Press release
Contactless Payments Fueling Smart Finance Hardware Market Expansion: An Emerging Driver Transforming The Smart Finance Hardware Market Landscape
Smart Finance Hardware
What Is the Projected Growth of the Smart Finance Hardware Market?
The market size of smart finance hardware has exhibited robust growth in the past few years. The expansion is projected to continue, growing from $17.77 billion in 2024 to $18.81 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. This growth during the historic period is driven by factors such as security issues, increased consumer demand, regulatory compliance, global economic patterns, and the emergence of fintech.
The intelligent financial hardware market is anticipated to witness robust expansion in the upcoming years. The market is projected to reach $23.6 billion in 2029, with a compound annual growth rate (CAGR) of 5.8%. The surge during the forecast period is linked to factors such as enhanced focus on cybersecurity, swift urbanization and globalization, improved financial inclusion efforts, shifts in consumer behavior, and regulatory progress. Key trends throughout the forecast period comprise ongoing technological innovation, growth of the digital finance environment, technological leaps, escalating digitalization, and the incorporation of blockchain and cryptocurrency.
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What Are the Different Smart Finance Hardware Market Segments?
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
Subsegments:
1) By Modules: Payment Modules, Authentication Modules, Security Modules
2) By Sensors: Biometric Sensors, Motion Sensors, Pressure Sensors
3) By Other Products: Smart Terminals, Point of Sale (POS) Devices, Smart ATMs, Card Readers
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What Are the Primary Drivers Shaping the Smart Finance Hardware Market?
The escalating preference for contactless payments is predicted to spur the advancement of the smart finance hardware market. This refers to a payment method that doesn't require swiping or physically inserting a card into a machine. Smart finance hardware forms the foundational technology for these contactless payment systems, ensuring a secure, easy, and efficient payment process for individuals and companies alike. This type of hardware includes various items such as contactless cards, wearables like smartwatches and fitness trackers, along with phone cases integrated with NFC (near-field communication) technology which facilitates contactless payments. For instance, data from UK Finance Limited, a trade association based in the UK, in July 2024 revealed an upward trend. The UK saw a total of 18.3 billion contactless payments in 2023, a seven percent rise from 17.0 billion in 2022. Contactless payments comprised 38 percent of all transactions made in the UK. Thus, the increasing trend of using contactless payments fuels the growth of the smart finance hardware market.
Which Companies Are Leading in the Smart Finance Hardware Market?
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
What Trends Are Expected to Dominate the Smart Finance Hardware Market in the Next 5 Years?
The major players in the smart finance hardware market are focusing on creating unique, innovative solutions like smart financial cameras to cater to the escalating worldwide demand for smart finance hardware. Smart financial cameras are devices that merge high-tech imaging technologies with artificial intelligence algorithms to smooth the process of financial transactions and interactions. These cameras notably stand apart from traditional smart cameras due to their focus on financial applications as opposed to surveillance or security. In December 2023, for instance, Tinkoff Bank, an online financial ecosystem hub based in Russia, unveiled a smart financial camera that can identify a variety of objects and financial data, thereby enabling transactions, payments, and donations through the Tinkoff mobile app. This camera leverages computer vision and natural language processing technologies developed by the Tinkoff Center for Artificial Intelligence. It is capable of recognizing banking details without QR codes, identifying phone numbers for transfers, and processing payments using QR codes. It also offers features such as scanning restaurant bills and store receipts for cashback, identifying any QR codes, and anticipating scanning bank cards in the future.
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What Are the Top Revenue-Generating Geographies in the Smart Finance Hardware Market?
North America was the largest region in the smart finance hardware market in 2024. The regions covered in the smart finance hardware market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Finance Hardware Market?
2. What is the CAGR expected in the Smart Finance Hardware Market?
3. What Are the Key Innovations Transforming the Smart Finance Hardware Industry?
4. Which Region Is Leading the Smart Finance Hardware Market?
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