Global Smart Finance Technologies Market Size, Share & Industry Trends Analysis Report By Type (Smart Finance Platforms, Smart Finance Connectivity, Smart Finance Hardware, and Smart Finance Services), By Regional Outlook and Forecast, 2022 – 2028

Global Smart Finance Technologies Market Size, Share & Industry Trends Analysis Report By Type (Smart Finance Platforms, Smart Finance Connectivity, Smart Finance Hardware, and Smart Finance Services), By Regional Outlook and Forecast, 2022 – 2028

The Global Smart Finance Technologies Market size is expected to reach $622.6 million by 2028, rising at a market growth of 4.5% CAGR during the forecast period.

IoT applications in ATMs are among the smart financial technologies. Platforms, hardware, services, and connectivity are all IoT components in ATMs. One of the primary reasons driving market expansion over the projection period is the increasing installation of IoT-based ATMs throughout smart cities. IoT-based ATMs are rapidly being installed at bank sites to provide clients with more convenient financial services. Furthermore, increased technological advancements in IoT linked devices, such as the integration of data analysis tools, are likely to boost market growth throughout the forecast period.

Furthermore, the growing use of next-generation smart ATMs that can be remotely maintained via IoT-connected equipment is fueling the demand for smart finance technology in the banking sector. For example, a Russian bank is preventing ATM fraud by employing Intel RealSense video technology and facial recognition. Moreover, the growing number of ATMs is expected to present a considerable opportunity for the market. According to World Bank data, there were 40.74 ATMs per 100,000 persons worldwide in 2019, increasing to 41.25 ATMs per 100,000 in 2020.

Financial technology is a phrase used to describe the services provided by financial technology organizations. The merger of financial services and information technology is known as financial technology. This integration helps to reshape finance services by making financial activity management simple and smart. Another benefit of this technology is that it enhances the quality of financial services while also lowering overall operational costs, resulting in a more diverse and secure financial landscape.

COVID-19 Impact

The COVID-19 pandemic has had drastic effects on the world. The virus caused the deaths of millions of people around the world and destabilized the economic systems of many countries, it also disrupted supply chains. Manufacturing, hospitality, logistics, healthcare, transportation, and retail were all affected by the coronavirus pandemic; however, IT, telecommunications, government, education, energy, and utilities, as well as banking, insurance, and security services, remained relatively unscathed. The COVID-19 outbreak harmed the smart finance technologies market even more because many bank ATMs were closed during the lockdown. The government-mandated lockdowns all over the world limited the number of new ATMs that could have been installed.

Market Growth Factors

Real-Time Transaction Settlement

Smart contracts are being used by banks to settle the collateral and cash portions of transactions simultaneously. To increase the efficiency and scalability of cross-border sales, transaction processing, securities lending, and equity trades can all be resolved on the blockchain. Meanwhile, using the blockchain to trade securities backed by digital collateral allows for more efficient, transparent, and secure capital management as well as post-transaction equity settlement. Institutional investors are looking for DLT features including tokenization for unlisted companies or private equity funds, spot exchange between established currencies and crypto currencies on digital exchanges, and client custody services like key escrow encryption.

Growing Automation in Financial Services

RPA, or robotic process automation, is the most widely utilized tool for automating fixed and repetitive procedures. Automation, unlike AI, relies on a simple set of rules (If this = then that) to provide predictable results. These pre-programmed procedures can handle digitalization, approval, risk flagging, and more using structured data (incoming data on interest charts) or unstructured data (forms filled out by hand). Many also incorporate learning patterns, allowing them to improve over time as more data is collected. RPAs are used to create reports, log data, automate repeated procedures, and keep track of logs.

Market Restraining Factors

Stringent Government Regulations on Blockchain-related Transactions

Government laws and regulations are critical in monitoring and authorizing large-scale technology adoption, particularly in the financial industry, which has a big consumer base. Since centralized systems have enveloped the financial sector for decades, a rapid transition to decentralized networks using blockchain technology will almost certainly necessitate regulatory compliance. All technology suppliers must adhere to data privacy rules, which vary by country. Some countries, such as China, Australia, and Japan, have rigorous regulatory frameworks for blockchain technology. Regulatory policies are thus expected to stifle global blockchain technology market growth in the coming years.

Type Outlook

Based on Type, the market is segmented into Smart Finance Platforms, Smart Finance Connectivity, Smart Finance Hardware, and Smart Finance Services. The smart finance platforms segment acquired the largest revenue share in the smart finance technologies market in 2021. The expanding trend toward the implementation of smart ATMs on bank premises around the world is driving this segment's growth. Improved security measures, including biometric and IoT services to prevent fraud, as well as the introduction of smart ATMs for clients with specialized needs, are all helping to propel this segment forward. Furthermore, the segment's expansion was aided by significant growth in the BFSI industry, as well as the adoption of advanced ATMs in developing economies. As technology progresses, customers are opting for safe, convenient, and trustworthy methods of obtaining cash, supporting the growing usage of smart finance platforms around the world.

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America acquired the largest revenue share in the smart finance technologies market in 2021. One of the key factors for smart finance technologies market expansion in this region is the presence of well-established industry players such as Intel Corp., Diebold Nixdorf, Microchip Technology Inc., and others. Furthermore, the market share was boosted by major investments in smart infrastructure and the availability of a large number of safe internet servers. Moreover, the region's developed IT infrastructure makes it easier to implement IoT-based devices in the BFSI sector, such as smart ATMs, contributing to the region's considerable share in the smart finance technologies market. Furthermore, market growth in the region may be ascribed to innovations in IoT applications and the introduction of new smart gadgets.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Intel Corporation, Fujitsu Limited, Diebold Nixdorf, Inc., IMS Evolve, Miles Technologies, Inc., Zicom SaaS Pvt. Ltd., Zoho Corporation Pvt. ltd., GRGBanking Equipment Co., Ltd., Dialog Axiata PLC, and Virtusa Corporation.

Strategies Deployed in Smart Finance Technologies Market

May-2021: Diebold Nixdorf entered into a partnership with Abu Dhabi Islamic Bank (ADIB), an Islamic bank based in Abu Dhabi city, in the United Arab Emirates. Under the partnership, Diebold Nixdorf would install integrated technology (Smart Tellers) that provides the services of a mini-branch in a supplementary self-service channel for Abu Dhabi Islamic Bank.

Jun-2020: Diebold Nixdorf entered into a partnership with Accenture, a professional services company that specializes in information technology (IT) services and consulting. Through the partnership, Diebold Nixdorf aimed to advance its digital and cloud transformation program. The digital transformation program included organizing Diebold Nixdorf’s finance, human resources, IT, and sales systems. Additionally, the partnership enabled Diebold Nixdorf to genuinely accelerate its digital roadmap and DN Now transformation program. Automation, improved applications, and more nimble processes provided them with a more efficient operational performance, but also an improved customer experience through new services and solutions.

Jun-2019: Virtusa formed a partnership with Hitachi, a Japanese multinational conglomerate. Under the partnership, both companies aimed to capitalize on the quickly rising acceptance of AI in financial services. Consequently, both companies developed new AI-based solutions that integrated Hitachi’s advanced digital technology and leading R&D capabilities with Virtusa’s deep financial services industry expertise and digital engineering knowledge.

Scope of the Study

Market Segments covered in the Report:

By Type

• Smart Finance Platforms
• Smart Finance Connectivity
• Smart Finance Hardware
• Smart Finance Services

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

• Intel Corporation
• Fujitsu Limited
• Diebold Nixdorf, Inc.
• IMS Evolve
• Miles Technologies, Inc.
• Zicom SaaS Pvt. Ltd.
• Zoho Corporation Pvt. ltd.
• GRGBanking Equipment Co., Ltd.
• Dialog Axiata PLC
• Virtusa Corporation

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