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
- GRGBanking
- Diebold Nixdorf,
Incorporated
- Nautilus Hyosung America,
Inc.
- KAL
- Printec Group,
- NCR Corporation
- Vortex Engineering Pvt. Ltd., Incorporated
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