LAMEA Smart Finance Technologies Market Size, Share & Industry Trends Analysis Report By Type (Smart Finance Platforms, Smart Finance Connectivity, Smart Finance Hardware, and Smart Finance Services), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Latin America, Middle East and Africa Smart Finance Technologies Market would witness market growth of 6.3% CAGR during the forecast period (2022-2028).
Artificial intelligence applications will pervade the financial industry's front, middle, and back offices. Tailor-made products, personalized user experiences, and analytics services, intelligent service robots and chat interfaces, market trackers, automated transactions, and robot-advisors, as well as alternative credit ratings based on non-financial data and facial recognition authentication, are all examples of customer-facing applications. Smart procedures, increased information representation tools (epitomized by knowledge graphs), and natural language processing for fraud detection are among the middle and back-office applications.
Many financial institutions are still only using AI in sporadic and scattered ways, focusing on certain use cases or verticals. Leaders in the banking business, on the other hand, are using AI to alter their operations across the whole lifecycle of their digital operations. Specifically, the financial industry is realizing that algorithms are only as good as the data they use. The focus is shifting to acquiring a competitive edge from previously underutilized consumer behavior data gathered through traditional operations.
The UAE has a strong banking sector, which is governed onshore by the UAE Central Bank, which was founded in 1980. The Central Bank directs and oversees monetary, credit, and banking policy in conformity with the state's overall policy, with the goal of supporting the national economy and currency stability. It manages the UAE government's gold and foreign currency reserves, functions as a bank for UAE-based banks, and acts as the UAE's financial agent at international financial institutions.
Islamic, commercial (merchant or investment), and industrial banks are the four types of banks in the UAE. Given the size of the population, many commentators believe the onshore banking sector is overcrowded. Local banks, the majority of which are state-owned, dominate the market. The 23 licensed local banks owned more than 85% of the sector's total gross assets and 90% of its branch network as of April 2017. Furthermore, the Central Bank identifies 26 international banks with 85 branches as licensed.
The Brazil market dominated the LAMEA Smart Finance Technologies Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $11.1 Million by 2028. The Argentina market is poised to grow at a CAGR of 6.9% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 6.1% during (2022 - 2028).
Based on Type, the market is segmented into Smart Finance Platforms, Smart Finance Connectivity, Smart Finance Hardware, and Smart Finance Services. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Intel Corporation, Fujitsu Limited, Diebold Nixdorf, Inc., IMS Evolve, Miles Technologies, Inc., Zicom SaaS Pvt. Ltd., Zoho Corporation Pvt. ltd., GRGBanking Equipment Co., Ltd., Dialog Axiata PLC, and Virtusa Corporation.
Recent Strategies Deployed in Smart Finance Technologies Market
- Apr-2022: E Ink launched Spectra 3100 Plus, a five-color ePaper. Following this launch, the company aimed to offer a range of display sizes to enable retailers to select an appropriate size of five-color ePaper for distinct applications.
- Mar-2022: PARC launched Xerox VersaLink B7100 and Xerox VersaLink C7100 Series, new lines of new A3 Multifunction Printers. Through this launch, the company aimed to streamline office workflows while also complying with the rigorous sustainability standards in order to cut electricity costs.
- Feb-2022: Xerox completed its acquisition of Powerland, a leader in IT services. With this acquisition, the company aimed to strengthen its IT services portfolio across North America.
- Dec-2020: BASF introduced the Elastollan Soft Touch Feel TPU series. Through this launch, the company aimed to address the demand for convenience and functionality across the consumer electronics sector through the launch of this ideal solution for consumer electronics products and accessories.
- Nov-2019: BASF New Business completed its acquisition of Sculpteo, an online 3D printing service provider. This acquisition aimed to allow BASF 3D Printing Solutions to establish and commercialize new industrial 3D printing materials rapidly. In addition, the company would also leverage the expertise of Sculpteo’s management team to offer an expanded service spectrum to its customers and partners.
- Jul-2019: Xerox rolled out B205, B210, and B215, a range of affordable multifunction printers. Through this launch, the company aimed to improve small office mobility without conceding security and image quality. Moreover, the new devices also deliver wireless high-speed connectivity to enable the user to print remotely.
- Jun-2019: Xerox unveiled the Baltoro HF, the latest Inkjet Press. The new product is developed to streamline high-volume transactional work and direct brochures and mails via automated intelligence, Xerox High Fusion W-Series Inkjet Heads, and High Fusion ink.
- Feb-2019: Xerox took over Vader Systems, a liquid metal jet 3D printer manufacturer. This acquisition aimed to complement the company's vision to access a Total Addressable Market for digital/additive manufacturing.
- May-2018: E Ink teamed up with SES-imagotag, a leading provider of digital price tags. With this collaboration, the companies aimed to expand and expedite their mutual growth objectives across the retail IoT market. In addition, the companies would also focus on accelerating the adoption of electronic paper in smart retail applications.
- Jan-2018: NovaCentrix acquired the technical and business-related intellectual property of Intrinsiq Materials, an advanced materials company. Under this acquisition, the company would offer copper-based ink technology of Intrinsiq Materials to its customer in order to allow them to leverage an expanded line of capabilities.
Scope of the Study
Market Segments Covered in the Report:
- Smart Finance Platforms
- Smart Finance Connectivity
- Smart Finance Hardware
- Smart Finance Services
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Intel Corporation
- Fujitsu Limited
- Diebold Nixdorf, Inc.
- IMS Evolve
- Miles Technologies, Inc.
- Zicom SaaS Pvt. Ltd.
- Zoho Corporation Pvt. ltd.
- GRGBanking Equipment Co., Ltd.
- Dialog Axiata PLC
- Virtusa Corporation
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