Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Smart Finance Hardware Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
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.
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.
Report Scope
Markets Covered:
- By Product: Modules; Sensors; Other Products
- By Technologies: Artificial Intelligence; Machine Learning; Robotic Process Automation
- By End User: Bank And Financial Institutions; Independent ATM Deployer
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $17.77 Billion |
| Forecasted Market Value (USD) by 2028 | $22.26 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
Companies Profiled:
- Fujitsu Limited
- KT Corporation
- Thales Group
- Block Inc.
- Infineon Technologies
- NCR Corporation
- Zebra Technologies Corporation
- Diebold Nixdorf Incorporated
- WEX Inc.
- Ingenico Group
- SumUp Inc.
- PAX Global Technology Ltd.
- Newland Digital Technology Co.
- Bluebird Inc.
- Clover Network
- Verifone Systems
- Posiflex Technology
- PayU
- Castles Technology Co.
- Ayden Systems Inc.
- BIXOLON
- Uniform Industrial Corporation
- BBPOS Limited
- Dejavoo Systems
- Miles Technologies
For more information about this report visit https://www.researchandmarkets.com/r/lam1ax
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