Innovation

Smart finance market to reach $30M by 2031, independent ATM deployers to see highest growth

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January 20, 2023

The smart finance hardware market will grow from $16 million in 2021 to $30 million by 2031, according to research from Allied Market Research. It will grow at a compound annual growth rate of 6.8% during the forecasted period, and the independent ATM deployer segment will see the largest compound annual growth rate of 9.2%, according to a press release.

The bank and financial institutions market had the highest market share in 2021. The modules segment will hold the largest market share during the forecasted period. The North American market held the highest market share in 2021 but the Asia-Pacific market will see the largest share in terms of revenue by 2031.

COVID-19 impacted the market negatively as it caused a shutdown in smart finance hardware tools such as ATMs.