Global Smart Finance Technologies Market Size to Reach USD 764.48 Million in 2032 | Emergen Research

Vancouver, Oct. 17, 2023 (GLOBE NEWSWIRE) -- 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.

This is due to advantages of improved cross-border payments, removal of intermediaries, faster transactions, streamlining of financial operations, reducing compliance issues and functional costs and real-time verification of financial documents. Moreover, several government initiatives and programs are launched and planned to bring in more sustainable and seamless financial transactions with innovative methods and technologies. For instance, on 14 November 2022, government of Singapore announced multiple initiatives to build resilient business models during the vulnerable market conditions through multiple industrial collaborations for development of green finance, cyber security, decentralized finance, wholesale central bank digital currencies, and international payments with the aim of increasing accessibility to broader population. Furthermore, rapid technological advancements in Internet of Things (IoT) devices is also expected to drive market revenue growth during the forecast period. This is due to the enhanced customer experience it offers through connection between systems and devices, which help banks to collect data on the preferences of customers and develop financial products accordingly. These devices also increase the optimization of various banking operations, which results in cost and time savings, which is done through automation of tasks, monitoring infrastructure, and tracking of assets. IoT devices also help in maintenance of banking hardware, such as Automated Teller Machine (ATMs), smooth functioning of servers, which results in reduced service disruption and downtime.

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However, increasing competition due to new technology launches in the market resulting in reduced customer acquisitions and similar techniques of operations is a key factor, which could restrain market revenue growth. In addition, the complete transformation to latest technology is still in progress resulting in disturbing scenarios of functionalities between traditional methods and modern technologies. Moreover, reluctance to adopt such modern skills is another factor, which could restrain market revenue growth. Furthermore, integration of third-party services with technologically advanced financial solutions is a major risk for the market. This is due to the increase in security breaches of financial and banking assets involved in the operation of such solutions through mobile apps.

Scope of Research

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Major Companies and Competitive Landscape

The global smart finance technologies market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global smart finance technologies market report are:

• Intel
•  IMS Evolve
• Zicom SaaS Pvt. Ltd.
• Miles IT
• Zoho Corporation Pvt. Ltd.
• Fujitsu 
•  GRGBanking
• Diebold Nixdorf
• Virtusa Corp.
• Dialog Axiata PLC

Strategic Development

• On 25 April 2022, UiPath announced the launch of a new Automation as a Service offering on the Finastra cloud aimed at providing a managed service model for automation to Finastra's thousands of banks, financial institution customers, and credit union. UiPath and its partners can use the new solution to create, deploy, install, maintain, and run automated processes, allowing the banking sector to exploit the potential of automation while maintaining the security and compliance of Finastra's cloud-based infrastructure.
• On 9 December 2020, Maruti Suzuki India Ltd. announced the launch of its digital platform, Smart Finance, to provide prospective consumers with car finance-related services and information. It is now available in India for ARENA (mass market auto retail chain) and NEXA (luxury car outlet) consumers.

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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.
• The North America market accounted for largest revenue share in the global smart finance technologies market in 2022. This is due to rapid technological advancements and addition of customer-centric features to current systems by major corporations. In addition, new product launches and activities by key deals between different market companies is also expected to drive market revenue growth of this region during the forecast period. For instance, on 11 July 2023, Alteryx AYX, announced the launch of new capabilities on Amazon's AMZN cloud arm Amazon Web Services (AWS) to aid CFOs and financial professionals in employing cloud and essential data analytics for their modernization goals.  

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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

• Regional Outlook (Revenue, USD Million; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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