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Market Insights Technology Internet of Things
- Worldwide
- The Smart Finance market Market worldwide is expected to witness a significant increase in revenue, with projections indicating a staggering amount of US$80.43bn by 2024.
- Furthermore, the market is anticipated to exhibit a promising compound annual growth rate (CAGR) of 6.35% from 2024 to 2029.
- This growth trajectory is projected to culminate in a market volume of US$109.40bn by the end of 2029.
- When compared globally, it is noteworthy that in the United States is predicted to generate the highest revenue in the Smart Finance market Market, with an estimated amount of US$28,750.00m in 2024.
- In the worldwide Smart Finance market, countries like the United States are witnessing a surge in the adoption of mobile payment solutions.
Key regions: France, United States, India, South Korea, Japan
Definition:
Smart Finance refers to the application of Internet of Things technologies in the financial industry. It involves the use of connected devices, sensors, and data analytics to transform traditional financial processes and create new business models. IoT applications in financial sector include ATMs, insurance telematics, smart payment systems and asset tracking.
Additional information:
The Internet of Things market compromises of revenue and revenue growth as the key performance indicators. The market consists of pure IoT revenues generated through the sale of hardware (such as sensors, chips, and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (integration &maintenance of equipment & systems). As an example, the pure IoT revenue for a smart security camera is only the component that makes the camera "smart" and connected, not the full product price. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.
Some of the key player in Smart Finance include Intel, SAP and Amazon Web Services (AWS).
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in-scope
- Smart insurance devices
- ATMs
- Point-of-sale (POS) devices
- Smart banking devices
- Asset tracking devices
out-of-scope
- Smartwatches
Internet of Things
- Consumer IoT
- Industrial IoT
- Healthcare IoT
- Automotive IoT
- Smart Cities
- Smart Finance
- Other IoT
Related markets:
Devices
Software
IT Services
Public Cloud
Cybersecurity
Internet of Things
Communication Services
Data Center
Robotics
Semiconductors
Artificial Intelligence
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Market
Region
Region comparison
Currency
Analyst Opinion
The finance industry has been using an early version of the Internet of Things in the form of automated teller machines (ATMs) for decades, but the applications have since been increasing. Point of sale (POS) have been connected to the internet protocol (IP) for a while, and mobile POS devices are widespread and available virtually everywhere.
Utilizing IoT technologies for risk management has been on the rise as financial institutions and insurance companies can make more informed decisions based on the data collected via the IoT devices. With the rise of transactions being performed via connected devices, the provided data gives a better insight into how the customers buy and spend their money. The demand is being fueled by the need for faster and real-time data that the devices are constantly collecting, which results in more personalized customer experience.
With the development of edge computing, analyzing and monitoring large amounts of business operations data makes cost and performance decision-making a faster process. Companies can gain big advantage with this by setting up predictive and prescriptive analytics which have possibility to result in both time and cost savings.
Methodology
Data coverage
The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.
Modeling approach/ Market size:
The market size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.
Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
Overview
- Revenue
- Volume
- Key Players
- Analyst Opinion
- Global Comparison
- Methodology
- Key Market Indicators
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