6 MARKET SEGMENTATION6.1 By Type of Software Solution6.1.1 Real-time Streaming Analytics6.1.2 Security6.1.3 Data Management6.1.4 Remote Monitoring6.1.5 Other Software Solutions6.2 By Application6.2.1 Cybersecurity6.2.2 Customer Relationship Management6.2.3 Logistics6.2.4 Product Management and Planning6.2.5 Marketing6.2.6 Other Applications6.3 Geography6.3.1 North America6.3.2 Europe6.3.3 Asia-Pacific6.3.4 Latin America6.3.5 Middle East & Africa
4 MARKET DYNAMICS4.1 Market Overview4.2 Introduction to Market Drivers and Restraints4.3 Market Drivers4.3.1 Wearable Technologies are Gaining Popularity Due to Widespread Adoption4.3.2 Security and Privacy Protection For the Customers4.4 Market Restraints4.4.1 Greater Vulnerability to Cyber Attacks by #IoT End Point Usage4.5 Value Chain Analysis4.6 Industry Attractiveness – Porter’s Five Force Analysis4.6.1 Threat of New Entrants4.6.2 Bargaining Power of Buyers/Consumers4.6.3 Bargaining Power of Suppliers4.6.4 Threat of Substitute Products4.6.5 Intensity of Competitive Rivalry
– 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.
– 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.
The “Internet of Things in Banking Market” research report 2019-2024 is focused on various market affecting factors and comprehensive factors of the industry. The Internet of Things in Banking market report illustrates the price analysis along with the features of the product, moreover, it points out the major market share in the different regions of the world. The Internet of Things in Banking market report helps to determine the actual #market size and execute business resources in order to gain maximum profitability.