Smart Finance Services Market Expected To Fuel Industry Growth With $46.85 Million By 2028: Grand View Research Inc.

 

San Francisco, 30 August 2023: The Report Smart Finance Services Market Size, Share & Trends Analysis Report By End-user (Bank & Financial Institutions, Independent ATM Deployer), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2022 - 2028

The global smart finance services market size is expected to reach USD 46.85 million by 2028 and is expected to grow at a CAGR of 2.9% from 2022 to 2028, according to a new report by Grand View Research, Inc. The crucial growth factors of the market include the growing demand for the various IoT-based ATM services, such as installation and management services, across the globe. In addition, the growing popularity of smart ATMs further increases the demand for connected ATMs, which further encourages the demand for smart finance services, such as management and installation services. However, the rising privacy and security concerns due to cyber threats of IoT-connected devices are projected to restrain the market growth during the forecast period.

The market witnessed a slight decrease in the overall revenue due to the COVID-19. This was due to a decrease in the transactions through ATMs on account of lockdown and other restrictions imposed across several countries. Moreover, during the lockdown restrictions imposed in some countries, there were shut down of the manufacturing process of electronics parts and devices that further affected the smart finance services, such as installation services. Therefore, a significant decrease in the manufacturing of the electronics components of smart ATMs during the pandemic affected the market growth. Based on end-users, the global market is further classified into the bank & financial institutions and independent ATM deployers.

The bank & financial institutions' end-user segment is projected to register a significant CAGR over the forecast period due to the significant adoption of smart and contactless ATMs among bank premises for reducing the crowd and queues. Smart ATMs offer consumers to effectively and easily transfer money in the cloud environment. In addition, the significant growth in the BFSI industry coupled with the growing trend of digital payment banking further provides abundant prospects for the demand for smart finance services. Europe held a significant market share in 2021. Well-developed countries, such as Germany, the U.K., and France, are positively contributing to the market revenue.

Smart finance services include the IoT services, such as maintenance and equipment installation for ATMs. The rising adoption of smart ATMs across the banking sector is one of the major factors that propel the market growth during the forecast period. The smart ATM are increasingly adopting integrated services for ATMs for expand their business. Moreover, the rising demand for maintenance and installation services for smart ATMs is projected to contribute to the growth of the market during the forecast period.

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Smart Finance Services Market Report Highlights

• Europe accounted for a considerable revenue share in 2021 on account of the strong presence of key players and considerable growth in smart city projects are responsible for the significant market share of the region
• The region’s growth can also be credited to the presence of several banks and financial institutions that are increasingly adopting IoT ATM management services for remote monitoring
• Moreover, the rising number of secured internet servers further provides ample growth opportunity for the adoption of the connected and smart ATMs in the region
• The independent ATM deployer end-user segment is expected to register the fastest CAGR from 2022 to 2028
• The banks & financial institutions segment is estimated to account for the maximum revenue share of the global market by 2028
• A significant rise in the adoption of digital payment solutions coupled with the substantial development of IoT services in the BFSI sector will drive the segment growth

However, the growing number of cyberattacks on IoT-connected devices is likely to hinder market growth. The rising number of ATM installations across the globe is further projected to provide ample opportunity to the market. According to the World bank data in 2022, there were 42.6 ATMs per 100,000 people across the globe, which further increased to 51.6 ATMs per 100,000 in 2020. Moreover, the increasing adoption of IoT services for ATMs further enhances market growth. In addition, the rising integration of next-generation smart ATMs that can be remotely maintained further encourages the demand for IoT services among end-users, which is further projected to contribute to the growth of the market.

Smart Finance Services Market Report Scope

Report Attribute	Details
Market size value in 2022	USD 39.24 million
Revenue forecast in 2028	USD 46.85 million
Growth rate	CAGR of 2.9% from 2022 to 2028
Base year for estimation	2021
Historical data	2017 - 2020
Forecast period	2022 - 2028

List of Key Players in Smart Finance Services Market

• IMS Evolve
• BPC Group
• Miles Technologies
• Zicom SaaS Pvt. Ltd
• Webnms
• GRGBanking
• ESQ Business Services, Inc.
• hIOTron
• Dialog Axiata PLC
• Virtusa Corp.