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Global Internet of Things in Banking Market 2021 Size, Share, Growth, Trends and Forecast, Business Opportunities and Future Investments

Internet of Things in Banking

The report focuses on the favorable Global “Internet of Things in Banking market” and its expanding nature. The Internet of Things in Banking market report provides a comprehensive study of the market segmentation, service providers, stockholders, sponsors, and important market players, size, and share, market dynamics such as the growth drivers, restraints, challenges, and opportunities.

Market Overview:

  • The global internet of things in banking market is expected to register a CAGR of 18.58%, during the forecast period (2019-2024). Open data, API-led ecosystems, emerging technologies and regulations will continue to evolve in 2019 and beyond. To thrive these continuous change, banks need an architecture that allows them to respond to changes quickly, innovate and deliver value creatively, and operate efficiently. In 2019, the digital reference architecture will embrace “deep business focus” as a design principle.
  • – Wearable technologies are gaining popularity rapidly, and because of their widespread adoption, banks all over the world have become determined to enable banking through these wearables, which is a key driver for the market.
  • – Security is of the utmost importance in the banking system. A bank can only function on the trust. IoT will aid banks considerably in this regard by introducing a strong identity verification, privacy and protection system. Biometrics are already being used widely, and geolocation abilities of mobile devices are majorly becoming the key drivers for the growth of market.
  • – The future of the market in the banking sector is expected to be focused on offering securing IoT devices to improve insights on customer behavior analysis. However, the greater vulnerability to cyber attacks, owing to the increased number of IoT devices end-points is challenging the growth of the market.<

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    Key Manufacturers

  • Vodafone Group PLC
  • Infosys Limited
  • IBM Corporation
  • Temenos Group AG
  • Allerin Technologies
  • SAP AG
  • Software AG
  • Ranosys Technologies
  • Capgemini SE
  • Tibbo Systems

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

    Internet of Things in Banking market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Internet of Things in Banking market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Internet of Things in Banking market have also been involved in the study.

    Scope of the Report:

  • Internet of things in banking market is showing fast digitization and mobilization in the banking and financial services business. Businesses are exploring the opportunity of IoT in finance to leverage data and to minimalize the risks that are endemic to this sector. Organizations in retail banking, faster payments, improved operability (to support the move to open banking) and additional responsive mobile services are the main points of focus for innovation.

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    TOC of Internet of Things in Banking Market Report Covered:

    Introduction, Research Methodology, Executive Summary, Key Inferences, Market Overview, Internet of Things in Banking market Dynamics, Market Segmentation, Competitive Landscape, Key Players, Future of the Market, and continued…

    Reasons to Purchase Internet of Things in Banking Market Report Covered:

    • The report analyses how Internet of Things in Banking market will grow in the future.
    • Analyzing various perspectives of the Internet of Things in Banking market with the help of Porter’s five forces analysis.
    • Study on the product type that is expected to dominate the market and regions that are expected to witness the fastest growth during the forecast period
    • Recognize the new developments, Internet of Things in Banking market shares and policies employed by the major market players.
    • Competitive landscape including the Internet of Things in Banking market share of major players along with the key policies accepted for development in the past five years
    • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major Internet of Things in Banking market players

    Key Market Trends:

    Cybersecurity Applications Drive the Market Growth

    – Today customer expectations, technological capabilities, regulatory requirements, demographics and economics are together creating a crucial change. This leads to the need for banking institutions to get ahead of these challenges and adopt a proactive approach to cybersecurity.
    – Financial sector faced almost three times the cyber attacks as compared to that of the other industries. Data breaches (both internal through fraud and external through cyber criminals) leads to the exponential rise in costs.
    – Ongoing threats related to IoT devices will force banks to tighten security layers, including patchable firmware/software and controlled privilege access. New regulations will be driven by large scale attacks using IoT to amplify the attack by the help of wearable devices. Wearables such as smartwatches are poised to become the future of the retail banking experience, according to Samsung Insights. One example is that banks could use Bluetooth beacons to push personal greetings to customers’ smartwatches when they enter a banking location.
    – There is an increased rate in data breaches in the annually. The main segment is the banking sector and the privileged misuse and web attack is the main reason for it, where the hackers use malicious code and software to alter computer code. Recent news says that HSBC Bank customers had personal information exposed as a result of a data breach by unauthorized users in US.
    – Security solutions like Attila’s GoSilent are designed to detect and prevent cyber attacks from a wide spectrum of sources.GoSilent locks down access to the networks of banking institutions by securing all the endpoints – such as servers, mobile devices, printer/scanners, laptops and desktops.
    – Enforcing Multi-Factor Authentication usually for physical access control, use of virtual private networks, prevention of counterfeit by Chip assembly integrator are the key trends in the cybersecurity applications which will enhance the market.

    North America to Account for a Significant Share

    – North America has many of the largest banks, which has a major effect to drive the market for IoT in banking. The convergence of operational and information technology and increasing use of IoT devices in product, application, and premises monitoring for connected banking are some of the factors driving the IoT in Banking in North America.
    – The U.S. is the largest market for IoT security solutions in banking beacuse of having large number of banks with large number of data breaches news.
    – Many banks now provide applications for popular wearables like Apple Watch and FitPay, which is already working with Bank of America. Amazon is too planning to let customers zap each other cash with Alexa, and then deposit the money in an Amazon-branded checking account.
    – Diebold, a US financial and security services corporation, went even further and designed a smart ATM. If anyone wants to withdraw some cash, a person should simply schedule a session via a mobile app, walk up to the nearest ATM and choose one of the available verification options.
    – Due to latest innovation in the banking sector, the market is readily growing in North America region.

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    Study objectives of Internet of Things in Banking Market Report:

    • To provide a detailed analysis of the market structure along with the Internet of Things in Banking market forecast of various segments and sub-segments of the Internet of Things in Banking market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Internet of Things in Banking market trends that influence the global Internet of Things in Banking market

    Detailed TOC of Internet of Things in Banking Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Wearable Technologies are Gaining Popularity Due to Widespread Adoption
    4.3.2 Security and Privacy Protection For the Customers
    4.4 Market Restraints
    4.4.1 Greater Vulnerability to Cyber Attacks by IoT End Point Usage
    4.5 Value Chain Analysis
    4.6 Industry Attractiveness – Porter’s Five Force Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 TECHNOLOGY SNAPSHOT

    6 MARKET SEGMENTATION
    6.1 By Type of Software Solution
    6.1.1 Real-time Streaming Analytics
    6.1.2 Security
    6.1.3 Data Management
    6.1.4 Remote Monitoring
    6.1.5 Other Software Solutions
    6.2 By Application
    6.2.1 Cybersecurity
    6.2.2 Customer Relationship Management
    6.2.3 Logistics
    6.2.4 Product Management and Planning
    6.2.5 Marketing
    6.2.6 Other Applications
    6.3 Geography
    6.3.1 North America
    6.3.2 Europe
    6.3.3 Asia-Pacific
    6.3.4 Latin America
    6.3.5 Middle East & Africa

    7 COMPETITIVE LANDSCAPE
    7.1 Company Profiles
    7.1.1 Vodafone Group PLC
    7.1.2 Infosys Limited
    7.1.3 IBM Corporation
    7.1.4 Temenos Group AG
    7.1.5 Allerin Technologies
    7.1.6 SAP AG
    7.1.7 Software AG
    7.1.8 Ranosys Technologies
    7.1.9 Capgemini SE
    7.1.10 Tibbo Systems

    8 INVESTMENT ANALYSIS

    9 MARKET OPPORTUNITIES AND FUTURE TRENDS

     

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