Asian financial market benefits greatly from IoT

The internet of things (IoT) is transforming financial markets around the world, and Asian banks and insurers are benefitting greatly. According to a study by market research firm ReportsnReports, the size of the global IoT financial services market is set to grow from USD 249.4 million in 2018 to USD 2.03 billion by 2023. This signals a huge range of opportunities, especially in Asia, which is expected to have the highest growth rate in IoT-based finance solutions in the world. According to experts, dynamic adoption and aggressive marketing of IoT technology are driving IoT growth in the region, as are the increasing penetration of devices equipped with data-gathering features such as accelerometers, gyroscopes and GPS. The study added that the insurance segment is also expected to grow rapidly as IoT helps insurers more effectively determine pricing and provide services that keep people and their assets safe.