ATM Managed Services Market to Grow at a 6.5% CAGR, rise in adoption of ATM managed services has boosted the Growth
PORTLAND, OREGON, UNITED STATES, September 30, 2020 /EINPresswire.com/ — Implementation of digitalized technologies, increase in debit cards usage & demand for advanced ATM services, and rise in adoption across various geographies have boosted the global ATM managed services market. However, lack of security standards and emergence of digital transactions hamper the market. On the contrary, untapped potential of emerging economies and technological development would offer opportunities for the market players in the coming years.
Allied Market Research recently published a report, "ATM Managed Services Market by Service Type (ATM Replenishment & Currency Management, Network Management, Security Management, Incident Management, and Others), and ATM Location (Onsite ATMs, Offsite ATMs, Worksite ATMs, and Mobile ATMs): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global ATM managed services industry held $6.11 billion in 2019, and is projected to reach $9.97 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.
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Covid-19 scenario: The recent outbreak of Covid-19 has greatly affected the global ATM managed services market.
During the ongoing pandemic, banks are carefully investing their assets. ATM managed services extend bank's brand without needing to fully invest in every aspect of an ATM program.
By investing more on managed services, banks can cope with the repercussions of the pandemic, which would be beneficial post-pandemic.
ATM replenishment & currency management segment held the largest share
By service type, the ATM replenishment & currency management held the largest share in 2019, accounting for around two-fifths of the market, owing to rise in advanced ATM monitoring tools, live track on cash status, and direct access to accountability for currency management. However, security management segment is expected to register the highest CAGR of 7.9% during the forecast period, due to rise in awareness towards security measures for ATM machines and implementation of advance technologies.
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Mobile ATMs to manifest highest CAGR through 2027
By ATMs location, the mobile ATMs segment is expected to register the highest CAGR of 8.1% during the forecast period, as it provides convenience of cash transactions at various events such social gathering, trade fairs, international conferences, seminars, and events. However, the offsite ATMs segment held the largest share in 2019, accounting for around two-fifths of the market, due to public & private sector banks integrating offsite ATMs to increase their service network across various locations.
Asia-Pacific, followed by North America, dominated the market
By geography, the market across Asia-Pacific held the largest share in 2019, contributing to more than two-fifths of the market, due to rise in number mergers & acquisitions particularly in banking sector across countries such as Australia, Japan, China, and India. However, the market across LAMEA is expected to portray the highest CAGR of 8.1% during the forecast period, owing to the banks in the region provide new and diverse services to their customers by adapting new technologies such as biometric security and contactless technology for securing ATM transactions and minimization of the risk of card skimming in the region. The market across North America held nearly one-fourth of the market in 2019.
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Major market players
AGS Transact Technologies Ltd.
Euronet Worldwide, Inc.
Financial Software & Systems Pvt. Ltd.
Hitachi Payment Services Pvt. Ltd.
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Source: EIN Presswire