How can IoT technology be leveraged into the banking, financial services, & insurance (BFSI) domain?
The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries including Technology, Media and Telecommunications, and many more. Trade barriers are further restraining the demand- supply outlook.
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As government of different regions have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall IoT in BFSI market globally. This report on ‘IoT in BFSI market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The report also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.
MARKET SEGMENTATION
The global IoT in BFSI market is segmented on the basis of category, application. On the basis of category, the market is segmented as banking, capital, investment management, insurance, capital real estate. On the basis of application, the market is segmented as product monitoring, customer monitoring, premises monitoring, supply chain monitoring, supply chain monitoring.
MARKET DYNAMICS
The increased government expenditure on building digital infrastructure, increase in network connectivity, and availability of smartphones and tablets are some of the prime factors driving the growth of the IoT in BFSI Market. However, lack of awareness of IoT applications, an increase in online frauds, and data privacy & security are some of the major factors which may restrain the growth of the IoT in the BFSI market. Moreover, the rise in the prevalence of online banking, mobile banking apps, e-wallets, and other modes of the transaction is anticipated to boost the growth of the IoT in the BFSI market.
Top Industry Players :
Accenture PLC, Cisco Systems, Dell EMC Corporation, Honeywell International, IBM, Intel, Qualcomm, SAP SE, Symantec
Major highlights of the IoT in BFSI :
· An all-inclusive evaluation of the parent market
· The evolution of significant market aspects
· Industry-wide investigation of market segments
· Assessment of the market value and volume in the past, present, and forecast years
· Market share evaluation
· Study of niche industrial sectors
· Tactical approaches of the market leaders
· Lucrative strategies to help companies strengthen their position in the market.