Overview and Scope
Smart finance hardware refers to physical devices and hardware components that are designed to facilitate various financial transactions, manage assets, or enhance financial services. These devices are integral to the smart finance ecosystem as they often integrate with software platforms or mobile applications to provide users with seamless and secure access to banking, investment, payment, or other financial services.
Sizing and Forecast
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 security concerns, growing consumer demand, regulatory compliance, global economic trends, rise 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 growth in the forecast period can be attributed to increased emphasis on cybersecurity, rapid urbanization and globalization, greater financial inclusion initiatives, changing consumer behavior, regulatory evolution. Major trends in the forecast period include continued technological innovation, expanding digital finance ecosystem, technological advancements, increasing digitalization, blockchain and cryptocurrency integration.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The growing adoption of contactless payments is expected to propel the growth of the smart finance hardware market going forward. Contactless payments refer to a method of making transactions where payment is initiated without physically swiping or inserting a payment card into a terminal. Smart finance hardware is used as the backbone of contactless payment systems, enabling secure, convenient, and efficient transactions for both consumers and businesses to make payments. Smart finance hardware encompasses a range of devices like contactless cards, wearables (e.g., smartwatches, fitness trackers), and even phone cases equipped with NFC (near-field communication) technology that help enable contactless payments. For instance, in March 2021, according to Finaria, a UK-based finance and investment company, global digital payments will hit $6.6 trillion. Moreover, mobile POS (point-of-sale) payments are expected to contribute 37%, or almost $2.5 trillion, to the value of digital payments in 2021. Moreover, this value is anticipated to increase by 90% to $4.6 trillion by 2025. Therefore, the growing adoption of contactless payments is driving the growth of the smart finance hardware market.
Key Industry Players
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
The smart finance hardware market report table of contents includes:
1. Executive Summary
2. Smart Finance Hardware Market Characteristics
3. Smart Finance Hardware Market Trends And Strategies
4. Smart Finance Hardware Market - Macro Economic Scenario
5. Global Smart Finance Hardware Market Size and Growth
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32. Global Smart Finance Hardware Market Competitive Benchmarking
33. Global Smart Finance Hardware Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Finance Hardware Market
35. Smart Finance Hardware Market Future Outlook and Potential Analysis
36. Appendix
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