Smart Finance Connectivity Market 2028: Unlocking Digital Financial Growth
The global smart finance connectivity market was valued at USD 228.42 million in 2021 and is projected to reach USD 301.35 million by 2028, growing at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2028.
Global Smart Finance Connectivity Market Overview
The global smart finance connectivity market was valued at USD 228.42 million in 2021 and is projected to reach USD 301.35 million by 2028, growing at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2028. The primary drivers of this market include the ongoing digital transformation within the global banking sector, increased demand for smart ATM devices, and the emphasis on delivering enhanced consumer services.
Advancements in technology have ushered in a digital revolution, particularly through the integration of ATM hardware and software with internet connectivity. The emergence of the Internet of Things (IoT) has significantly transformed the financial sector. These developments are fueling growth in the smart finance connectivity market, supported by rising government investments in digital infrastructure, improved network capabilities, and access to both wired and wireless connectivity options.
According to Cisco Systems, Inc., there were an estimated 50 billion connected devices by 2020. This widespread adoption of IoT is impacting a wide range of industries—including BFSI, telecommunications, manufacturing, media, aerospace, defense, and government—by accelerating the delivery of digital services. In the finance sector, IoT is reshaping operations from banking and insurance to financial planning, security, and monitoring. The integration of sensor-driven data analytics enables financial institutions to anticipate consumer behavior and refine their business strategies accordingly.
Order a free sample PDF of the Smart Finance Connectivity Market Intelligence Study, published by Grand View Research.
Initially, IoT deployments were based on 2G and 3G cellular networks. With the advent of 4G, the industry has gained increased bandwidth, reduced latency, and greater support for multiple devices. The rollout of 5G—particularly the 5G New Radio (NR) standard—promises even lower latency and ultra-reliable communication, enabling mission-critical applications in the financial sector. This shift is accelerating demand for secure, stable, high-speed connectivity, especially in smart ATMs that integrate various IoT ecosystem components, whether standalone or interconnected.
Key Market Trends & Insights
- By End Use: The banks and financial institutions segment accounted for approximately 70% of global revenue in 2021. These institutions are integrating IoT connectivity into ATMs to provide value-added services and to leverage predictive analytics based on consumer behavior trends.
- By Connectivity Type: In 2021, the wireless connectivity segment held the largest market share at 60%. Financial organizations are relying increasingly on secure, resilient, and reliable wireless networks to support efficient and seamless communication in everyday operations.
Market Size & Forecast
- 2021 Market Size: USD 228.42 Million
- 2028 Projected Market Size: USD 301.35 Million
- CAGR (2022–2028): 4.0%
- Largest Market (2021): North America
- Fastest-Growing Market: Asia Pacific
Competitive Landscape & Company Insights
Key players in the smart finance connectivity space are implementing growth strategies such as mergers, acquisitions, product diversification, and geographic expansion to enhance their market presence. Strategic partnerships and acquisitions are being used to quickly penetrate emerging markets and gain access to new customer segments.
Prominent companies in the global market include:
- TELTONIKA NETWORKS
- IMS Evolve
- Inhand Networks, Inc.
- Datablaze LLC
- Xiamen Milesight IoT Co. Ltd.
- Benison Technologies
- Diebold Nixdorf, Incorporated
- Digi International Inc.
- Nupeak IT Solutions LLP
- Optconnect, LLC
Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.
Conclusion The global smart finance connectivity market is steadily expanding, driven by the increasing digitization of financial services, greater adoption of IoT technologies, and enhanced consumer expectations for real-time, data-driven banking experiences. As institutions seek to modernize ATM networks and integrate connected devices, demand for reliable connectivity solutions is on the rise. With support from evolving wireless standards like 4G and 5G, along with government investment in digital infrastructure, the market is set for consistent growth. Key players are well-positioned to capitalize on these trends through innovation, strategic collaborations, and global expansion efforts.