IoT in Banking and Financial Services Market 2030 Size, Growth Report, Forecast

According to TechSci Research report, “IoT in Banking and Financial Services Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030F, The Global IoT in Banking and Financial Services Market was valued at USD 58.56 billion in 2024 and is expected to reach USD 110.40 billion by 2030 with a CAGR of 11.15% through 2030. The global IoT in Banking and Financial Services Market is witnessing an extraordinary transformation. digital-first financial services.

The proliferation of IoT devices in banking and financial services is not merely an evolution—it is a revolution. From biometric-enabled ATMs and wearable-based transactions to smart compliance tools and connected insurance platforms, IoT has redefined the way financial institutions operate, engage customers, and manage risks.

Request For Sample Copy of Report For More Detailed Market insight: https://www.techsciresearch.com/sample-report.aspx?cid=29587#requestform

Industry Key Highlights

• Market Size & Growth: The global IoT in BFSI market is set to nearly double by 2030, showcasing strong adoption across both developed and emerging economies.

• Rising Adoption in Compliance: Banks are increasingly turning to IoT devices such as smart ID scanners, biometric checkpoints, and geo-tracking tools for real-time anti-money laundering (AML) compliance and Know Your Customer (KYC) verification.

• Insurance Sector Momentum: Insurance is emerging as the fastest-growing segment, leveraging IoT-enabled wearables, telematics, and smart sensors for risk assessment, claims automation, and fraud reduction.

• Regional Dynamics: Asia Pacific is the fastest-growing region, driven by rapid digitization, 5G rollouts, and government-backed fintech initiatives in countries like China, India, and South Korea.

• Key Players: Leading global technology and consulting giants, including Cisco Systems, Microsoft, IBM, Oracle, Amazon, Infosys, SAP SE, and Accenture, are shaping this market with advanced IoT-enabled solutions.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global IoT in Banking and Financial Services Market"@https://www.techsciresearch.com/report/iot-in-banking-and-financial-services-market/29587.html

Emerging Drivers of Market Growth

1. Operational Efficiency & Automation

IoT eliminates manual, paper-based banking processes, reducing inefficiencies. Automated systems can handle thousands of compliance checks, fraud alerts, and customer interactions in seconds—cutting operational costs while improving accuracy.

2. Demand for Personalized Financial Services

Customers now expect hyper-personalized experiences. IoT devices gather contextual data such as spending habits, geolocation, and even health metrics to design customized banking or insurance solutions. Personalized loan offers, spending insights, and wellness-linked insurance plans are examples of this transformation.

3. Security and Fraud Prevention

Security remains a top priority. IoT-powered ATMs, biometric verification, and geo-fencing ensure real-time fraud detection. Transactions initiated outside registered locations or without biometric confirmation can be flagged instantly, reducing risks of breaches and unauthorized access.

Emerging Trends in IoT for BFSI

1. Wearable Banking Experiences

Smartwatches and fitness bands are enabling new forms of mobile banking. Users receive transaction alerts, voice-enabled transfers, and biometric-secured payments on-the-go. This creates a seamless connection between customer lifestyle and financial management.

2. Connected Insurance Ecosystems

IoT in insurance is creating real-time engagement. For instance, telematics devices in cars provide insurers with data on driving patterns, enabling usage-based premiums. Similarly, health insurers leverage wearable fitness trackers to reward healthy behaviors with reduced premiums.

3. AI and IoT Convergence

Artificial intelligence, when combined with IoT data, creates smarter decision-making. AI models analyze IoT data to predict customer churn, detect anomalies in transactions, or provide personalized wealth management advice.

4. Smart Branch and ATM Operations

IoT-enabled ATMs with biometric authentication, video KYC, and predictive maintenance reduce downtime and enhance customer convenience. Branches equipped with IoT sensors monitor foot traffic, energy usage, and customer wait times to optimize resource allocation.

5. Blockchain and IoT Synergy

Blockchain integration with IoT is boosting transparency and security in transactions. Immutable ledgers ensure that IoT-generated financial data cannot be tampered with, enhancing trust between banks, regulators, and customers.

Key market players in the IoT in Banking and Financial Services Market are: 

• Cisco Systems, Inc.
• Microsoft Corporation
• Oracle Corporation
• IBM Corporation
• Amazon.com, Inc.
• Infosys Limited
• Accenture plc
• SAP SE

Download Free Sample Report

Customers can also request for 10% free customization on this report.

Future Outlook

The IoT in Banking and Financial Services Market is on the cusp of transformative growth. Key factors that will shape its future include:

1. AI-Powered Hyper-Personalization: Financial institutions will harness IoT data to deliver highly customized experiences and product offerings.

2. Blockchain Integration: Ensuring trust, transparency, and fraud-free IoT-enabled transactions.

3. Rise of Digital-Only Banks: IoT-enabled neo-banks will attract younger, tech-savvy generations.

4. Expansion of Cross-Border IoT Banking: Global transactions will become seamless with IoT-backed monitoring and real-time compliance.

5. Sustainable Finance with IoT: IoT will help financial institutions adopt energy-efficient, green operations, aligning with ESG goals.

Conclusion

The Global IoT in Banking and Financial Services Market is more than just a technological advancement—it is a paradigm shift in how financial ecosystems function. By 2030, IoT will not only redefine compliance, risk management, and customer experience but will also serve as the backbone of hyper-connected, data-driven financial institutions.

As financial institutions continue to embrace IoT for efficiency, personalization, and compliance, the market will witness unprecedented growth. Emerging technologies like 5G, blockchain, and AI will only accelerate this momentum, making IoT a critical enabler of the future of global banking and financial services.

Contact US:

Techsci Research LLC

420 Lexington Avenue, Suite 300,

New York, United States- 10170

Tel: +13322586602

Web: https://www.techsciresearch.com/