- Global ATM managed services market is expected to grow at 11.2% CAGR.
- The global ATM managed services market is expected to be dominated by North America.
- Encouragement of cashless transactions and digital payments by banks and government is reducing the demand for ATMs.
ATM managed services deal with proper maintenance of ATM and also assures standardized processing of ATM network. ATM managed service provider work in a way to reduce the potential of ATM related issues.
Further, ATM managed services offer features such as ATM monitoring, ATM management, ATM procurement, cash management and provides services to the banks in order to improve the customer’s experience. Moreover, ATM managed services also let ATMs to operate on similar software interface in order to provide consumers with a standard user experience. ATM managed services also manage the standardization of features including camera security, cash transfer, bill payment, card less transaction, cash withdrawal and other additional features.
Market Size & Forecast
Global ATM managed services market is expected to grow at compound annual growth rate of 11.2% during the forecast period i.e.2017-2024. Rising need for better management of ATMs in order to improve customer’s experience has led banks to adopt ATM managed services. Further, global ATM managed services market is anticipated to grow at maximum pace during the forecast period on the account of growing global ATM market.
In terms of region, global ATM managed services market is expected to be dominate by North America region during the forecast period. Rising need for better management and maintenance of ATMs is a key factor which is likely to bolster the market of ATM managed services in North America region. Moreover, U.S. is expected to dominate the market of ATM managed services in this region over the forecast period.
Over the past few years, it has been observed that the number of automated teller machines is increasing in Asia Pacific region. Additionally, number of financial institutes and ATMs is increasing rapidly in this region. Growing consumer’s expectations with bank services in Asia Pacific region is another serious factor which is envisioned to fuel the growth of ATM managed services market in this region. Additionally, recent demonetization in India has fueled the need for proper management of ATM channel in this country. This growing need for better ATM management system is likely to be the dynamic factor behind the growth of ATM managed services market in Asia Pacific region.
Moreover, Europe region is also expected to witness a significant growth during the forecast period. This growth of ATM managed services market in Europe region can be attributed to factors such growing concern among various financial institutions towards consumer’s experience.
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Growth Drivers & Challenges
In order to provide convenience to the customers, prevalence of ATMs in commercial & public places has increased over the past few years. Further, growing number of ATMs is a key factor which has outpaced the demand for ATM managed services. Further, adoption of ATM managed services is growing just to assure smooth and error less management of ATMs.
Furthermore, additional advantages of ATM managed services including compliance with new regulations, improved operational profit & loss and other advantages are anticipated to be the major drivers to the growth of global ATM managed services market.
In addition to this, security of ATM booths is one of the major concerns for the banks. ATM managed services also help banks in order to update security technology and improve safety level of ATM. This feature of ATM managed services is anticipated to fuel the demand for these services in near future.
Some other advantages offered by ATM managed services are simplified network operation, system updates, troubleshooting & services. These beneficial features of ATM managed services are likely to escalate the adoption rate of these services in the banks during the forecast period.
However, encouragement of cashless transactions and digital payments by banks and government is reducing the demand for ATMs which further is expected to inhibit the growth of global ATM managed services market. This factor is expected to hinder the growth of global ATM managed services market.
- K Automated Transaction Delivery (ATM Worldwide),
- Electronic Payment and Services Pvt. Ltd.,
- First Data,
- QDS (Quality Data Systems)