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Definition:
Smart Finance refers to the application of Internet of Things technologies in the financial industry. It involves the use of connected devices, sensors, and data analytics to transform traditional financial processes and create new business models. IoT applications in financial sector include ATMs, insurance telematics, smart payment systems and asset tracking.
The Smart Finance market is defined by revenues generated specifically from components and services that enable connectivity and intelligence. These include hardware (e.g., sensors, chips, and other IoT-specific components), platforms (e.g., IoT platforms, security software), connectivity solutions (e.g., cellular, LoRa, SigFox), and services (e.g., equipment/system integration and maintenance). As an example, the IoT relevant revenue for a smart security camera is only the component that makes the camera “smart” and connected, not the full product price.
Additional information:
The Internet of Things market compromises of revenue and revenue growth as the key performance indicators. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.
Some of the key player in Smart Finance include Intel, SAP and Amazon Web Services (AWS).
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