According to a recent report published by Trends Market Research, titled, “Multivendor ATM software market by Component, Function, and End User: Opportunity Analysis and Industry Forecast, 2019-2026,” the multivendor ATM software market size was valued at $1.13 billion in 2018, and is projected to reach $6.23 billion by 2026, growing at a CAGR of 23.6% from 2019 to 2026.
Ongoing modernization of older ATM estates and increase in demand for modern ATM software and hardware are the major factors that fuel the growth of the multivendor ATM software market. In addition, rise in demand for self-service ATM software in various financial sectors and increase in awareness about the benefits of multivendor ATM software again fuels the growth of the market. However, limitations in terms of ATM management and complexity in working with ATM suppliers are expected to hinder the multivendor ATM software market growth. On the contrary, integration of new technologies such as contactless payments, QR codes, and touch screens are expected to provide lucrative opportunities for the market growth in the coming years.
Based on component, the software segment dominated the overall multivendor ATM software market in 2018, and is expected to continue this trend during the forecast period. This is attributed to the rise in awareness about the multiple benefits offered by multivendor ATM software, which includes reduced time to market, easier software updates, and others. However, the services segment is expected to witness highest growth, owing to increase in use of advanced analytics for predictive maintenance in multivendor ATM support services. For instance, IBM offers single agnostic vendor supporting bank’s multivendor branch environment. It helps in reducing downtime and decreasing operational risk with single-source support for the bank’s multi-vendor IT ecosystem.
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The cash/cheque dispenser segment dominated the multivendor ATM software market share in 2018, and is expected to continue this trend during the forecast period. This is attributed to several advancements in financial institutes and banking sections. For instance, card less cash dispensing is also gaining traction in the recent years. Moreover, the launch of modern self-service teller machines embedded with advanced functionalities is further expected to boost the growth for this segment. However, the card payment industry is expected to witness highest CAGR during the multivendor ATM software market forecast period owing to increase in adoption of multivendor ATM software among banks to remain compliant with EMV card payment standards.
The independent ATM deployer dominated the multivendor ATM software market in 2018, and is expected to continue this trend during the forecast period. This is attributed to rapid growth of nonbank ATM sector. Further, the segment is expected to witness highest CAGR during the forecast period as the banking authorities in the developing markets such as India and Argentina, see IAD ATMs as part of a wider strategy to facilitate access to financial services, which is creating lucrative opportunities for the market.
According to Rachita Rake, Research Analyst, ICT at Allied Market Research, “Europe dominated the multivendor ATM software market in 2018, and is projected to remain dominant during the forecast period. This is attributed to rise in adoption of ‘thin client’ ATM architecture among European banks, which is expected to see the traditional ATM replaced by a streamlined model. Owing to this, the processing power that currently resides on the terminal is moved to a central location, which is opportunistic for the market. Moreover, Europe is home to several of the largest banks in the world and these institutions have significant purchasing power and sophisticated procurement processes, which is expected to fuel the adoption of multivendor ATM software industry in this region.”
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KEY FINDINGS of THE STUDY
• By component, the software segment dominated the multivendor ATM software market. However, the service segment is expected to exhibit significant growth during the forecast period.
• Based on function, the cash/cheque dispenser segment accounted for the highest revenue in 2018.
• Depending on end user, the independent ATM deployer generated the highest revenue in 2018. However, banks and financial institutions are expected to witness highest growth rate in the near future.
• Region wise, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key market players profiled in the report include Auriga SpA, Clydestone Group, Diebold Nixdorf, Incorporated, GRGBanking, KAL, Nautilus Hyosung America Inc., NCR Corporation, Printec Group, and Vortex Engineering Pvt. Ltd., Incorporated.