PORTLAND, Oregon, Sept. 11, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Multivendor ATM Software Market by Component (Software and Service), Function (Bill Payment, Card Payment, Cash/Cheque Dispenser, Cash/Cheque Deposit, Passbook Printer, and Others), and End User (Banks & Financial Institutions and Independent ATM Deployer): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global multivendor ATM software market was pegged at $1.14 billion in 2019 and is projected to reach $6.23 billion by 2026, registering a CAGR of 23.6% during the forecast period.
Chief reasons for market fluctuations
Ongoing modernization of older ATM estates, increase in demand for modern ATM software and hardware, especially from financial sectors, and rise in awareness about benefits of multivendor ATM software have boosted the growth of the global multivendor ATM software market. However, limitations in terms of ATM management and complexity in working with ATM suppliers hamper the market growth. On the contrary, integration of new technologies such as QR codes, contactless payments, and touch screens are expected to create lucrative opportunities in the near future.
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Software segment dominated the market
Based on component, the software segment dominated the market in 2018, contributing nearly three-fifths of the market, owing to growing awareness regarding benefits of multivendor ATM software as it offers reduced time and easier software update. However, the service segment is projected to register the fastest CAGR of 25.8% during the forecast period, owing to increased use of advanced analytics for predictive maintenance in multivendor ATM support services.
Card payment segment to portray fastest growth
The card payment segment is projected to manifest the fastest CAGR of 31.1% during the forecast period, owing to rise in adoption of multivendor ATM software among banks to remain compliant with EMV card payment standards. However, the cash/cheque dispenser segment dominated the market in 2018, contributing more than two-fifths of the global multivendor ATM software market.
Independent ATM Deployer segment to create new opportunities
The independent ATM deployer segment held the largest share in 2018, accounting for more than half of the global multivendor ATM software market, owing to rapid growth of nonbank ATM sector. Moreover, the segment is projected to register the fastest CAGR of 24.8% during the study period. The global multivendor ATM software market report includes analysis of the banks & financial institutions segment.
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Europe holds major share followed by North America
The market across Europe held the largest share in 2018, contributing more than two-fifths of the market, owing to increase in adoption of 'thin client' ATM architecture among European banks and increased purchasing power and sophisticated procurement processes. However, North America held second-highest share in 2018, contributing nearly one-third of the market. On the contrary, the global multivendor ATM software market across the Asia-Pacific region is estimated to register the fastest share in 2018, accounting for 30.5% during the forecast period. This is due to major shift toward open architectures due to rapid adoption of ATM hardware using Microsoft Windows operating system and adoption of TCP/IP-based networks.
Torchbearers of the market
- Clydestone Group
- Auriga SpA
- Diebold Nixdorf, Incorporated
- Nautilus Hyosung America, Inc.
- Printec Group,
- NCR Corporation
- Vortex Engineering Pvt. Ltd., Incorporated
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SOURCE Allied Market Research