Internet of Things (IoT) in Banking - Thematic Research

Internet of Things (IoT) in Banking - Thematic Research

Summary

This report provides an overview of the Internet of Things (IoT) theme in the banking space. It identifies the key trends impacting the growth of the theme over the next 12 to 24 months. It contains a comprehensive industry analysis, including market size and growth forecasts for both enterprise and consumer IoT, details of M&A deals driven by the IoT theme, and analysis of patent trends. A detailed value chain is provided, comprising five layers: devices, connectivity, data, apps, and services. Leading and challenging vendors are identified across each of the five layers.

IoT in banking was often viewed cynically as a vendor construct that was ‘pushed’ onto the industry, as the use cases were always more compelling for other verticals that had more ‘things’ to connect, such as manufacturing, insurance, and retail. But it is hard to deny the existence of IoT in banking, as it is really just the convergence of a number of existing trends and technologies related to harvesting the true potential of the modern internet (including big data, artificial intelligence (AI), cloud, analytics, and APIs). In the long term, IoT promises highly personalized, frictionless digital banking. More ‘things’ connected to the internet will help banks anticipate what customers want, when, and where, delivering highly personalized content and functionality optimized for brief moments of interaction. However, it is also true that more ‘things’ connected to the internet will enable non-traditional players to better reach banks’ customers earlier.

Scope

• We forecast the global IoT market to reach $1.1 trillion in revenue by 2024. Enterprise IoT will account for 73% of market revenue by 2024 (down from 76% in 2020), while the consumer segment will make up 27% in 2024 (up from 24% in 2020).
• Wearable tech revenues will more than double over five years, from $59 billion in 2020 to $156 billion by 2024.
• The global automated home market was worth $66 billion in 2020 and will reach $93 billion by 2024.

• Understand the key technology, macroeconomic, and regulatory trends impacting IoT in banking.
• Identity priority application areas for IoT in banking as well as the vendors and banks delivering these experiences to end users.
• Access case study insight on the leading private and public players within the IoT theme.