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Smart Finance Hardware Market Size, Share & Growth
Smart Finance Hardware Market Size
As per the report, 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 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%.
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Contactless Payments Fueling Smart Finance Hardware Market Expansion
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.
Innovative Solutions Drive Growth In Smart Finance Hardware Market
Major companies operating in the smart finance hardware market are concentrating on new innovative solutions, such as smart financial cameras, to meet the increasing demand for smart finance hardware globally. Smart financial cameras refer to devices that combine advanced imaging technologies with artificial intelligence algorithms to facilitate financial transactions and interactions. They differ from traditional smart cameras primarily in their focus on financial applications rather than surveillance or security purposes. For instance, in December 2023, Tinkoff Bank, a Russia-based online financial ecosystem center, launched the smart financial camera, which is capable of recognizing various objects and financial information, allowing users to make transfers and payments and support charitable foundations through the Tinkoff mobile application. The camera uses computer vision and natural language processing technologies developed by the Tinkoff Center for Artificial Intelligence. It can recognize bank details without a QR code, phone numbers for transfers, and make payments using QR codes. Additionally, it has features such as scanning restaurant checks, store receipts for cashback, recognizing any QR codes, and scanning bank cards in the future.
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
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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
Contents of the report:
1. Executive Summary
2. Smart Finance Hardware Market Report Structure
3. Smart Finance Hardware Market Trends And Strategies
4. Smart Finance Hardware Market - Macro Economic Scenario
5. Smart Finance Hardware Market Size And Growth
…..
27. Smart Finance Hardware Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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