Smart Finance Services Market Will Grow Rapidly In Coming Years

Smart Finance Services Market Summary

The global smart finance services market size was valued at USD 38.35 million in 2021 and is projected to reach USD 46.85 million by 2028, growing at a CAGR of 2.9% from 2022 to 2028. Smart finance services mainly include IoT-enabled solutions such as maintenance, remote monitoring, and equipment installation for ATMs. The increasing adoption of smart ATMs across the banking and financial services sector is one of the primary factors driving the growth of this market, as institutions aim to enhance customer experience and operational efficiency.

Smart ATMs are increasingly being integrated with advanced service capabilities, enabling banks and financial institutions to expand their offerings and improve security, transaction speed, and convenience for customers. The growing demand for regular maintenance, software upgrades, and installation services for these machines is further contributing to the rising market demand.

Despite these positive drivers, the market faces challenges such as the growing threat of cyberattacks targeting IoT-connected devices, which could hinder adoption to some extent. Nevertheless, the expanding network of ATM installations globally continues to provide significant opportunities. According to World Bank data, there were 42.6 ATMs per 100,000 people worldwide in 2019, which increased to 51.6 ATMs per 100,000 in 2020, reflecting steady growth in deployment.

Key Market Trends & Insights

• Asia Pacific is anticipated to record the fastest growth at a CAGR of more than 3.5% from 2022 to 2028, driven by rapid banking sector expansion, digital transformation initiatives, and growing demand for automated financial services.
• North America is projected to maintain a significant market share by 2028, supported by technological advancements, high ATM penetration, and well-established financial infrastructure.
• Based on end-user, the banks and financial institutions segment accounted for the largest market share of over 71% in 2021, owing to widespread adoption of smart ATMs by major banks to optimize customer service and reduce operational costs.
• In terms of end-user, the independent ATM deployer segment is expected to grow at a notable CAGR during the forecast period, as independent service providers increasingly adopt smart finance solutions to enhance efficiency and expand their reach in underserved markets.

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Market Size & Forecast

• 2021 Market Size: USD 38.35 Billion
• 2028 Projected Market Size: USD 46.85 Billion
• CAGR (2022-2028): 2.9%
• Asia Pacific: Largest market in 2021

Key Companies & Market Share Insights

The global industry is always changing and updating. The key market players tend to launch new strategies more frequently to stay head-on in the market. Moreover, the companies are focusing on increasing investments in the advancement of smart financial services to increase the customer base in the market. Moreover, major players are targeting new regions and geographies to increase the revenue from the industry, by either entering the new market solely or by collaborating with local companies across the globe.

Key Players

• IMS Evolve
• BPC Group
• Miles Technologies
• Zicom SaaS Pvt. Ltd
• Webnms
• GRGBanking
• ESQ Business Services, Inc.
• hIOTron
• Dialog Axiata PLC
• Virtusa Corp.

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Conclusion

The global smart finance services market is gradually expanding as banks and financial institutions continue to adopt smart ATMs equipped with IoT-based solutions to improve efficiency, reduce downtime, and enhance customer convenience. Rising demand for maintenance, monitoring, and installation services is fueling the market, with Asia Pacific emerging as the fastest-growing region due to rapid digital adoption and banking sector expansion. Although cybersecurity risks remain a challenge, opportunities arising from increasing ATM installations worldwide and technological innovations are expected to support steady growth. Moving forward, smart finance services will play a vital role in shaping the future of banking infrastructure.