Internet of Things (IoT) in Financial Services – Thematic Intelligence

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Internet of Things (IoT) in Financial Services Thematic Report Overview

The Internet of Things is reaching maturity with IoT-related deals and patent activity across the financial services sector declining since 2021. But the progress of IoT in financial services depends on the ability of tech companies to create new devices with smooth user experiences and the ability of financial services companies to comply with data handling laws. The primary driving force behind the adoption of IoT in financial services has been the development of consumer electronics devices by big tech companies like Apple, Google, and Samsung. Financial services companies can embed applications such as payment gateways and health-tracking apps into the interfaces of these devices and gain valuable insights from the data they collect.

The Internet of Things (IoT) in Financial Services thematic intelligence report assesses how IoT, combined with other emerging technologies, can be used across the financial services value chain. It provides an overview of the current landscape. The report also includes key players and highlights opportunities for the use of IoT in the future. The report provides an industry-specific analysis based on GlobalData databases and surveys.

Report Pages 77
Regions Covered Global
Market Size (2019) $23.6 Billion
CAGR (2019-2027) >13%
Forecast Period 2023-2027
Historical Period 2015-2022
Value Chain ·        Physical Layer

·        Connectivity Layer

·        Data Layer

·        Apps Layer

·        Services Layer

Leading Adopters ·        ABN AMRO

·        Allianz

·        Aviva

Specialist IoT Vendors ·        Armis

·        Diebold Nixdorf

·        FINN

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IoT in Financial Services – Industry Analysis

IoT software will be the largest revenue segment by 2027.

The IoT market across the financial services sector was valued at $23.6 billion in 2019. The market is expected to achieve a CAGR of more than 13% during 2019-2027. The IoT software will be followed by IoT hardware as the second-largest revenue segment by 2027. Financial services companies will account for a larger share of the software segment than the hardware segment since the majority of NFC-enabled payments occur via smartphones and smartwatches.

Global IoT Revenue across the Financial Services Sector, 2019-2027 ($ Billion)

Global IoT Revenue across the Financial Services Sector, 2019-2027 ($ Billion)

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IoT in Financial Services - Value Chain Analysis

IoT adopters only realize the value of the application layer in the IoT value chain.

The IoT value chain is split into five layers, namely physical, connectivity, data, apps, and services.

Physical layer: This layer can be further subdivided into connected things, cameras and lenses, sensors and microcontrollers, and microprocessors. Most connected devices such as smartphones, tablets, and laptops have a physical dimension controlled by humans. In the IoT, most such connected things will be run by other connected things. For manufacturers of other devices such as washing machines, door locks, and light bulbs, among others, the challenge is whether they can retain the bulk of the added value during the transition to IoT. Their use of the data collected by various embedded chips, sensors, antennae, and beacons is also in question. Some industry profits will likely be siphoned out by technology companies that increasingly provide IoT solutions as a service.

IoT Value Chain Analysis

IoT Value Chain Analysis

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Leading IoT Adopters

Allianz has become a leader in medical IoT.

Some of the leading financial services companies currently deploying IoT are:

  • ABN AMRO
  • Allianz
  • Aviva

Specialist IoT Vendors

Some of the specialist IoT vendors in the financial services sector are:

  • Armis
  • Diebold Nixdorf
  • FINN

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Payments Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.

The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.

The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.

The risk screen ranks companies within a particular sector based on overall investment risk.

Payments Sector Scorecard – Thematic Screen

Payments Sector Scorecard – Thematic Screen

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IoT in Financial Services Sector Scorecard also includes:

  • Retail banking sector scorecard
  • Life insurance sector scorecard
  • Non-life insurance sector scorecard

Scope

• Interactions between customers and connected devices yield two primary business avenues for financial services companies. The first is the ability to embed products and services into user interfaces and applications, ultimately boosting revenue. The second is the treasure trove of customer insights that can be extracted from user-generated data and the subsequent opportunities for more nuanced personalization.

• Software will be the largest IoT revenue segment in the financial services sector, accounting for 34.9% of revenue in 2027.

• US companies dominate IoT-related patent publications in the financial services sector, filing over twice as many patents as China from January 2003 to September 2023.

Key Highlights

  • Interactions between customers and connected devices yield two primary business avenues for financial services companies. The first is the ability to embed products and services into user interfaces and applications, ultimately boosting revenue. The second is the treasure trove of customer insights that can be extracted from user-generated data and the subsequent opportunities for more nuanced personalization.
  • Software will be the largest IoT revenue segment in the financial services sector.
  • US companies dominate IoT-related patent publications in the financial services sector, filing over twice as many patents as China from January 2003 to September 2023.

Reasons to Buy

  • Access market size and growth forecasts for IoT in financial services.
  • Identify IoT leaders and laggards across payments, retail banking, life insurance, and non-life insurance.
  • Understand the key challenges facing the financial services sector and how IoT addresses these challenges.
  • Access primary research case study examples of IoT vendors and investment in the financial services sector.
  • Understand IoT adoption using alternative datasets and analysis showing M&A activity, mentions of IoT technologies in company filings, and IoT hiring trends in the financial services sector.

ABN AMRO
Allianz
Armis
Aviva
AXA
Citi
Diebold Nixdorf
FINN
FloodFlash
Hippo
Honey
HSB
ieDigital
JPMorgan Chase
Kontakt.io
Lemonade
Mastercard
Metromile
Microsoft
Octo
Ping An Insurance
Sberbank
Standard Chartered
Swiss Re
Visa
Wells Fargo

Table of Contents

  • Table of Contents

    • 1. Executive Summary
    • 2. Players
    • 3. Financial Services Challenges
    • 4. Impact Assessment

      • 4.1. The impact of IoT in banking & payments
      • 4.2. The impact of IoT in insurance
      • 4.3. The impact of IoT on financial services challenges

    • 5. Case Studies
    • 6. Market Size and Growth Forecasts
    • 7. Signals

      • 7.1. Deals
      • 7.2. Patent trends
      • 7.3. Company filing trends
      • 7.4. Hiring trends

    • 8. IoT Value Chain

      • 8.1. Physical layer
      • 8.2. Connectivity layer
      • 8.3. Data layer
      • 8.4. App layer
      • 8.5. Services layer

    • 9. Companies

      • 9.1. Leading IoT adopters in financial services
      • 9.2. Specialist IoT vendors in financial services

    • 10. Sector Scorecard

      • 10.1. Payments sector scorecard
      • 10.2. Retail banking sector scorecard
      • 10.3. Life insurance sector scorecard
      • 10.4. Non-life insurance sector scorecard

    • 11. Glossary
    • 12. Further Reading
    • 13. Our Thematic Research Methodology
    • 14. About GlobalData
    • 15. Contact Us

Frequently asked questions

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