IoT in banking was often viewed cynically as a vendor construct that was ‘pushed’ onto the industry, as the use cases were always more compelling for other verticals that had more ‘things’ to connect, such as manufacturing, insurance, and retail. But it is hard to deny the existence of IoT in banking, as it is really just the convergence of a number of existing trends and technologies related to harvesting the true potential of the modern internet (including big data, artificial intelligence (AI), cloud, analytics, and APIs). In the long term, IoT promises highly personalized, frictionless digital banking. More ‘things’ connected to the internet will help banks anticipate what customers want, when, and where, delivering highly personalized content and functionality optimized for brief moments of interaction. However, it is also true that more ‘things’ connected to the internet will enable non-traditional players to better reach banks’ customers earlier.
- We forecast the global IoT market to reach $1.1 trillion in revenue by 2024. Enterprise IoT will account for 73% of market revenue by 2024 (down from 76% in 2020), while the consumer segment will make up 27% in 2024 (up from 24% in 2020).
- Wearable tech revenues will more than double over five years, from $59 billion in 2020 to $156 billion by 2024.
- The global automated home market was worth $66 billion in 2020 and will reach $93 billion by 2024.
Reasons to Buy
- Understand the key technology, macroeconomic, and regulatory trends impacting IoT in banking.
- Identity priority application areas for IoT in banking as well as the vendors and banks delivering these experiences to end users.
- Access case study insight on the leading private and public players within the IoT theme.
Table of Contents
- Executive Summary
- Technology Briefing
- Industry Analysis
- Value Chain
- Sector Scorecards
- Further Reading
- Thematic Research Methodology
- About the Publisher
A selection of companies mentioned in this report includes:
- ABN AMRO
- Diebold Nixdorf
- JPMorgan Chase
- Software AG
- Standard Chartered