The global ATM managed services market was valued at US$ 6,005.9 Million in 2019 and is expected to surpass US$ 9,524.8 Million by 2027, registering a CAGR of 5.9% during the forecast period (2020-2027), according to the Global ATM Managed Services Market Report, By ATM Type (Conventional ATM/Bank ATM, White Label ATM, Brown Label ATM, Cash Dispenser, Smart ATM and Others), by Application (Electronic Journal & Content Management System, ATM Service & Repair (First Line ATM Maintenance, Second Line ATM Maintenance), ATM Deposit Automation, ATM Transaction Processing, Cash Management, Software Maintenance, Cash Reconciliation Services, and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The advancements in technology in banking institutions are expected to drive the market growth during the forecast period. The rising penetration of advanced technologies provide lucrative growth opportunities for banks and other financial institutions to enhance their business revenue. Due to the latest technologies, fraudsters use various techniques such as magnetic stripe skimming, pinhole cameras, and others to commit fraud, thereby resulting in increased ATM frauds in the market. All banking institutions and ATM operators focus on EMV migration to reduce fraudulent activities in the market. For instance, in January 2017, Reserve Bank of India (RBI) set deadlines for all banks to complete their migration to EMV-chip-and-PIN payment cards with additional safety to avoid card skimming and cloning.
The adoption and implementation of digitalized technologies such as EVM chip cards and the internet of things (IoT) provide easy and convenient access to users for various complex services such as fund transfer, to check balance, and others. Increasing use of digitalized payment options is expected to drive the market growth over the forecast period. Various companies are providing loyalty offers on every transaction to encourage people to opt for digital transactions instead of cash transactions. The payment industry is shifting towards EMV (Europay, MasterCard, and Visa) chip cards to provide improved security for offline transaction, which is expected to increase demand for ATM managed services and fuel growth of the market over the forecast period. This card usage offers high security compared to cash payment. This card can be directly linked with the customer/company account and payment experience will be seamless and easy to track.
The evolution of digital payment solutions such as online & mobile banking, digital wallets & Bitcoin transactions has increased in the payment industry. For instance, in April 2020, according to the National Payment Corporation of India (NPCI), the number of BHIM apps downloaded from Android was 133.8 million and from iOS was 2.8 million. People are shifting to various digital payment apps such as Google pay, BHIM, and others. Consumers prefer these payment methods, as these apps provide fast, convenient, and secure transactions by using Unified Payments Interface (UPI). The growing emergence of mobile payment and the adoption of online channels are factors restraining growth of the ATM managed services market.
Global ATM Managed Services Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. There is a significant impact on the ATM managed services market as well. Banking industry comes under essential services category and is allowed to operate in lockdown. However, cash logistics and ATM service & maintenance companies’ staff are facing hurdles for ATM refills and repair & maintenance in the current situation in many countries across the globe. There is slight decrease in footfall for cash withdrawal at ATMs in some countries due to the COVID-19 outbreak. However, there is increase in cash withdrawal at ATMs on weekly basis by consumers in some countries. Also, organizations such as National ATM Council has released COVID-19 safety guidelines to combat exposure and spread of coronavirus through use or maintenance and repair of ATMs. Many banks across India are working with government authorities in deploying Mobile ATM Vans for regular banking activities such as cash withdrawal, fund transfer, and deposits in cities while maintaining social distancing during the COVID-19 pandemic.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 150 market data tables* and 90 figures* on “Global ATM Managed Services Market- Global forecast to 2027”
Key Trends and Analysis of the Global ATM Managed Services Market:
Joining thousands of companies around the world committed to making the Excellent Business Solutions.