PUBLISHER: The Business Research Company | PRODUCT CODE: 1465902
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465902
Smart finance hardware refers to physical devices and hardware components designed to facilitate various financial transactions, manage assets, or enhance financial services. These devices play a crucial role in the smart finance ecosystem, often integrating with software platforms or mobile applications to provide users with seamless and secure access to banking, investment, payment, or other financial services.
The primary types of smart finance hardware products are modules, sensors, and others. The term "modules" is employed to describe distinct functional components or features within a financial system, application, or platform. These modules encompass various technologies, including artificial intelligence, machine learning, and robotic process automation. They find applications across several end-users, including banks, financial institutions, and independent ATM deployers.
The smart finance hardware market research report is one of a series of new reports from The Business Research Company that provides smart finance hardware market statistics, including smart finance hardware industry global market size, regional shares, competitors with a smart finance hardware market share, detailed smart finance hardware market segments, market trends and opportunities, and any further data you may need to thrive in the smart finance hardware industry. This smart finance hardware market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The smart finance hardware market size has grown strongly in recent years. It will grow from $16.75 billion in 2023 to $17.77 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to various factors, including heightened security concerns, increasing consumer demand, adherence to regulatory compliance, global economic trends, and the emergence of fintech.
The smart finance hardware market size is expected to see strong growth in the next few years. It will grow to $22.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to several factors, including a heightened emphasis on cybersecurity, the rapid pace of urbanization and globalization, greater initiatives for financial inclusion, evolving consumer behavior, and ongoing regulatory developments. Noteworthy trends in the forecast period encompass sustained technological innovation, the continuous expansion of the digital finance ecosystem, advancements in technology, the escalating trend of digitalization, and the integration of blockchain and cryptocurrency.
The anticipated surge in the smart finance hardware market is fueled by the increasing adoption of contactless payments. Contactless payments involve initiating transactions without physically swiping or inserting payment cards, relying on smart finance hardware as the foundation for secure, convenient, and efficient payment systems. This hardware includes diverse devices such as contactless cards, wearables (such as smartwatches and fitness trackers), and phone cases equipped with NFC (near-field communication) technology to facilitate seamless contactless transactions. For example, as of March 2021, global digital payments were projected to reach $6.6 trillion, with mobile POS payments contributing nearly $2.5 trillion, expected to grow by 90% to $4.6 trillion by 2025. Hence, the rising prevalence of contactless payments is a key driver for the growth of the smart finance hardware market.
Major companies in the market are directing their efforts towards innovative solutions, such as smart financial cameras. These devices integrate advanced imaging technologies with artificial intelligence algorithms, focusing on financial applications rather than traditional surveillance or security purposes. For instance, Tinkoff Bank introduced a smart financial camera in December 2023. This device employs computer vision and natural language processing technologies to recognize various objects and financial information, allowing users to make transfers, payments, and support charitable foundations through the Tinkoff mobile application. The camera's capabilities include recognizing bank details without QR codes, transferring funds using phone numbers, and scanning various QR codes. Additionally, it can scan restaurant checks, store receipts for cashback, and potentially scan bank cards in the future.
In March 2023, Fanhua Inc., a China-based independent financial services company, acquired a majority stake in Zhongrong Smart Finance Information Technology Co., Ltd. This acquisition supports Fanhua's commitment to leveraging technology-driven digital platforms and empowering stakeholders in the insurance industry. Zhongrong Smart Finance Information Technology Co. Ltd. specializes in providing smart finance hardware products and services in China.
Major companies operating in the smart finance hardware market are Fujitsu Limited, KT Corporation, Thales Group, Block Inc., Infineon Technologies AG, NCR Corporation, Zebra Technologies Corporation, Diebold Nixdorf Incorporated, WEX Inc., Ingenico Group, SumUp Inc., PAX Global Technology Ltd., Newland Digital Technology Co. Ltd., Bluebird Inc., Clover Network Inc., Verifone Systems Inc., Posiflex Technology Inc., PayU, Castles Technology Co. Ltd., Ayden Systems Inc., BIXOLON, Uniform Industrial Corporation, BBPOS Limited, Dejavoo Systems, Miles Technologies
North America was the largest region in the smart finance hardware market in 2023. The regions covered in the smart finance hardware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the smart finance hardware market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart finance hardware market consists of revenues earned by entities by providing services such as secure transactions, asset management, expense tracking, financial planning, identity verification, and cryptocurrency management. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart finance hardware market also includes sales of biometric payment devices, cryptocurrency hardware wallets, smart ATMs (automated teller machines), payment wearables, and smart cards. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Smart Finance Hardware Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart finance hardware market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart finance hardware ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart finance hardware market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.