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Smart Finance Services Market Drivers, Threats, Trends, Applications, Growth And Forecast 2021-2031
The global smart finance services market is expected to expand at a healthy rate from 2021 to 2031 (forecast period). The increased demand for different IoT-based ATM services, such as installation and management services, is one of the main factors projected to drive the global smart finance services market during the forecast period. Moreover, the rising popularity of smart ATMs drives up demand for connected ATMs, which drives up demand for smart finance services such as installation and management. As a result, the global smart finance services market is anticipated to experience growth during the forecast period.
Smart Finance Services Market - Competitive Landscape
Leading players in the smart finance 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 worldwide industry is developing and evolving. To stay competitive, leading industry participants implement new tactics on a regular basis. Moreover, the organizations are focused on growing expenditures in the innovation of smart financial services in order to expand their market consumer base. Furthermore, key firms are focusing on new areas and geographies to boost revenue from the sector, either by expanding into a new market or by working with local enterprises throughout the world.
Smart Finance Services Market - Trends and Opportunities
IoT services, such as ATM equipment installation and maintenance, are included in smart finance services. The growing number of ATM installations throughout the world is expected to present revenue-generation opportunities in smart finance services market. As per World Bank data, there were 42.6 ATMs per 100,000 persons worldwide in 2019, which climbed to 51.6 ATMs per 100,000 in 2020.
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Moreover, the increasing usage of smart ATMs in the banking industry is projected to bolster the global smart finance services market growth. Furthermore, increased demand for smart ATM installation and maintenance services is expected to contribute to market growth during the forecast period.
COVID-19 caused a modest decline in the overall sales of smart finance services market. This was owing to a decline in ATM transactions caused by the shutdown and other limitations implemented in numerous nations. Moreover, during the lockdown limitations enforced in some countries, the production process of electronics components and devices was closed down, affecting smart finance services such as installation services. As a result, a considerable decline in the manufacture of smart ATM electronics components during the pandemic impacted market growth. However, the global smart finance services market is likely to witness massive growth post-COVID-19 pandemic.
The banks and financial institutions segment is expected to experience growth in the global smart finance services market, owing to the widespread deployment of contactless and smart ATMs across bank premises to reduce crowds and lines. Smart ATMs enable customers to transfer money in the cloud conveniently and efficiently. Moreover, the enormous expansion in the BFSI industry and the expanding trend of digital payment banking give ample opportunities for the need for smart finance services.
Smart Finance Services Market - Regional Landscape
The Asia Pacific smart finance services market is anticipated to develop during the forecast period. India and China are positively contributing to the regional market growth as a result of expanding demand for smart ATMs in the BFSI industry and developing smart city projects across the region. Moreover, large ATM installations in the area are likely to create abundant development possibilities for the market.
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The North America smart finance services market is expected to expand during the forecast period. The United States is projected to be the largest revenue generator in smart finance services market in North America. The existence of strong financial institutions along with robust IT infrastructure is likely to support regional market growth. Moreover, the expanded IT infrastructure in the BFSI sector facilitates the installation of IoT-based technologies, such as smart ATMs, which adds to market growth.
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