Smart Finance Services Market Share, Size, Growth Outlook by 2028

Smart Finance Services Market Growth & Trends

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. 

Smart Finance Services Market Segmentation

Grand View Research has segmented the global smart finance services market based on end-user and regions:

Based on the End-user Insights, the market is segmented into Bank & Financial Institutions and Independent ATM Deployer.

• 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.

Smart Finance Services Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East and Africa (MEA)

Key Companies Profile & 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 operating 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.

Order a free sample PDF of the Smart Finance Services Market Intelligence Study, published by Grand View Research.