Smart Finance Technologies Market (2022 - 2028) Size, Share & Trends Analysis Report By Type (Smart Finance Platforms, Smart Finance Hardware, Smart Finance Services), By Region, and Segment Forecasts

Report Overview

The global smart finance technologies market size was valued at USD 522.09 million in 2021 and is projected to register a CAGR of 3.6% from 2022 to 2028. Smart finance technologies include IoT applications in ATMs. IoT components in ATMs comprise platforms, hardware, services, and connectivity. The growing installation of IoT-based ATMs across smart cities is one of the major factors that propel the market growth during the forecast period. The IoT-based ATMs are increasingly deployed in bank locations for offering customers ease of banking operations. Additionally, the rising technical advancement in IoT connected devices, such as the integration of data analysis tools further expected to contribute to the growth of the market during the forecast period. On the other hand, the growing data breaches and rising concerns related to data security are further projected to hinder market growth.

Moreover, the rising integration of next-generation smart ATMs that can be remotely maintained through IoT-connected devices further inspires the demand for smart finance technologies in the banking sector. For instance, a bank in Russia is using facial recognition through Intel RealSense camera technology to avoid fraud in ATMs. Moreover, the increasing installation of ATMs is further projected to provide a significant opportunity to the market. As per the World Bank data, in 2019, there were 42.6 ATMs per 100,000 people across the globe, which further increased to 51.6 ATMs per 100,000 in 2020. Thus, the rising number of ATMs coupled with the rising integration of IoT devices in ATMs is further projected to boost the growth of the market during the forecast period.        

The COVID-19 outbreak further negatively impacted the market as many of the bank ATMs were closed during the lockdown. The lockdown imposed by the government has restricted the new installation of ATMs. The restriction of outbreak further decreases the transactions through the ATMs as the peoples choose the UPI and other wireless transactions during the pandemic that affect the market growth. Moreover, the shutdown of manufacturing units of ATMs across the globe during the pandemic further impacted the market growth. However, the adoption of contactless ATMs is projected to rise after the pandemic is over owing to the high demand for less contact-based transactions to avoid the spread of the coronavirus.      

Type Insights

Based on the type, the global smart finance technologies market is further classified into smart finance platforms, smart finance hardware, smart finance services, and smart finance connectivity. Among these, the smart finance platforms segment contributed to a larger market share of over 45% in 2021. The growth of the market is attributed to the rising trend toward the deployment of smart ATMs on bank premises across the globe. Moreover, significant growth in the BFSI industry coupled with the adoption of advanced ATMs in emerging economies further contributed to the growth of the market. Improved security measures, including biometric and IoT services to avoid fraud, as well as the introduction of smart ATMs for customers with specific requirements, are also contributing to market development. Customers these days are opting for safe, convenient, and trustworthy methods of acquiring cash as technology advances, encouraging the widespread use of smart finance platforms across the globe.

The smart finance connectivity segment is forecast to expand with a significant CAGR of 3.9% during the forecast period. The market is mainly driven due to the growing number of IoT-connected smart ATMs across the globe coupled with the significant development of connectivity technology such as the introduction of 5G networks across the globe. Moreover, the growing number of autonomous ATMs is further projected to provide significant growth to the market, as per the survey the number of autonomously deployed ATMs in the UK rose by 2.6% over the past years. Additionally, the significant adoption of advanced connectivity solutions in the BFSI sector further accelerates the market growth during the forecast period.        

Regional Insights

Asia Pacific is forecast to expand with the highest CAGR of 4.4% from 2022 to 2028. China and India are positively contributing to the growth of the market owing to the growing demand for smart ATMs in BFSI coupled with the rising smart city projects across the region. Additionally, the rising number of secured internet servers in China, Japan, and India further increased the number of connected devices in the region encouraging the demand for smart ATMs. According to the World Bank data in China, India, and Japan, there were around 87.8, 21.5, and 124.1 ATMs respectively among 100,000 people in the countries. Therefore, the significant increase in the number of ATM installations in the region is further projected to provide ample opportunity to the market during the forecast period.

North America is projected to hold a significant share of around 30% in 2021. The U.S. is positively contributing to the growth of market revenue. The presence of well-established market players such as Intel Corp., Diebold Nixdorf, Microchip Technology Inc., and others is one of the driving factors for market growth. Additionally, the significant expenditure on the smart infrastructure coupled with the availability of the high number of secured internet servers further contributed to the market share.  Moreover, the developed IT infrastructure in BFSI increases the easy deployment of IoT-based devices in the BFSI sector such as smart ATMs in the region that further contribute to the significant share in the global smart finance technologies market. Furthermore, innovations in IoT applications and the introduction of various smart devices can be attributed to the market growth in the region.       

Key Companies & Market Share Insights

The smart finance technologies industry is always changing and updating. The key market players tend to launch new strategies more frequently to stay head-on in the market. Moreover, the companies are focusing on increasing investments in the advancement of smart finance Technologies to increase the customer base in the market. Moreover, major players are targeting new regions and geographies to increase the revenue from the industry, by either entering the new market solely or by collaborating with local companies across the globe. Some of the prominent players in the global smart finance technologies market include:

• IMS Evolve

• Intel Corp.

• Miles Technologies

• Zicom SaaS Pvt. Ltd

• WebNMS

• GRGBanking

• Fujitsu Limited

• Diebold Nixdorf

• Dialog Axiata PLC

• Virtusa Corp.

• Digi International Inc.

Smart Finance Technologies Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global smart finance technologies market report based on type and region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)

  • Smart Finance Platforms

  • Smart Finance Hardware

  • Smart Finance Services

  • Smart Finance Connectivity

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa