Finance services

Smart Financial Services Market Drivers, Threats, Trends,

Smart Financial Services Market – Overview

The global smart financial services market is predicted to expand at a steady rate from 2021 to 2031 (forecast period). Increased demand for different IoT-based ATM services such as installation and management services is one of the major factors expected to drive the global smart financial services market over the forecast period. Moreover, the growing popularity of smart ATMs is increasing the demand for connected ATMs, which is increasing the demand for smart financial services such as installation and management. As a result, the global smart financial services market is expected to witness growth over the forecast period.

Smart Financial Services Market – Competitive Landscape

Key players in the smart financial services market are ESQ Business Services, Inc., IMS Evolve, GRGBanking, BPC Group, Miles Technologies, hIOTron, Zicom SaaS Pvt. Ltd, Webnms, Dialog Axiata PLC and Virtusa Corp.

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The global industry is growing and changing. To stay competitive, major industry players regularly implement new tactics. Additionally, organizations are focusing on increasing spending in smart financial services innovation to expand their consumer base in the market. Additionally, key companies are focusing on new areas and geographies to increase industry revenue, either by expanding into a new market or by working with local companies across the globe.

Smart Financial Services Market – Trends and Opportunities

IoT services, such as installation and maintenance of ATM equipment, are included in smart financial services. The increasing number of ATM installations across the globe is expected to present opportunities for revenue generation in the smart financial services market. According to World Bank data, there were 42.6 ATMs per 100,000 people globally in 2019, which rose to 51.6 ATMs per 100,000 in 2020.

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Additionally, the growing use of smart ATMs in the banking sector is expected to drive the growth of the global smart financial services market. In addition, increased demand for smart ATM installation and maintenance services is expected to contribute to the growth of the market over the forecast period.

COVID-19 has caused a slight decline in the overall sales of the smart financial services market. This was due to a drop in ATM transactions caused by the shutdown and other limitations implemented in many countries. Additionally, during the lockdown restrictions imposed in some countries, the production process of electronic components and devices has been stopped, affecting smart financial services such as installation services. As a result, a considerable decline in the manufacture of smart electronic components for ATMs during the pandemic has impacted the growth of the market. However, the global smart financial services market is expected to witness massive growth post COVID-19 pandemic.

The banking and financial institutions segment is expected to witness growth in the global smart financial services market, owing to the widespread deployment of contactless and smart ATMs at bank premises to reduce crowds and queues. Smart ATMs allow customers to transfer money to the cloud conveniently and efficiently. Moreover, the huge expansion of the BFSI industry and the growing trend of digital payment banking offers many opportunities for the need for smart financial services.

Smart Financial Services Market – Regional Landscape

The Asia-Pacific smart financial services market is expected to grow over the forecast period. India and China are positively contributing to the growth of the regional market owing to the rise in demand for smart ATMs in the BFSI industry and the development of smart city projects in the region. Moreover, the large ATM installations in the region are likely to create abundant development opportunities for the market.

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The North America smart financial services market is expected to grow over the forecast period. The United States is expected to be the largest revenue generator in the smart financial services market in North America. The existence of strong financial institutions along with robust IT infrastructure is likely to support the growth of the regional market. Additionally, the extensive IT infrastructure in the BFSI sector facilitates the installation of IoT-based technologies such as smart ATMs, which helps in the growth of the market.

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