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

Report Overview

The global smart finance services market size was valued at USD 38.35 million in 2021 and is anticipated to register a compound annual growth rate (CAGR) of 2.9% from 2022 to 2028. 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.

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 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. 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.

For instance, Intel Corp. installed its Intel RealSense camera technology in the Bank of Russia that comprises facial recognition to avoid fraud in ATMs. The COVID-19 outbreak negatively impacted the market owing to the shutdown of the ATMs across the globe. The lockdowns imposed by the government have restricted the new ATMinstallations across the globe. The restrictions further decreased the transactions through ATMs as the customers chose UPI and other digital transaction methods that affected the market growth. Moreover, the shutdown of manufacturing units of ATMs affected the installations across the globe. However, the adoption of smart ATM services is projected to rise post-pandemic owing to the high demand for less contact-based transactions in the BFSI sector.

End-user Insights

Based on the end-user, the global market is further classified into the bank & financial institutions and independent ATM deployers. Among these, the bank & financial institutions segment accounted for the largest market share of over 71% in 2021. The growth of the market is credited to the growing installation of smart ATMs in bank premises across the globe. Bank & financial institutions are increasingly deploying smart and contactless ATMs to offer an enhanced experience of banking to their customers. Moreover, significant growth in the BFSI industry coupled with the adoption of advanced ATMs in emerging economies further contributes to the segment growth. The high investments of the financial sector in the integration of IoT-based services in ATMs will also support the segment growth.

The independent ATM deployer segment is estimated to grow at a significant CAGR over the forecast period. The market is mainly driven by the rising number of independent ATM deployers across the globe coupled with the growing deployment of smart connected ATMs across the globe. In addition, the independent ATM deployers are increasingly adopting the management and installation services for smart ATMs that further accelerate the market growth during the forecast period. Moreover, a significant rise in independent ATM deployers is further projected to provide lucrative growth opportunities to the market, as per the survey, the number of autonomously deployed ATMs in the U.K. rose by 2.6% over the past years.

Regional Insights

Asia Pacific is anticipated to grow at the fastest CAGR of more than 3.5% from 2022 to 2028. China and India are positively contributing to the growth of the regional market owing to the growing demand for smart ATMs in the BFSI sector coupled with the rising smart city initiatives across the region. Moreover, significant installations of ATMs in the region are further expected to provide ample growth opportunities to the market. According to the World Bank data, in China, India, and Japan, there were around 87.8, 21.5, and 124.1 ATMs respectively for 100,000 people. In addition, the growing number of secured internet servers in China, Japan, and India augmented the number of connected devices in the region, encouraging the demand for smart ATMs across the region.

North America is projected to hold a significant share by 2028. The U.S. is positively contributing to the growth of market revenue. The presence of well-established banking institutions coupled with developed IT infrastructure is one of the driving factors for market growth. Moreover, the developed IT infrastructure in BFSI increases the easy deployment of IoT-based devices in the BFSI sector, such as smart ATMs, which further contributes to the market growth. Furthermore, innovations in IoT applications and the introduction of various smart devices can be attributed to the market growth in the region. Additionally, the significant expenditure on the smart infrastructure coupled with the availability of a high number of secured internet servers contributed to the market share.

Key Companies & Market Share Insights

The global 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 financial services 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 services market include:

• IMS Evolve

• BPC Group

• Miles Technologies

• Zicom SaaS Pvt. Ltd

• Webnms

• GRGBanking

• ESQ Business Services, Inc.

• hIOTron

• Dialog Axiata PLC

• Virtusa Corp.

Smart Finance Services 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 services market report on the basis of end-user and region:

End-user Outlook (Revenue, USD Million, 2017 - 2028)

• Bank & financial institutions

• Independent ATM deployer

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