Global Internet of Things (IoT) in Banking and Financial Services Market 2023 Report: IoT Services Segment Reaches $42.5 Billion by 2030

Global Internet of Things (IoT) in Banking and Financial Services Market 2023 Report: IoT Services Segment Reaches $42.5 Billion by 2030

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DUBLIN, July 26, 2023 /PRNewswire/ — The “Internet of Things (IoT) in Banking and Financial Services – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

Global Internet of Things (IoT) in Banking and Financial Services Market Expected to Reach $59 Billion by 2030

In the transformed post-COVID-19 business landscape, the global market for Internet of Things (IoT) in Banking and Financial Services, valued at US$6.9 billion in 2022, is projected to experience significant growth and reach a revised size of US$59 billion by 2030. This growth is anticipated at an impressive Compound Annual Growth Rate (CAGR) of 30.8% during the analysis period from 2022 to 2030. Among the segments analyzed in the report, solutions are expected to perform particularly well, with a projected CAGR of 31.9% and an estimated value of US$42.5 billion by the end of the analysis period. Additionally, considering the ongoing post-pandemic recovery, growth in the services segment is readjusted to a revised 28.2% CAGR for the next eight-year period.

The U.S. Internet of Things (IoT) in Banking and Financial Services Market Estimated at $2.1 Billion, while China to Grow at 27.9% CAGR

The Internet of Things (IoT) market in banking and financial services in the U.S. is estimated to be valued at US$2.1 billion in 2022. On the other hand, China, the world’s second-largest economy, is forecasted to reach a projected market size of US$8.8 billion by the year 2030, experiencing a CAGR of 27.9% over the analysis period from 2022 to 2030. Other noteworthy geographic markets include Japan and Canada, each expected to grow at 25.2% and 22.3% CAGR, respectively, over the period from 2022 to 2030. Within Europe, Germany is forecasted to experience growth at an approximate CAGR of 13.1%.

What`s New for 2023?

  • Special coverage on Russia–Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies – Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Looking Ahead to 2024

Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.

With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China’s already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.

Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. The year 2023 is expected to be a tough year for most markets, investors and consumers. Nevertheless, there is always the opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • Internet of Things (IoT) in Banking and Financial Services – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

Select Competitors (Total 37 Featured) –

  • Accenture
  • Allerin Technologies
  • Cabot Technology
  • Capgemini
  • Carriots
  • Cisco
  • Colan Infotech
  • Concirrus
  • Ewave Mobile
  • Gizmosupport
  • Hitachi Vantara
  • IBM
  • Infosys
  • Microsoft
  • Mindbowser
  • Mulesoft
  • Oracle
  • Paragyte Technologies
  • Ranosys Technologies
  • SAP
  • Software AG
  • Suntec
  • Tibbo Systems
  • Vodafone
  • Zerone Consulting

For more information about this report visit https://www.researchandmarkets.com/r/64dpgc

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