Internet of Things in Banking Industry Overview
The Internet of things in the banking market is moving toward a fragmented market. This is because of the entry of companies and solutions into the market, creating a fragmented landscape within the IoT ecosystem. The key players are IBM Corporation, Microsoft Corporation, Cisco Systems, Inc., Infosys Limited, etc. Recent developments in the market are that, in February 2022, to encourage digitization among small dairies across India, DBS Bank India announced that it has teamed with Stellapps, a prominent dairy-tech business, as its banking partner. Stellapps provides cloud-based milk grading, which increases transparency for farmers regarding the amount and quality of milk delivered and the income gained from it. This is done through IoT-based solutions and digital data. With the help of 2.8 million dairy producers and 250 dairy processors, Stellapps' digital milk procurement system presently helps 13 million liters of milk per day. Due to the investments required, many dairies are reluctant to install a digital structure. As a result, they decide to lease Stellapps' online network.
Internet of Things in Banking Market Leaders
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IBM Corporation
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Infosys Limited
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Accenture PLC
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Cisco Systems, Inc.
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Microsoft Corporation
- *Disclaimer: Major Players sorted in no particular order
