IoT Proves Beneficial to Bankers and Insurers: Study
The Asia Pacific (APAC) region is expected to grow at the highest rate in the global IoT in the banking and financial services market during the forecast period.
Surpassing manufacturers, bankers and insurers are joining the league of Internet of Things (IoT) users, taking their businesses to the next level with the help of the technology.
As revealed by a new study by ReportsnReports, the global IoT in banking and financial services market size is expected to grow from US$249.4 million in 2018 to US$2,030.1 million by 2023, at a CAGR of 52.1 percent during the forecast period.
As quoted in the Tech Wire Asia, 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 and Financial Services market.
Increasing global investments in IoT and focus on services with real-time data flow are the main growth opportunities in the IoT in Banking and Financial Services market.
However, certain factors like data protection and privacy concerns, and lack of standards for interconnectivity and interoperability are being anticipated to be the major obstacle in the growth of the market.
The study revealed that the Asia Pacific (APAC) region is expected to grow at the highest rate in the global IoT in the banking and financial services market during the forecast period. Experts believe that the major factor behind this growth is the dynamic adoption of new technologies and aggressive initiatives to upsurge IoT ecosystem for the adoption of cutting-edge technologies.
Europe is expected to record the second highest growth rate in the global IoT in banking and financial services market.
The insurance end-user segment is expected to grow at the fastest rate, as IoT helps 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 usage-based insurance solutions, the report concluded.
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