Global Smart Finance Hardware Market Projected to Grow at 5.8% CAGR, Reaching $23.6 Billion by 2029

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What Will the Smart Finance Hardware Industry Market Size Be by 2025?
The market for smart finance hardware has experienced strong growth lately. The market size is predicted to rise from $17.77 billion in 2024 to $18.81 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. The historical growth rate can be connected to factors such as security worries, increasing consumer demand, regulatory compliance requirements, global economic patterns, and the emergence of fintech.

What's the Long-Term Growth Forecast for the Smart Finance Hardware Market Size Through 2029?
The market size for smart finance hardware is predicted to experience robust growth in the coming years, with projections suggesting it might reach $23.6 billion in 2029, growing at a compound annual growth rate (CAGR) of 5.8%. This estimated growth during the forecast period is likely due to a heightened focus on cybersecurity, rapid urbanization and globalization, enhanced financial inclusion efforts, evolving consumer habits, and regulatory changes. Some key trends expected during this forecast period are consistent technological innovation, a widening digital finance ecosystem, technological progress, intensified digitalization, and integration of blockchain and cryptocurrency.

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What Are the Key Growth Drivers Fueling the Smart Finance Hardware Market Expansion?
The rise in the utilization of contactless payment methods is projected to fuel the expansion of the smart finance hardware market in the future. Contactless payments are a type of transaction that doesn't require the physical insertion or swiping of a payment card into a machine. Smart finance hardware plays a vital role in contactless payment systems, rendering secure, handy and effective transactions, enabling both businesses and consumers to make payments. Devices under the umbrella of smart finance hardware include contactless cards, wearable items like smartwatches, fitness bands, and phone cases imbued with NFC (near-field communication) technology to facilitate contactless payments. For instance, UK Finance Limited, a trade association based in the UK, reported in July 2024 that the UK witnessed a total of 18.3 billion contactless payments in 2023, a seven percent rise from 17.0 billion in 2022. Contactless payments represented 38 percent of all transactions conducted in the UK. This growing use of contactless payments is thus steering the expansion of the smart finance hardware market.

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What Are the Key Trends Driving Smart Finance Hardware Market Growth?
Leading businesses in the smart finance hardware industry are focusing on developing innovative solutions including smart financial cameras, to cater to the rising global demand. These cameras are unique devices that merge highly advanced imaging technology with AI algorithms to enable financial transactions and interactions. They primarily differ from the conventional smart cameras in their specific use for financial applications, as opposed to surveillance or security. In December 2023, Tinkoff Bank, an online financial ecosystem hub based in Russia, introduced its smart financial camera. This camera can recognize various objects and financial details, enabling users to easily transfer funds, make payments, and support charities via the Tinkoff mobile app. The smart camera leverages computer vision and natural language processing technologies developed by Tinkoff's Artificial Intelligence Center. Its capabilities include recognizing bank details even without a QR code, phone numbers for transfers, QR code payments, and future prospects like scanning restaurant bills, store receipts for cashback, recognizing all QR codes, and potential capacity to scan bank cards.

How Is the Smart Finance Hardware Market Segmented?
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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Which Companies Are Leading the Charge in Smart Finance Hardware Market Innovation?
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

Which Regions Are Leading the Global Smart Finance Hardware Market in Revenue?
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.

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