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.

Sarasota, FL -- (SBWire) -- 12/24/2018 --Zion Market Research has published a new report titled "IoT in Banking & Financial Services Market by Application (Data Management, Cybersecurity, Proactive Services, Product Planning & Marketing, Customer Relationship Management, and Data Analysis) by Component (Hardware, Software, and Service), and by End-User (Banks, Insurance Companies, Mortgage Companies, Brokerage Firms, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global IoT in banking & financial services market accounted for USD 159 million in 2017 and is expected to reach USD 2,547 million by 2024, at a CAGR of 48.6% between 2018 and 2024.

IoT refers to the network of physical objects that are connected over the internet for transferring information without human intervention. These devices utilize embedded technology for communication. IoT is now being used in for banking and financial services to save time and reduce additional costs in various operations, such as accounts handling, payments, data management and verification, fraud detection, etc.

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Increasing number of smartphone users in the last decade is likely to propel the IoT in banking & financial services market. Various banks and other financial institutes are offering mobile banking and online payments, among other services. In 2016, the number of smartphone users globally was 2.1 billion as compared to 1.86 billion in 2015. Considering this growth, financial institutes are likely to adopt IoT to streamline their services and payment processes. In 2016, Santander announced its plan to offer mortgage schemes to their customers on smartphones along with providing the facility to scan and verify clients reqIncreasing number of smartphone users in the last decade is likely to propel the IoT in banking & financial services market. Various banks and other financial institutes are offering mobile banking and online payments, among other services. In 2016, the number of smartphone users globally was 2.1 billion as compared to 1.86 billion in 2015. Considering this growth, financial institutes are likely to adopt IoT to streamline their services and payment processes. In 2016, Santander announced its plan to offer mortgage schemes to their customers on smartphones along with providing the facility to scan and verify clients required documents on the bank's mobile app.

Growing investments made by insurance firms in IoT are anticipated to fuel the IoT in banking & financial services market during the forecast timeframe. In 2016, insurance companies invested USD 711 million, accounting for 44% of the insurtech investments as compared to 10% in 2015. Furthermore, insurance technology startups have been successful in garnering investments. In 2016, Coya, a European digital insurance provider, raised about USD 10 million.

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The IoT in banking & financial services market is fragmented based on component, application, and end-user. By component, this market includes hardware, software, and service. The software segment is projected to dominate the IoT in banking & financial services market during the forecast timeframe, due to the introduction of various online banking and payment platforms on smartphones. By 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. By end-user, this market is divided into banks, insurance companies, mortgage companies, brokerage firms, and others. Mortgage companies are projected to grow at a noteworthy rate during the estimated time period. IoT helps the mortgage companies to monitor their condition in real-time and conduct remote maintenance of properties.

Europe is likely to witness a considerable growth in the IoT in banking & financial services during the estimated timeframe, due to increasing investments made in banking technology by various European nations. UK, Germany, France, and Russia are projected to contribute significantly toward this market during the forecast time period. The Middle East and Africa are likely to hold a significant market share by 2024, due to the rising adoption of IoT in UAE and Saudi Arabia, among other economically advanced nations in the region.

Some major players of the global IoT in banking & financial services market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Cisco Systems, Inc., Accenture, Infosys Limited, Vodafone Group Plc, Software AG, and Capgemini SE among, others.

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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
The Middle East and Africa
uired documents on the bank's mobile app.

Growing investments made by insurance firms in IoT are anticipated to fuel the IoT in banking & financial services market during the forecast timeframe. In 2016, insurance companies invested USD 711 million, accounting for 44% of the insurtech investments as compared to 10% in 2015. Furthermore, insurance technology startups have been successful in garnering investments. In 2016, Coya, a European digital insurance provider, raised about USD 10 million.

The IoT in banking & financial services market is fragmented based on component, application, and end-user. By component, this market includes hardware, software, and service. The software segment is projected to dominate the IoT in banking & financial services market during the forecast timeframe, due to the introduction of various online banking and payment platforms on smartphones. By 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. By end-user, this market is divided into banks, insurance companies, mortgage companies, brokerage firms, and others. Mortgage companies are projected to grow at a noteworthy rate during the estimated time period. IoT helps the mortgage companies to monitor their condition in real-time and conduct remote maintenance of properties.

Europe is likely to witness a considerable growth in the IoT in banking & financial services during the estimated timeframe, due to increasing investments made in banking technology by various European nations. UK, Germany, France, and Russia are projected to contribute significantly toward this market during the forecast time period. The Middle East and Africa are likely to hold a significant market share by 2024, due to the rising adoption of IoT in UAE and Saudi Arabia, among other economically advanced nations in the region.

Some major players of the global IoT in banking & financial services market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Cisco Systems, Inc., Accenture, Infosys Limited, Vodafone Group Plc, Software AG, and 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
The Middle East and Africa