Smart Finance Services Industry Overview
The global smart finance services market size was valued at USD 38.35 million in 2021 and is anticipated to register a compound annual growth rate (CAGR) of 2.9% from 2022 to 2028.
Smart finance services include the IoT services, such as maintenance and equipment installation for ATMs. The rising adoption of smart ATMs across the banking sector is one of the major factors that propel the market growth during the forecast period. The smart ATM are increasingly adopting integrated services for ATMs for expand their business. Moreover, the rising demand for maintenance and installation services for smart ATMs is projected to contribute to the growth of the market during the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Smart Finance Services Market
However, the growing number of cyberattacks on IoT-connected devices is likely to hinder market growth. The rising number of ATM installations across the globe is further projected to provide ample opportunity to the market. According to the World bank data in 2019, there were 42.6 ATMs per 100,000 people across the globe, which further increased to 51.6 ATMs per 100,000 in 2020. Moreover, the increasing adoption of IoT services for ATMs further enhances market growth. In addition, the rising integration of next-generation smart ATMs that can be remotely maintained further encourages the demand for IoT services among end-users, which is further projected to contribute to the growth of the market.
For instance, Intel Corp. installed its Intel RealSense camera technology in the Bank of Russia that comprises facial recognition to avoid fraud in ATMs. The COVID-19 outbreak negatively impacted the market owing to the shutdown of the ATMs across the globe. The lockdowns imposed by the government have restricted the new ATMinstallations across the globe. The restrictions further decreased the transactions through ATMs as the customers chose UPI and other digital transaction methods that affected the market growth. Moreover, the shutdown of manufacturing units of ATMs affected the installations across the globe. However, the adoption of smart ATM services is projected to rise post-pandemic owing to the high demand for less contact-based transactions in the BFSI sector.
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Key Companies Profile
Some of the prominent players in the global smart finance services market include:
- IMS Evolve
- BPC Group
- Miles Technologies
- Zicom SaaS Pvt. Ltd
- Webnms
- GRGBanking
- ESQ Business Services, Inc.
- hIOTron
- Dialog Axiata PLC
- Virtusa Corp.
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As the Financial System faces many challenges such as lack of transparency and time consumption, there arose a new way of making financial transactions, called Decentralized Finance DeFi.
This decentralized open-source system offers a permissionless, high liquidity, transparent financial services.Even Though DeFi provides seamless financial transactions, there also prevails the problem of liquidity in the DeFi globe.Since, liquidity pools, liquidity providers make their best way to provide high liquidity in all DeFi related services and platforms.What are DeFi liquidity pools?Liquidity pools or pools of tokens or pools of assets are nothing but a decentralized smart contract that locks up the crypto tokens or crypto assets.
This lock-up of assets is done to facilitate the crypto trading by providing greater liquidity.This concept of Liquidity pools became popular in DeFi, after the launch of the famous DeFi liquidity pool Uniswap.What are DeFi liquidity pools?Liquidity pools or pools of tokens or pools of assets are nothing but a decentralized smart contract that locks up the crypto tokens or crypto assets.
This lock-up of assets is done to facilitate the crypto trading by providing greater liquidity.This concept of Liquidity pools became popular in DeFi, after the launch of the famous DeFi liquidity pool Uniswap.The crypto users who stake or store their assets in these liquidity pools toyield more assets or income through the concept of DeFi Yield Farming are known as liquidity providers.Why do we need Liquidity Pools in DeFi?Most of the familiar crypto exchanges work on the basis of the Order Book Model, where buyers and sellers come together and place an order.
And there come market makers who facilitate the trading by always willing to buy/sell assets.
This makes the users trade anytime without waiting for any counterparties by providing high liquidity.This same concept of market makers or liquidity pools can also be implemented in Decentralized Finance to reduce the issues of liquidity in DeFi.Without market makers, any platform would become illiquid and unusable for users of the platform.
Nowadays, DeFi Lending platforms have filled the gap in traditional banking.
Frequently, it's considered as the new technology for the financial sectors while fulfilling the adoption of the blockchain and cryptocurrency.
In this article, we will be going to discuss DeFi lending, and let's get to know about the top DeFi lending platforms.DeFi Lending and Borrowing:In the DeFi lending process, the investors and lenders provide a load or deposit fiat currencies for interest through the distributed network and a decentralized ecosystem.
On the other side, a single person or business gets money for interest through the decentralized network.
Both the lending and borrowing process makes the use of DApps, smart contracts, and other DeFi Protocols.Why Lending for Decentralization?Decentralized lending offers various lending opportunities and more benefits to the lenders.
Here, we have listed some of the benefits of DeFi lending below.Hegde funding.Earn your interest by holding crypto assets.How Decentralized Finance (DeFi) lending works?The decentralized lending is like putting your hands into the pocket to lend a borrower as much as simple.
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