Smart Finance Connectivity Industry Overview
The global smart finance connectivity market size was valued at USD 228.42 million in 2021 and is expected to expand at a compound annual growth (CAGR) of 4.0% from 2022 to 2028.
The global smart finance connectivity market is primarily driven by the rapidly evolving digital transformation in the global banking industry, rising demand for smart devices for ATMs, and offers effective consumer services. As a result of technology breakthroughs that launched the digital revolution by connecting ATM hardware and software equipment to the internet, the Internet of Things (IoT) has revolutionized the banking industry in recent years. The global smart finance connectivity market is predicted to develop rapidly in the next few years on account of rising government spending on digital infrastructure, improved network connections, and the availability of a variety of wired and wireless connectivity platforms.
Gather more insights about the market drivers, restrains and growth of the Global Smart Finance Connectivity Market
IoT technology has emerged as the most pervasive and advanced technical invention in recent years, instigating business transformation. According to a report published by Cisco Systems, Inc., by 2020, there will be 50 billion connected devices. As a result of this advancement in IoT-connected devices, industries such as IT and telecommunications, manufacturing, BFSI, media and entertainment, aerospace and military, and government are all likely to see an increase in digital services. IoT is predicted to have a huge influence on many elements of the ATM industry, from banking and insurance to financial planning and security & monitoring. With the aid of data collected by sensors, the IoT allows financial institutions and banks to predict consumer trends and plan business functionalities accordingly.
Many early IoT applications were enabled via cellular IoT, which was extensively accepted throughout the world with 2G and 3G connections. With the advancements in 4G technology, the industry will see more bandwidth, lower latency, and enhanced support for huge numbers of devices per cell. These will be strengthened even further with the coming of 5G networks, which will enable Ultra-Reliable Low Latency Communications (URLLC) that support increasingly important applications, as first enabled by the 5G New Radio (NR) standard. Additionally, the rise of connected devices and the increased demand for secure, reliable, and high-speed communication are driving the growth of the market. The growing demand to integrate standalone as well as non-standalone components of the IoT ecosystem into ATMs is contributing to the growth of the market.
Banks can provide easy-to-access services to both credit card and debit card consumers using integrated IoT solutions and services. Banks may monitor ATM kiosk usage rates in certain locations and adjust ATM installation based on usage volumes. Banks may leverage IoT data in conjunction with ATMs to offer on-demand services closer to clients by providing kiosks and enhancing service accessibility. IoT-enabled customer data may assist banks in identifying their customers' business demands, and value chains, and gaining customer insights. Customer information connected through IoT touchpoints may help banks and ATM deployers provide value-added services and customized products to gain a wide consumer base.
The COVID-19 pandemic has contributed to greater use of online banking, such as more digital transactions and fewer visits to ATMs and physical branches. As a result of the pandemic, consumers and businesses adopted digital banking applications as their default. This has limited the use of ATM branches and the number of new ATM installations. Furthermore, increasing COVID-19 cases throughout the world have resulted in a global economic crisis. This can be witnessed in the banks and financial institutions' investments in deploying new IoT solutions for ATMs and a resulting focus on core competencies. However, as financial services and banks continue to recover from the global recession induced by the pandemic, the industry is expected to develop in the next few years.
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- Digital Transformation Market – The global digital transformation market size was evaluated at USD 731.13 billion in 2022 and is anticipated to witness a CAGR of 26.7% from 2023 to 2030. The market growth can be attributed to the growing adoption of cutting-edge technologies such as cloud, big data analytics, and Artificial Intelligence (AI), among others, which has caused in the exponential growth of all size of businesses across the globe.
- ATM Market – The global ATM market size reached USD 20.18 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2028. Automated teller machines (ATMs) offer a reliable easy interface for cash withdrawal and features such as ease of fund transfer, withdrawal, deposit, and 24×7 availability of cash.
Smart Finance Connectivity Market Segmentation
Grand View Research has segmented the market based on end-use, connectivity type, and region.
Smart Finance Connectivity End-use Outlook (Revenue, USD Million; 2017 – 2028)
- Banks & Financial Institutions
- Independent ATM Deployer
Smart Finance Connectivity Connectivity Type Outlook (Revenue, USD Million; 2017 – 2028)
Smart Finance Connectivity Regional Outlook (Revenue, USD Million; 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global smart finance connectivity market include
- TELTONIKA NETWORKS
- IMS Evolve
- Inhand Networks, Inc.
- Datablaze LLC.
- Xiamen Milesight IoT Co. Ltd.
- Benison Technologies
- Diebold Nixdorf, Incorporated.
- Digi International Inc.
- Nupeak IT Solutions LLP
- Optconnect, LLC.
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