting IoT solutions to offer more convenient and secure payment methods. Technological innovations in biometric authentication, AI-based fraud detection, and blockchain are further driving the market by improving the security and transparency of financial transactions. Additionally, the growing adoption of mobile banking and digital wallets is pushing financial institutions to invest in IoT solutions that enhance customer experiences and streamline payment processes.

Select Competitors (Total 37 Featured) -

• Accenture
• Allerin Technologies
• Cabot Technology
• Capgemini
• Carriots
• Cisco
• Colan Infotech
• Concirrus
• Ewave Mobile
• Gizmosupport
• Hitachi Vantara
• IBM
• Infosys
• Microsoft
• Mindbowser
• Mulesoft
• Oracle
• Paragyte Technologies
• Ranosys Technologies
• SAP
• Software AG
• Suntec
• Tibbo Systems
• Vodafone
• Zerone Consulting

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.