Smart Finance Services Market Size, Trends & Forecast [2032]
Smart Finance Services Market Size, Trends & Forecast [2032]
Segments - Smart Finance Services Market by Type (ATM and Others), Application (Bank & Financial Institutions, Independent ATM Deployers, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024–2032
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| Report ID :BFSI-6592
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| 250 Pages
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Report Description
Smart Finance Services Market
The global smart finance services market size was USD 52.3 Million in 2023 and is projected to reach USD 80.5 Million by 2032, expanding at a CAGR of 5.2% during 2024–2032. The market growth is attributed to the increasing deployment of smart ATMs across the banking sector.
The term "finance services" refers to the offerings of financial technology companies, which provide a wide range of financial solutions to individuals and businesses. Smart finance services encompass a broad spectrum of businesses that manage money, including credit unions, banks, credit card companies, stock brokerages, and government-sponsored enterprises. These services enhance the quality of financial services while reducing operational expenses, leading to a comprehensive and secure financial ecosystem.
Rising adoption of smart ATMs is fueling the market. Smart ATM enables customers to access a range of financial services and manage transactions remotely. However, cyberattack is a major threat in the market. Thus, fintech companies are investing heavily in advanced tools and infrastructure to mitigate cyberattack risks and enhance fraud detection capabilities.
The regulatory requirement is evolving with directives such as the Second Payments Services Directive PSD2 and General Data Protection Regulation (GDPR), and adhering to these regulations is crucial. Financial institutions are increasingly collaborating with regulatory bodies to foster innovation and market growth. Additionally, the growing emphasis on data security, encryption, and regulatory compliance to ensure the protection of sensitive information significantly contributes to market growth.
Impact of AI on the Smart Finance Services Market
AI is revolutionizing the market. AI significantly improves the customer experience by providing recommendations to customers based on their financial history and behavior. Chatbots provide 24/7 customer support, reducing the need for human agents and improving response times. AI automates several manual tasks, such as data entry, which reduces errors and improves productivity.
Smart Finance Services Market Dynamics
Major Drivers
Growing adoption of smart ATMs and services such as installation and management is expected to drive the global market for smart financial services in the coming years. The increasing adoption of contactless and smart ATMs in banking and financial institutions is expected to propel the market during the projected period. Furthermore, the increasing government spending on digital infrastructure, the availability of platforms for wireless network connectivity, and improved network connections are expected to contribute to market growth.
Existing Restraints
Increasing usage of digital channels and mobile devices to access financial services leads to concerns about data security and the potential for cyberattacks. The risk of data breaches increases, as financial transactions are conducted online. Hackers target financial institutions' databases to steal sensitive information, such as customer names, addresses, and financial data. These factors hamper the market.
Emerging Opportunities
Increasing usage of digital currencies and blockchain technologies creates immense opportunities in the market. These technologies are crucial for managing confidential information and secure transactions. Blockchain technology has the potential to revolutionize the way financial institutions operate by providing a secure, transparent, and efficient way to conduct transactions. It is the underlying technology behind cryptocurrencies, such as Bitcoin, and has various applications beyond just cryptocurrencies. Blockchain technology processes transactions faster and more efficiently than traditional methods, reducing the need for intermediaries and reducing costs. It allows for secure transactions that are tamper-proof and transparent, reducing the risk of fraud and errors.
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In December 2020, Maruti Suzuki India Ltd. introduced a smart finance service to facilitate seamless car financing for prospective customers. This innovative service is accessible in India, exclusively for RENA and NEXA customers.
Scope of the Smart Finance Services Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.
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Attributes |
Details |
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Report Title |
Smart Finance Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2023 |
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Historic Data |
2017 -2022 |
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Forecast Period |
2024–2032 |
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Segmentation |
Type (ATM and Others) and Application (Bank & Financial Institutions, Independent ATM Deployers, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Dialog Axiata PLC; Diebold Nixdorf; Fujitsu; GRGBnaking; Intel; IMS Evolve; Miles IT; and Zicom SaaS Pvt Ltd |
Regional Outlook
In terms of region, the smart finance services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Asia Pacific held a major share of the market in 2023 and the market in the region is projected to expand at a rapid pace during the projection period, owing to the increasing demand for smart ATMs in the BFSI sector and smart city initiatives across the region. The rapid growth of secured internet servers in China, Japan, and India led to a surge in the number of connected devices in the region, thereby fueling the demand for smart ATMs across the region. Furthermore, the rising installation of ATMs in the region creates immense opportunities in the market.
The market in North America is expected to register a considerable CAGR during the forecast period. The US is a key contributor to the growth of the market, owing to the presence of well-established banking institutions and advanced IT infrastructure. The region's well-established IT infrastructure facilitates the easy deployment of IoT-based devices, including smart ATMs, which contributes to the market growth. Furthermore, the increasing technological advancements and the introduction of various smart devices boost the market in the region.
Market Segment Analysis
Type Analysis
Based on type, the smart finance services market is classified as ATM and others.
The ATM segment held a large market share in 2023, due to the rising installation of ATMs across the globe. The widespread adoption of contactless and smart ATMs in banks is expected to reduce crowds and lineups, making it easy for customers to conduct transactions. Customers quickly and easily transfer funds from their bank accounts. The demand for smart financial services is likely to increase, as digital payment banking continues to gain popularity, thereby fueling the segment.
Application Analysis
On the basis of application, the smart finance services market is fragmented into bank & financial institutions, independent ATM deployers, and others.
The independent ATM deployers segment held a major share of the market in 2023, due to the increasing number of independent ATM deployers globally and the rising installation of smart ATMs. Furthermore, the increasing demand for ATM management and installation services from independent ATM deployers is also contributing to segmental growth.
The bank & financial institutions segment is expected to register a considerable CAGR during the forecast period. Banks & financial institutions provide smart finance services to their customers, such as online banking, mobile banking, and digital payment systems. These institutions improve customer experience, increase efficiency, and reduce costs by providing smart finance services. They leverage data analytics and machine learning to enhance customer experience and develop targeted marketing and sales strategies.
Segments
The smart finance services market has been segmented on the basis of
Type
- ATM
- Others
Application
- Bank & Financial Institutions
- Independent ATM Deployers
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Dialog Axiata PLC
- Diebold Nixdorf
- Fujitsu
- GRG Banking
- Intel
- IMS Evolve
- Miles IT
- Zicom SaaS Pvt Ltd
Competitive Landscape
Key players competing in the global smart finance services market are Dialog Axiata PLC; Diebold Nixdorf; Fujitsu; GRGBnaking; Intel; IMS Evolve; Miles IT; and Zicom SaaS Pvt Ltd.
These players utilize several development strategies, including product launches, partnerships, acquisitions, and geographical expansion, to increase their global presence. For instance,
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In February 2022, CoreStack, a key provider of multi-cloud governance solutions, announced a strategic partnership with Virtusa Corporation, a global IT consulting and outsourcing company. The collaboration aims to enhance CoreStack's NextGen FinOps, SecOps, and CloudOps products, as well as Virtusa's vGovern cloud governance solution, to provide a comprehensive and autonomous cloud governance platform for businesses operating in multi-cloud environments.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Smart Finance Services Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Smart Finance Services Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Smart Finance Services Market - Supply Chain
4.5. Global Smart Finance Services Market Forecast
4.5.1. Smart Finance Services Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Smart Finance Services Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Smart Finance Services Market Absolute $ Opportunity
5. Global Smart Finance Services Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Smart Finance Services Market Size and Volume Forecast by Types
5.3.1. ATM
5.3.2. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Smart Finance Services Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Smart Finance Services Market Size and Volume Forecast by Applications
6.3.1. Bank & Financial Institutions
6.3.2. Independent ATM Deployers
6.3.3. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Smart Finance Services Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Smart Finance Services Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Smart Finance Services Demand Share Forecast, 2019-2026
8. North America Smart Finance Services Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Smart Finance Services Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Smart Finance Services Market Size and Volume Forecast by Types
8.4.1. ATM
8.4.2. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Smart Finance Services Market Size and Volume Forecast by Applications
8.7.1. Bank & Financial Institutions
8.7.2. Independent ATM Deployers
8.7.3. Others
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Smart Finance Services Demand Share Forecast, 2019-2026
9. Latin America Smart Finance Services Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Smart Finance Services Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Smart Finance Services Market Size and Volume Forecast by Types
9.4.1. ATM
9.4.2. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Smart Finance Services Market Size and Volume Forecast by Applications
9.7.1. Bank & Financial Institutions
9.7.2. Independent ATM Deployers
9.7.3. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Smart Finance Services Demand Share Forecast, 2019-2026
10. Europe Smart Finance Services Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Smart Finance Services Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Smart Finance Services Market Size and Volume Forecast by Types
10.4.1. ATM
10.4.2. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Smart Finance Services Market Size and Volume Forecast by Applications
10.7.1. Bank & Financial Institutions
10.7.2. Independent ATM Deployers
10.7.3. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Smart Finance Services Demand Share Forecast, 2019-2026
11. Asia Pacific Smart Finance Services Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Smart Finance Services Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Smart Finance Services Market Size and Volume Forecast by Types
11.4.1. ATM
11.4.2. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Smart Finance Services Market Size and Volume Forecast by Applications
11.7.1. Bank & Financial Institutions
11.7.2. Independent ATM Deployers
11.7.3. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Smart Finance Services Demand Share Forecast, 2019-2026
12. Middle East & Africa Smart Finance Services Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Smart Finance Services Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Smart Finance Services Market Size and Volume Forecast by Types
12.4.1. ATM
12.4.2. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Smart Finance Services Market Size and Volume Forecast by Applications
12.7.1. Bank & Financial Institutions
12.7.2. Independent ATM Deployers
12.7.3. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Smart Finance Services Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Smart Finance Services Market: Market Share Analysis
13.2. Smart Finance Services Distributors and Customers
13.3. Smart Finance Services Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Dialog Axiata PLC
13.4.2. Diebold Nixdorf
13.4.3. Fujitsu
13.4.4. GRG Banking
13.4.5. Intel
13.4.6. IMS Evolve
13.4.7. Miles IT
13.4.8. Zicom SaaS Pvt Ltd
Methodology
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