Financial institutions, namely banks and insurers, are benefiting from the emergence of the Internet of Things (IoT) in transforming their respective industries, with Asia-Pacific adopting it the fastest.
According to a study by market research firm ReportsnReports, the size of the global IoT financial services market is set to grow from US$249.4 million in 2018 to US$2.03 billion by 2023, with a CAGR of 52.1%.
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