Smart Finance Technologies Industry 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.
Gather more insights about the market drivers, restrains and growth of the Global Smart Finance Technologies Market
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.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
- Customer Experience Management Market The global customer experience management market was valued at USD 10.65 billion in 2022 and is expected to expand at a significant compound annual growth rate CAGR of 15.4% from 2023 to 2030.
- Neuromorphic Computing Market – The global neuromorphic computing market size was valued at USD 4,237.7 million in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 21.2% from 2023 to 2030.
Key Companies profiled:
Some prominent players in the global smart finance technologies market include
- IMS Evolve
- Intel Corp.
- Miles Technologies
- Zicom SaaS Pvt. Ltd
- Fujitsu Limited
- Diebold Nixdorf
- Dialog Axiata PLC
- Virtusa Corp.
- Digi International Inc
Order a free sample PDF of the Smart Finance Technologies Market Intelligence Study, published by Grand View Research.