Global Internet of Things (IoT) in Banking and Financial Services Market Size study & Forecast, by Component (Hardware, Software), Deployment (On-premise, Cloud), Solution, End-use and Regional Forecasts 2025-2035

Description

The Global Internet of Things (IoT) in Banking and Financial Services Market is valued at approximately USD 64.4 billion in 2024 and is anticipated to grow at a striking CAGR of 11.90% over the forecast period 2025-2035. IoT has gradually reshaped the financial landscape by weaving intelligence into devices and connecting physical assets with digital ecosystems to accelerate efficiency, security, and customer-centric innovation. In banking and financial services, IoT extends far beyond the realm of wearable payment devices, smart ATMs, or connected branches. It underpins real-time fraud detection, predictive asset management, seamless customer engagement, and data-driven operational decisions. The upsurge in digitization, rising appetite for hyper-personalized services, and the swelling wave of connected devices globally are steadily pushing financial institutions to embrace IoT-driven transformation.

The accelerated growth of IoT adoption across BFSI can largely be attributed to surging digital transactions, the heightened demand for cybersecurity, and the push for smarter financial ecosystems. These interconnected devices streamline processes such as remote monitoring of ATMs, risk management, and instant loan approvals, thereby fortifying both efficiency and trust. According to industry insights, the number of IoT-connected devices worldwide is set to surpass 29 billion by 2030, enabling a torrent of real-time financial data exchanges and customer behavioral insights. Moreover, regulatory encouragement toward secure and transparent digital ecosystems, alongside innovations in 5G and AI, creates fertile ground for IoT expansion within banking. Nonetheless, challenges such as high infrastructure costs, concerns over data privacy, and the ever-looming risk of cyber intrusions continue to pose significant hurdles for adoption during the forecast period.

The detailed segments and sub-segments included in the report are:

By Component:

Hardware
Software

By Deployment:

On-premise
Cloud

By Solution:

Customer Experience Management
Smart Branch & ATM Monitoring
Fraud Detection & Security Management
Asset & Liability Management
Others

By End-use:

Retail Banking
Corporate Banking
Investment Banking
Insurance
Others

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa
On-premise deployment is expected to dominate the market.
On-premise deployment continues to secure the largest market share in the IoT in BFSI landscape, primarily due to the industry's inherent need for data sovereignty and stringent compliance requirements. Financial institutions, deeply cautious about data leakage and third-party vulnerabilities, gravitate toward on-premise models to exercise end-to-end control over security frameworks. This model not only aligns with regulatory norms but also allows tailored solutions for risk management and sensitive customer data handling. Although on-premise remains the bedrock for most institutions, cloud deployment is set to accelerate rapidly, driven by cost optimization, scalability, and the surge of open banking ecosystems across emerging economies.
Software solutions currently lead in revenue contribution.
From a component perspective, software solutions command the lion's share of revenue, benefiting from escalating demand for analytics-driven insights, real-time monitoring, and automation tools. Banks and financial service providers are investing heavily in IoT-powered platforms that can detect fraud, predict consumer behavior, and enable frictionless customer experiences. Hardware-such as connected sensors, smart cards, and ATMs-continues to play a vital role, but it is the software that unlocks the intelligence behind these devices, transforming raw data into actionable strategies. With rapid innovation in AI, blockchain, and advanced data analytics, software solutions are poised to stay the prime revenue engine while hardware evolves to support scalable infrastructures.
The key regions considered for the Global Internet of Things (IoT) in Banking and Financial Services Market study include Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America has so far dominated the market, buoyed by early digital adoption, the presence of tech-forward banks, and robust investments in cybersecurity and IoT infrastructures. Europe closely follows, particularly with fintech hubs like the UK and Germany leading innovation in open banking frameworks. However, Asia Pacific is projected to be the fastest-growing region, powered by surging digital banking penetration in India, China, and Southeast Asia. Rising smartphone usage, expanding 5G networks, and government initiatives to strengthen digital finance ecosystems are enabling this growth trajectory. Meanwhile, Latin America and the Middle East are witnessing steady progress, where IoT adoption is spurred by financial inclusion initiatives and the modernization of legacy banking systems.

Major market players included in this report are:

IBM Corporation
Oracle Corporation
Microsoft Corporation
Cisco Systems, Inc.
SAP SE
Accenture Plc.
Infosys Limited
Capgemini SE
Tata Consultancy Services (TCS)
Huawei Technologies Co., Ltd.
Amazon Web Services, Inc. (AWS)
HCL Technologies Limited
Dell Technologies Inc.
Wipro Limited
Fujitsu Limited

Global Internet of Things (IoT) in Banking and Financial Services Market Report Scope:

Historical Data - 2023, 2024
Base Year for Estimation - 2024
Forecast period - 2025-2035
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent to up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below:

Key Takeaways:

Market Estimates & Forecast for 10 years from 2025 to 2035.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of the geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of the competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Internet of Things (IoT) in Banking and Financial Services Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. key Findings

Chapter 3. Global Internet of Things (IoT) in Banking and Financial Services Market Forces Analysis

3.1. Market Forces Shaping The Global Internet of Things (IoT) in Banking and Financial Services Market (2024-2035)
3.2. Drivers
- 3.2.1. Real-time fraud detection
- 3.2.2. Predictive asset management
3.3. Restraints
- 3.3.1. High infrastructure costs
3.4. Opportunities
- 3.4.1. Rising appetite for hyper-personalized services

Chapter 4. Global Internet of Things (IoT) in Banking and Financial Services Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis And Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global Internet of Things (IoT) in Banking and Financial Services Market Size & Forecasts by Component 2025-2035

5.1. Market Overview
5.2. Global Growth Hormone Deficiency Market Performance - Potential Analysis (2025)
5.3. Hardware
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market size analysis, by region, 2025-2035
5.4. Software
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market size analysis, by region, 2025-2035

Chapter 6. Global Internet of Things (IoT) in Banking and Financial Services Market Size & Forecasts by Deployment 2025-2035

6.1. Market Overview
6.2. Global Growth Hormone Deficiency Market Performance - Potential Analysis (2025)
6.3. On premise
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2025-2035
6.4. Cloud
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2025-2035

Chapter 7. Global Internet of Things (IoT) in Banking and Financial Services Market Size & Forecasts by Solution 2025-2035

7.1. Market Overview
7.2. Global Growth Hormone Deficiency Market Performance - Potential Analysis (2025)
7.3. Customer Experience Management
- 7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.3.2. Market size analysis, by region, 2025-2035
7.4. Smart Branch & ATM Monitoring
- 7.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.4.2. Market size analysis, by region, 2025-2035
7.5. Fraud Detection & Security Management
- 7.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.5.2. Market size analysis, by region, 2025-2035
7.6. Asset & Liability Management
- 7.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.6.2. Market size analysis, by region, 2025-2035
7.7. Others
- 7.7.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.7.2. Market size analysis, by region, 2025-2035

Chapter 8. Global Internet of Things (IoT) in Banking and Financial Services Market Size & Forecasts by End Use 2025-2035

8.1. Market Overview
8.2. Global Growth Hormone Deficiency Market Performance - Potential Analysis (2025)
8.3. Retail Banking
- 8.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 8.3.2. Market size analysis, by region, 2025-2035
8.4. Corporate Banking
- 8.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 8.4.2. Market size analysis, by region, 2025-2035
8.5. Investment Banking
- 8.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 8.5.2. Market size analysis, by region, 2025-2035
8.6. Insurance
- 8.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 8.6.2. Market size analysis, by region, 2025-2035
8.7. Others
- 8.7.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 8.7.2. Market size analysis, by region, 2025-2035

Chapter 9. Global Internet of Things (IoT) in Banking and Financial Services Market Size & Forecasts by Region 2025-2035

9.1. Growth Internet of Things (IoT) in Banking and Financial Services Market, Regional Market Snapshot
9.2. Top Leading & Emerging Countries
9.3. North America Internet of Things (IoT) in Banking and Financial Services Market
- 9.3.1. U.S. Internet of Things (IoT) in Banking and Financial Services Market
  - 9.3.1.1. Component breakdown size & forecasts, 2025-2035
  - 9.3.1.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.3.1.3. Solution breakdown size & forecasts, 2025-2035
  - 9.3.1.4. End Use breakdown size & forecasts, 2025-2035
- 9.3.2. Canada Internet of Things (IoT) in Banking and Financial Services Market
  - 9.3.2.1. Component breakdown size & forecasts, 2025-2035
  - 9.3.2.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.3.2.3. Solution breakdown size & forecasts, 2025-2035
  - 9.3.2.4. End Use breakdown size & forecasts, 2025-2035
9.4. Europe Internet of Things (IoT) in Banking and Financial Services Market
- 9.4.1. UK Internet of Things (IoT) in Banking and Financial Services Market
  - 9.4.1.1. Component breakdown size & forecasts, 2025-2035
  - 9.4.1.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.4.1.3. Solution breakdown size & forecasts, 2025-2035
  - 9.4.1.4. End Use breakdown size & forecasts, 2025-2035
- 9.4.2. Germany Internet of Things (IoT) in Banking and Financial Services Market
  - 9.4.2.1. Component breakdown size & forecasts, 2025-2035
  - 9.4.2.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.4.2.3. Solution breakdown size & forecasts, 2025-2035
  - 9.4.2.4. End Use breakdown size & forecasts, 2025-2035
- 9.4.3. France Internet of Things (IoT) in Banking and Financial Services Market
  - 9.4.3.1. Component breakdown size & forecasts, 2025-2035
  - 9.4.3.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.4.3.3. Solution breakdown size & forecasts, 2025-2035
  - 9.4.3.4. End Use breakdown size & forecasts, 2025-2035
- 9.4.4. Spain Internet of Things (IoT) in Banking and Financial Services Market
  - 9.4.4.1. Component breakdown size & forecasts, 2025-2035
  - 9.4.4.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.4.4.3. Solution breakdown size & forecasts, 2025-2035
  - 9.4.4.4. End Use breakdown size & forecasts, 2025-2035
- 9.4.5. Italy Internet of Things (IoT) in Banking and Financial Services Market
  - 9.4.5.1. Component breakdown size & forecasts, 2025-2035
  - 9.4.5.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.4.5.3. Solution breakdown size & forecasts, 2025-2035
  - 9.4.5.4. End Use breakdown size & forecasts, 2025-2035
- 9.4.6. Rest of Europe Internet of Things (IoT) in Banking and Financial Services Market
  - 9.4.6.1. Component breakdown size & forecasts, 2025-2035
  - 9.4.6.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.4.6.3. Solution breakdown size & forecasts, 2025-2035
  - 9.4.6.4. End Use breakdown size & forecasts, 2025-2035
9.5. Asia Pacific Internet of Things (IoT) in Banking and Financial Services Market
- 9.5.1. China Internet of Things (IoT) in Banking and Financial Services Market
  - 9.5.1.1. Component breakdown size & forecasts, 2025-2035
  - 9.5.1.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.5.1.3. Solution breakdown size & forecasts, 2025-2035
  - 9.5.1.4. End Use breakdown size & forecasts, 2025-2035
- 9.5.2. India Internet of Things (IoT) in Banking and Financial Services Market
  - 9.5.2.1. Component breakdown size & forecasts, 2025-2035
  - 9.5.2.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.5.2.3. Solution breakdown size & forecasts, 2025-2035
  - 9.5.2.4. End Use breakdown size & forecasts, 2025-2035
- 9.5.3. Japan Internet of Things (IoT) in Banking and Financial Services Market
  - 9.5.3.1. Component breakdown size & forecasts, 2025-2035
  - 9.5.3.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.5.3.3. Solution breakdown size & forecasts, 2025-2035
  - 9.5.3.4. End Use breakdown size & forecasts, 2025-2035
- 9.5.4. Australia Internet of Things (IoT) in Banking and Financial Services Market
  - 9.5.4.1. Component breakdown size & forecasts, 2025-2035
  - 9.5.4.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.5.4.3. Solution breakdown size & forecasts, 2025-2035
  - 9.5.4.4. End Use breakdown size & forecasts, 2025-2035
- 9.5.5. South Korea Internet of Things (IoT) in Banking and Financial Services Market
  - 9.5.5.1. Component breakdown size & forecasts, 2025-2035
  - 9.5.5.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.5.5.3. Solution breakdown size & forecasts, 2025-2035
  - 9.5.5.4. End Use breakdown size & forecasts, 2025-2035
- 9.5.6. Rest of APAC Internet of Things (IoT) in Banking and Financial Services Market
  - 9.5.6.1. Component breakdown size & forecasts, 2025-2035
  - 9.5.6.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.5.6.3. Solution breakdown size & forecasts, 2025-2035
  - 9.5.6.4. End Use breakdown size & forecasts, 2025-2035
9.6. Latin America Internet of Things (IoT) in Banking and Financial Services Market
- 9.6.1. Brazil Internet of Things (IoT) in Banking and Financial Services Market
  - 9.6.1.1. Component breakdown size & forecasts, 2025-2035
  - 9.6.1.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.6.1.3. Solution breakdown size & forecasts, 2025-2035
  - 9.6.1.4. End Use breakdown size & forecasts, 2025-2035
- 9.6.2. Mexico Internet of Things (IoT) in Banking and Financial Services Market
  - 9.6.2.1. Component breakdown size & forecasts, 2025-2035
  - 9.6.2.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.6.2.3. Solution breakdown size & forecasts, 2025-2035
  - 9.6.2.4. End Use breakdown size & forecasts, 2025-2035
9.7. Middle East and Africa Internet of Things (IoT) in Banking and Financial Services Market
- 9.7.1. UAE Internet of Things (IoT) in Banking and Financial Services Market
  - 9.7.1.1. Component breakdown size & forecasts, 2025-2035
  - 9.7.1.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.7.1.3. Solution breakdown size & forecasts, 2025-2035
  - 9.7.1.4. End Use breakdown size & forecasts, 2025-2035
- 9.7.2. Saudi Arabia (KSA) Internet of Things (IoT) in Banking and Financial Services Market
  - 9.7.2.1. Component breakdown size & forecasts, 2025-2035
  - 9.7.2.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.7.2.3. Solution breakdown size & forecasts, 2025-2035
  - 9.7.2.4. End Use breakdown size & forecasts, 2025-2035
- 9.7.3. South Africa Internet of Things (IoT) in Banking and Financial Services Market
  - 9.7.3.1. Component breakdown size & forecasts, 2025-2035
  - 9.7.3.2. Deployment breakdown size & forecasts, 2025-2035
  - 9.7.3.3. Solution breakdown size & forecasts, 2025-2035
  - 9.7.3.4. End Use breakdown size & forecasts, 2025-2035

Chapter 10. Competitive Intelligence

10.1. Top Market Strategies
10.2. IBM Corporation
- 10.2.1. Company Overview
- 10.2.2. Key Executives
- 10.2.3. Company Snapshot
- 10.2.4. Financial Performance (Subject to Data Availability)
- 10.2.5. Product/Services Port
- 10.2.6. Recent Development
- 10.2.7. Market Strategies
- 10.2.8. SWOT Analysis
10.3. Oracle Corporation
10.4. Microsoft Corporation
10.5. Cisco Systems, Inc.
10.6. SAP SE
10.7. Accenture Plc.
10.8. Infosys Limited
10.9. Capgemini SE
10.10. Tata Consultancy Services (TCS)
10.11. Huawei Technologies Co., Ltd.
10.12. Amazon Web Services, Inc. (AWS)
10.13. HCL Technologies Limited
10.14. Dell Technologies Inc.
10.15. Wipro Limited
10.16. Fujitsu Limited