Smart Finance Technologies Market Size Worth USD 764.48 Million in 2032 | Emergen Research

The global smart finance technologies market size was USD 540.00 Million in 2022 and is expected to register a steady revenue CAGR of 3.6 % during the forecast period, according to latest analysis by Emergen Research. Rising demand for financial security and better customer experience and increasing need for speed and ease of operations are key factors driving market revenue growth.

The transition of financial industry from traditional methods to smart advanced technologies is significantly benefiting both the customers and finance industry due to technologies and trends such as Buy Now Pay Later (BNPL) 2.0. This has resulted in an increased customer base due to the installment free payment scheme for seamless online purchases using virtual and physical credit cards. Hence, it has led to a rise in spending and smooth cash transactions by the customers. Key benefits of smart finance technologies are that these technologies improve security, reduce fraud risks, streamline the payment process, and enhance customer experience. In addition, recent development of blockchain technology is another key factor driving revenue growth of the market.

Moreover, increasing data generation and consumption across various sectors is another factor driving revenue growth of the market. Smart Finance Technologies is the system that maintains ideal operating environment for all of the equipment in a data center and enables servers to stay online for longer periods of time. Maintaining an optimal temperature range is essential for the efficient operation of Information Technology (IT) equipment. Furthermore, proper cooling ensures that servers and other components operate within their specified temperature limits, optimizing overall system performance, hence driving market revenue growth.

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Some Key Highlights from the Report

• The platforms segment accounted for largest revenue share in the global smart finance technologies market in 2022. This is due to increasing need of smart financial technologies as a platform to enable banks for creating more innovative products and providing new business prospects and real-time information accessibility. Recent development of Application Programming Interfaces (API) offers benefits of customized product offering and faster and convenient financial access. In addition, these platforms also provide enhanced control over personal data and finances, automated personal finance, and streamlined payments with greater speed. For instance, on 3 February 2021, TecBan announced the launch of its open finance platform, powered by Ozone API, to aid Brazilian banks in adapting to this transformation and surviving in the new world of open finance.

• The banking segment is expected to register steadily fast revenue growth rate in the global smart finance technologies market during the forecast period. This is because smart financing or smart banking allows consumers to easily manage their money by providing simple access to their account information through any device at any time and location. Customers can also track their finances and make more informed decisions due to this. In addition, fraud protection feature ensures safe and secure monetary transactions by preventing and detecting suspicious fraudulent activities and informing clients for taking action. Moreover, banks' increased customer service for responding to consumer queries immediately improves customer experience and satisfaction. The current quantum computing innovation is expected to tremendously enhance the financial sector and smart financing in banks. This is because of their accurate risk assessment via study of various variables involved in bank risks. Furthermore, quantum computers are being developed to improve the speed of doing complicated activities such as multiple trading transactions. Hence, large corporations are developing these platforms for smart financing via banks. For instance, on 30 May 2023, Quantinuum, a quantum computing business, and HSBC announced exploratory projects to investigate the potential benefits of quantum computing for banking. Customers are potentially expected to benefit significantly from large value in terms of innovation and expertise in the creation of quantum computing applications that cannot be accomplished by traditional computers.

• The Robotic Process Automation (RPA) segment is expected to account for significantly large revenue share in the global smart finance technologies market during the forecast period. This is because increasing efficiency, productivity, and security in corporate transactions of RPA. In addition, RPA also give improved accuracy and customer experience, data acquisition for company research, and better business growth potential. RPA is also used by banks to view data insights in a single glance and to make data-driven decisions, which enables banks to provide tailored services and products. Hence, prominent corporations are working to implement this technology to increase automation of numerous additional finance-related processes. For instance, on 15 August 2023, SS&C Technologies Holdings, Inc. stated that Riyad Bank, one of the biggest financial institutions in the Kingdom of Saudi Arabia and the Middle East, successfully converted its automation program to SS&C Blue Prism. The bank intended to strengthen its automation solution to support three major business objectives: innovation, performance culture, and client experience.

Some major companies in the global market report include:
Intel, IMS Evolve, Zicom SaaS Pvt. Ltd., Miles IT, Zoho Corporation Pvt. Ltd., Fujitsu, GRGBanking, Diebold Nixdorf, Virtusa Corp., and Dialog Axiata PLC.

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The global Smart Finance Technologies market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the Smart Finance Technologies sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals

Emergen Research has segmented the global smart finance technologies market on the basis of type, deployment mode, application, technology, and region:
• Type Outlook (Revenue, USD Million; 2019-2032)
o Hardware
o Platforms
o Services
o Connectivity

Deployment Mode Outlook (Revenue, USD Million; 2019-2032)
o Cloud-based
o On-Premises

Application Outlook (Revenue, USD Million; 2019-2032)
o Banking
o Insurance
o Payments
o Wealth Management
o Others

Technology Outlook (Revenue, USD Million; 2019-2032)
o Artificial Intelligence (AI)
o Machine Learning (ML)
o Robotic Process Automation
o Blockchain
o Internet of Things (IoT)
o Big Data Analytics
o Others

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