The “Internet of Things in Banking Market” report 2019 provides a basic outline of the industry including definitions, classifications, applications and industry chain structure. The Internet of Things in Banking market analysis is provided for the global market including growth history, competitive background analysis, and major regions’ development status.
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Major key players are given in the report are:
Scope of the Report:
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Key Market Trends:
Cybersecurity Applications Drive the Market Growth
– Today customer expectations, technological capabilities, regulatory requirements, demographics and economics are together creating a crucial change. This leads to the need for banking institutions to get ahead of these challenges and adopt a proactive approach to cybersecurity.
– Financial sector faced almost three times the cyber attacks as compared to that of the other industries. Data breaches (both internal through fraud and external through cyber criminals) leads to the exponential rise in costs.
– Ongoing threats related to IoT devices will force banks to tighten security layers, including patchable firmware/software and controlled privilege access. New regulations will be driven by large scale attacks using IoT to amplify the attack by the help of wearable devices. Wearables such as smartwatches are poised to become the future of the retail banking experience, according to Samsung Insights. One example is that banks could use Bluetooth beacons to push personal greetings to customers smartwatches when they enter a banking location.
– There is an increased rate in data breaches in the United States annually. The main segment is the banking sector and the privileged misuse and web attack is the main reason for it, where the hackers use malicious code and software to alter computer code. Recent news says that HSBC Bank customers had personal information exposed as a result of a data breach by unauthorized users in US.
– Security solutions like Attilas GoSilent are designed to detect and prevent cyber attacks from a wide spectrum of sources.GoSilent locks down access to the networks of banking institutions by securing all the endpoints such as servers, mobile devices, printer/scanners, laptops and desktops.
– Enforcing Multi-Factor Authentication usually for physical access control, use of virtual private networks, prevention of counterfeit by Chip assembly integrator are the key trends in the cybersecurity applications which will enhance the market.
North America to Account for a Significant Share
– North America has many of the largest banks, which has a major effect to drive the market for IoT in banking. The convergence of operational and information technology and increasing use of IoT devices in product, application, and premises monitoring for connected banking are some of the factors driving the IoT in Banking in North America.
– The U.S. is the largest market for IoT security solutions in banking beacuse of having large number of banks with large number of data breaches news.
– Many banks now provide applications for popular wearables like Apple Watch and FitPay, which is already working with Bank of America. Amazon is too planning to let customers zap each other cash with Alexa, and then deposit the money in an Amazon-branded checking account.
– Diebold, a US financial and security services corporation, went even further and designed a smart ATM. If anyone wants to withdraw some cash, a person should simply schedule a session via a mobile app, walk up to the nearest ATM and choose one of the available verification options.
– Due to latest innovation in the banking sector, the market is readily growing in North America region.
Highlights of Internet of Things in Banking Market report:
- Internet of Things in Banking Market Overview and Trends includes Porter’s Five Force Framework: Bargaining Power of Suppliers, Bargaining Power of Consumers, Threat of New Entrants, Threat of Substitute Products and Services, Competitive Rivalry within the Industry
- Report includes Internet of Things in Banking Market Dynamics comprises of Drivers, Restraints, Opportunities
- Internet of Things in Banking Market Key Vendor Analysis with (Overview, Products & Services, Strategies)
- Competitive Landscape Analysis which includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
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Internet of Things in Banking Market Report Contains Following Points in Table of Content:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Wearable Technologies are Gaining Popularity Due to Widespread Adoption
4.3.2 Security and Privacy Protection For the Customers
4.4 Market Restraints
4.4.1 Greater Vulnerability to Cyber Attacks by IoT End Point Usage
4.5 Value Chain Analysis
4.6 Industry Attractiveness – Porter’s Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
6.1 By Type of Software Solution
6.1.1 Real-time Streaming Analytics
6.1.3 Data Management
6.1.4 Remote Monitoring
6.1.5 Other Software Solutions
6.2 By Application
6.2.2 Customer Relationship Management
6.2.4 Product Management and Planning
6.2.6 Other Applications
6.3.1 North America
6.3.4 Latin America
6.3.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Vodafone Group PLC
7.1.2 Infosys Limited
7.1.3 IBM Corporation
7.1.4 Temenos Group AG
7.1.5 Allerin Technologies
7.1.6 SAP AG
7.1.7 Software AG
7.1.8 Ranosys Technologies
7.1.9 Capgemini SE
7.1.10 Tibbo Systems
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
Name: Ajay More
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