Global Internet of Things (IoT) in BFSI Market
Global Internet of Things (IoT) in BFSI Market was valued 230 Mn in 2017, and expected to reach 5,080.50 Mn in 2026, at CAGR of 47.24% during forecast period.
IoT is helping the insurance companies in more effectively determining insurance prices and providing services that keep people and their assets safe. IoT devices, such as smart devices and phones, can use accelerometers, gyroscopes, GPS, and sensors to provide data on consumers. This usage pattern can be further used by insurance companies to provide UBI solutions. For instance, with the emergence of telematics, cars are now able to transmit drivers’ behaviour data back to the car insurance companies, so that they can evaluate drivers’ risks and premiums accordingly.
Support and maintenance services deliver application and maintenance services and IT solutions, which further offer secured high-performance platforms for transforming critical applications and fulfilling changing business needs. Once the IoT devices are deployed in organisations, it is important that these devices are well integrated with the existing enterprise systems. Support and maintenance service providers deliver round-the-clock support services to resolve issues. IoT has got the potential to completely change the way banking and financial services sector works. Since the banking industry deals with massive data transfer, gathering and analysing of data, the IoT has a huge impact on it which benefits both the banking services and customer. The IoT is the biggest technological transformation clamming 2nd major digital revolution. The IoT technology in the financial services is to help a consumer to save time, work smarter and to live a more active lifestyle. The IOT on a banking and finance sector is still on a planning stage but there is a huge scope of innovation in it. IoT helps a bank in every aspect, starting from an increase in revenue to better customer services.
Scope of Global Internet of Things (IoT) in BFSI Market:
Global Internet of Things (IoT) in BFSI Market by Component:
- Security • Customer Experience Management • Monitoring • Data Management • Others
Global Internet of Things (IoT) in BFSI Market by End User:
- Banking • Insurance • Others
Global Internet of Things (IoT) in BFSI Market by Organization Size:
- Small and Medium Sized Enterprises • Large Enterprises
Global Internet of Things (IoT) in BFSI Market by Region:
- North America • Asia Pacific • Europe • Latin America • Middle East & Africa
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