Know More About “Smart Finance Technologies Market 2022-2028” Growth Worldwide…Posted by Mrudula Karmarkar on December 2nd, 2022 The global smart finance technologies market size was projected to reach USD 670.51 million by 2028 and is expected to expand at a CAGR of 3.6% from 2022 to 2028, according to a new report by Grand View Research, Inc. The major growth factors of the market include the growing adoption of smart ATM solutions coupled with the growing number of ATM installations and escalating smart city projects across the globe. Additionally, the growing trend towards online banking services further upsurges the demand for smart ATMs coupled with rising in smart finance technologies such as hardware, connectivity, platforms, and during the forecast period. However, the growing privacy and security concerns related to consumer data are further projected to hamper the market growth during the forecast period. The market practiced a slight decrease in the overall revenue due to COVID-19 owing to a decrease in the transactions through ATMs due to Covid-19 restrictions and lockdown. Additionally, under the lockdown conditions imposed in some countries, there were shut down of the manufacturing process of electronics parts and devices including smart finance technologies. Therefore, the significant decrease in the manufacturing of the electronics components of smart ATMs during pandemic scenarios is further affected the market growth. Based on the type, the global market is further classified into smart finance platforms, smart finance hardware, smart finance services, and smart finance connectivity. The smart finance services segment of the type is forecast to register a significant growth rate of 3.3% during the forecast period. The rising demand for maintenance and installation services for smart ATMs across the banking sector is further projected to contribute to the growth of the market during the forecast period. Moreover, the significant growth in the BFSI industry coupled with the rising demand for digital payment banking services further provides ample opportunity to the demand for smart finance services. Europe is estimated to hold a significant market share of more than 20.0% in 2021. Well-developed countries such as Germany, the U.K., and France positively contributed to the market revenue. The high market share can be attributed to the significant presence of the banks and financial institutions that are increasingly implementing smart technologies on their premises, and the long-existing demand for remote monitoring of ATMs in the region. Moreover, the growing number of ATM installations in Germany, U.K., Italy, France further contributed to the significant market share. Additionally, the high number of secured internet servers further encouraged the adoption of connected and smart ATMs further contributing to the growth of the market. To Request Sample Copy of this report, click the link: 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. Smart Finance Technologies Market Report Highlights
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 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. 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. List of Key Players of Smart Finance Technologies Market
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