Smart Finance Hardware Market Size, Share, Analysis, Growth and Outlook, 2031

 According to a new report published by Allied Market Research, titled, “Smart Finance Hardware Market," The smart finance hardware market was valued at $15.98 million in 2021, and is estimated to reach $30 million by 2031, growing at a CAGR of 6.8% from 2022 to 2031. 

Increase in use of next-generation smart ATMs that can be remotely maintained increases end users' demand for smart devices and is anticipated to support the expansion of the smart finance hardware market. For instance, a bank in Russia is preventing ATM fraud by deploying facial recognition with Intel RealSense camera technology. 

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Moreover, it is anticipated that the industry would have plenty of room to develop as a result of the increasing number of ATMs boosting smart finance hardware market trends. According to World Bank data, there were 42.6 ATMs per 100,000 persons worldwide in 2019; this number rose to 51.6 ATMs per 100,000 in 2020. As a result, the market is expected to grow during the forecast period due to the increased integration of IoT devices in ATMs and the growing number of ATMs. 

The key players include in this Research Report:  

  • Intel Corporation,  

  • NCR Corporation,  

  • Diebold Nixdorf,  

  • Incorporated,  

  • Fujitsu, 

  •  IMS Evolve, 

  • InHand Networks,  

  • Miles Technologies, 

  •  Digi International Inc., 

  •  Microchip Technology Inc.,  

  • OptConnect.com.  

By end user, the bank & financial institutions segment acquired major share smart finance hardware market in 2021. This is attributed to the fact that smart finance hardware for banks and financial institutions protects the confidentiality and integrity of global payment transactions whilst enabling compliance. Further, it addressed the payment industry’s changing security landscape, from the issuance of a PIN number through to processing payments. 

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Region wise, North America dominated the smart finance hardware market share in 2021. This is attributed to the region’s developed IT infrastructure as it makes easier to implement IoT-based devices in the BFSI sector, such as smart ATMs, contributing to the region’s considerable share in the smart finance hardware market. 

The pandemic's impact on hardware production facilities shutting down globally had a further negative impact on smart finance hardware market growth. However, due to the increasing need for fewer contact-based transactions in the BFSI industry, the usage of contactless ATMs has increased during the pandemic driving the growth of smart finance hardware market industry.      

KEY FINDINGS OF THE STUDY 

  • By type, the modules segment led the highest smart finance hardware market share, in terms of revenue in 2021. 

  • By end user, the independent ATM deployer segment is expected to exhibit the fastest growth rate during the forecast period. 

  • Region wise, North America generated the highest revenue in 2021 in smart finance hardware market size.   

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