The CAGR of the IoT in banking and financial services market is set to grow at 55.3% over the forecast period (2019 – 2027), Owing to Strong Identity Verification and Privacy Protection System that the Technology Brings Along With it: says Absolute Market Insights

Pune, India -- (SBWire) -- 03/09/2019 --Data breaches, hacking of financial information and other types of digital security threats have increasingly grown common over the years. It is becoming a growing necessity for banking institutions to maintain security in order to encourage customer trust owing to constant threat involving highly sensitive information and data. IoT facilitates increased security through encryption and authentication that only allows access to authorized individuals that include employees and recognized customers. IoT enabled biometrics technologies which include fingerprinting, eye-scanning, and voice recognition devices are used to ensure that individuals are indeed who they claim to be. Biometrics powered by this technology is already being widely adopted and geolocation abilities of mobile devices have also come in handy in the verification and security process. With this ongoing innovation and transformation banks and other financial institutions are able to detect customer and employee behavior and identity, which is helping to maintain security of data.

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GizmoSupport is offering IoT-based e-surveillance for ATMs to help reduce their operational costs as well as reduce security risks. IoT based sensors can detect any suspicious movement or presence inside ATM centers and promptly send notifications. Thus, the technology's demand has only increased ever since, owing to robust security and verification. This increasing demand is expected to result in the overall growth of the IoT in banking and financial services market.

"More than half of the demand for IoT in banking and financial services market in terms of security is currently generated from developed countries spread across the world. Countries such as USA, Japan, Australia and UK have widely adopted IoT biometric technologies to provide customers with robust security systems. Other developing countries are also gradually introducing IoT solutions to their banking and financial services sector."

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This research study aims at providing the reader with quantitative and qualitative analysis of the global IoT in banking and financial services market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further, across all the major countries. The supply side analysis covers the prominent players and their regional and global presence and key business strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.

Some of the major players operating in the global IoT in banking and financial services market include Hewlett Packard Enterprise Development LP, IBM, Infosys Limited, Microsoft, Oracle, SAP SE, Software AG, Tata Consultancy Services Limited, Vodafone Group Services Limited and EdgeVerve Limited amongst others.

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IoT in Banking and Financial Services Market:

- By Solution
o Customer Management
o Payment Management
o Security & Monitoring
o Others
- By Service
o Professional Services
- Business Consulting Services
- Integrated Services
- Deployment Services
- Others
o Managed Services

- By Organization Size
o Small and Medium Enterprise
o Large Enterprise

- By End User
o Banks
- Public
- Private
o Non-banking Financial Companies
o Insurance

- By Geography
o North America
- U.S.
- Canada
- Mexico
- Rest of North America

o Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
o Denmark
o Finland
o Iceland
o Sweden
o Norway
- Benelux Union
o Belgium
o The Netherlands
o Luxembourg
- Rest of Europe

o Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
o Indonesia
o Thailand
o Malaysia
o Singapore
o Rest of Southeast Asia
- Rest of Asia Pacific

o Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa

o Latin America
- Brazil
- Argentina
- Rest of Latin America

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