Europe IoT in BFSI Market is expected to grow from USD XX Million in 2015 to cross USD XX Million by 2024, with a CAGR of more than XX% between the forecast periods.
Europe IoT in BFSI Market is segmented by is segmented by Component (Security, Customer Experience Management, Monitoring, Data Management, Others), End-user (Banking, Insurance, Others), Organization Size (Small and Medium Sized Enterprises, Large Enterprises), and by Region (UK, Germany, France, Italy, Spain, Russia, Others).
The insurance end user segment is expected to grow at the fastest rate for the Europe IoT in BFSI Market, as IoT has helped the insurance companies in effectively determining the insurance prices and providing services to keep both people and their assets safe. Banks are implementing IoT technology for tracking and analyzing the behaviors and demands of customers. With the exact information, they can focus on providing customers with a more personalized and sophisticated experience, context-aware offers, and insights. Banks are focusing on achieving a new level of understanding of the needs of both consumer and business clients, attaining a new level of customer intimacy.
IoT helps banks to innovate and devise better ways for improving risk management and improve overall operational efficiency and present their customers with more tailored products and solutions. Nowadays, insurance companies are leveraging connected devices for several different initiatives. Using IoT in investment and wealth management further helped businesses and consumers undertake tailored investment decisions and asset allocation based on behaviors, personal choices, as well as geographic considerations. IoT technology has empowered the banking and finance industry technologically to assist the customer and help them achieve a better commercial result. Internet of things like Biometric and the Positional sensor is being used and helpful to the banking industry to track the quality control in a better way thus stay ahead of the curve thereby acting as some of the major growth factors for the Europe IoT in BFSI Market
. One such example of IoT technology being used in the banking sector involves banking on the wearable. Many banks started providing an application for popular wearable devices such as apple watch and fit pay. A few banks have also launched a personalized wearable device like pay with Bpay by Barclays that allows contactless wearable payment solutions boosting the Europe IoT in BFSI Market. From a regional perspective, it has been observed that there are no large-scale differences in adoption across varied regions. However, companies belonging to different sizes are not showing the same interests while implementing the IoT initiatives. It can be because of high market pressure or the necessity to optimize their complex operations.
Countries such as UK, Germany, and France have been the leaders when it comes to holding a significant market share in the Europe IoT in BFSI Market. Key player’s studies, analyzed, profiled and benchmarked in Europe IoT in BFSI Market are Construkts Inc., DXTR Labs, MUV Interactive, Bosch Software Innovation, ThingWorx, Infosys, Ranosys, Fintech, Elton Technologies, Accenture, Suntech, Comarch SA, Syntel, Marlabs, Mindtree, Efma, and Gemalto.
The Scope of IoT in BFSI Market:
Europe IoT in BFSI Market, by Component:
• Security
• Customer Experience Management
• Monitoring
• Data Management
• Others
Europe IoT in BFSI Market, by End User:
• Banking
• Insurance
• Others
Europe IoT in BFSI Market, by Organization Size:
• Small and Medium Sized Enterprises
• Large Enterprises
Europe IoT in BFSI Market, by Geography:
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
Key Players, Europe IoT in BFSI Market:
• Construkts Inc.
• DXTR Labs
• MUV Interactive
• Bosch Software Innovation
• ThingWorx
• Infosys
• Ranosys
• Fintech
• Elton Technologies
• Accenture
• Suntech
• Comarch SA
• Syntel
• Marlabs
• Mindtree
• Efma
• Gemalto
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