What Has Been the Progress and Growth of the Smart Finance Hardware Market in Recent Years?
The smart finance hardware market has seen considerable growth due to a variety of factors.
• The market size for smart finance hardware has seen significant growth in the past few years. The market is projected to expand from $17.77 billion in 2024 to $18.81 billion in 2025, marking a compound annual growth rate (CAGR) of 5.9%.
Factors responsible for this previous growth include security issues, increasing consumer demand, regulatory compliance adherence, global economic patterns, and the rise of financial technology.
What Can Be Expected from the Smart Finance Hardware Market Size?
The smart finance hardware market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of intelligent finance hardware is projected to experience substantial growth in the upcoming years, reaching a value of $23.6 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 5.8%.
This growth during the forecast period is largely due to heightened attention to cybersecurity, accelerated urbanization, and globalization, extensive financial inclusion measures, evolving customer behavior, and regulatory changes. Ongoing technological innovation, a growing digital finance ecosystem, technological progress, amplified digitalization, and the incorporation of blockchain and cryptocurrency, are the prominent trends expected in the forecast period.
What Are the Critical Driver Fuelling The Smart Finance Hardware Market's Growth?
The rising preference for contactless payments is anticipated to fuel the expansion of the smart finance hardware market in the future. Contactless payments are a mode of transaction that doesn't require physical swiping or insertion of a payment card into a device. Smart finance hardware plays a crucial role in the underlying technology of contactless payment systems, thus allowing secure, user-friendly and efficient transactions for individuals and businesses. This category of hardware includes various devices like contactless cards, wearables such as smartwatches and fitness trackers, and phone cases integrated with NFC (near field communication) technology facilitating contactless payments. For instance, UK Finance Limited, a trade association based in the UK, reported in July 2024 that the total number of contactless payments in the UK in 2023 was 18.3 billion, reflecting a seven percent growth from 17.0 billion in 2022. It was observed that 38 percent of all transactions in the UK were carried out using contactless payments. Consequently, the increasing usage of such payments is boosting the smart finance hardware market's growth.
How Is The Smart Finance Hardware Market segmented?
The smart finance hardware market covered in this report is segmented –
1) By Product: Modules, Sensors, Other Products
2) By Technologies: Artificial Intelligence, Machine Learning, Robotic Process Automation
3) By End User: Bank And Financial Institutions, Independent ATM Deployer
Subsegments:
1) By Modules: Payment Modules, Authentication Modules, Security Modules
2) By Sensors: Biometric Sensors, Motion Sensors, Pressure Sensors
3) By Other Products: Smart Terminals, Point of Sale (POS) Devices, Smart ATMs, Card Readers
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How Are New Trends Impacting The Size Of The Smart Finance Hardware Market?
Leading businesses in the smart finance hardware industry are focusing on the creation of novel solutions like smart financial cameras to cater to the rising global demand for smart finance hardware. These smart financial cameras are devices that leverage cutting-edge imaging technology and artificial intelligence algorithms to streamline financial transactions and interactions, unlike conventional smart cameras that are used predominantly for surveillance or security. For example, in December 2023, Tinkoff Bank, an online financial ecosystem hub based in Russia, rolled out a smart financial camera. This device is capable of recognizing a range of objects and financial data, thereby enabling users to process transfers, make payments, and donate to charities via the Tinkoff mobile app. The camera is powered by computer vision and natural language processing technologies innovated by the Tinkoff Artificial Intelligence Center. It has the capability to decipher bank details without a QR code, detect phone numbers for transfers, and execute payments using QR codes. Moreover, it possesses additional features like scanning restaurant bills and store receipts for cashback, recognizing any QR codes, and in the future scanning bank cards.
Who Are the Key Players In The Smart Finance Hardware Market?
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
What Is The Most Dominant Region In The Smart Finance Hardware Market?
North America was the largest region in the smart finance hardware market in 2024. The regions covered in the smart finance hardware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
