According to the latest report by IMARC Group, titled “Multivendor ATM Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global multivendor ATM software market size reached US$ 2.1 Billion in 2021. Multivendor ATM system refers to a software that simplifies the back-end of an ATM system by providing a single software interface across multiple platforms. This software enables financial institutions to select the ATM model that is right for a specific location and the hardware provider that optimally suits the application. Financial institutions and banks are able to increase their profitability, improve their competitiveness, and decrease costs by taking control of their ATM networks. In addition to assisting with cash dispensing and recycling, transaction preferences, and targeted marketing, it helps reduce the cost of implementation, testing, certification, and maintenance. A number of competitive advantages are provided by the software, including complete freedom to develop customized transaction workflows, automated testing, faster time to market, and scripted transaction switching, thereby enhancing transaction workflows and renew legacy infrastructure investments.
Global Multivendor ATM Software Market Trends:
The global market is majorly driven by the escalating utilization of banking services in numerous industry verticals. This can be attributed to the continual technological advancements in various payment interfaces and methods. In line with this, the increasing need to enhance network security for banking records is providing an impetus to the market. Moreover, the introduction of low-cost flexible solutions for facilitating speed-to-market with improved services is resulting in a higher product uptake. Besides this, the incorporation of new technologies, including predictive analytics, QR code, touch screens, and cashless payments, among the growing millennial consumers are fueling the market growth. Additionally, the augmenting demand for modern ATM software and hardware, along with self-service ATM software, is, in turn, positively impacting the market. The market is further fueled by the emerging trend of centralization of ATM channel management to a single command control. Apart from this, a considerable rise in investments by government and private agencies for the expansion of finance sector is creating a positive market outlook. Some of the other factors contributing to the market include the growing financial literacy among individuals, inflating disposable income levels, the escalating adoption of contactless payments, continual product innovations, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 7.0 Billion by 2027, exhibiting a CAGR of 22.2% during 2022-2027.
- Based on the component, the market has been segmented into software and service.
- On the basis of the function, the market has been divided into bill payment, card payment, cash/cheque dispenser, cash/cheque deposit, passbook printer, and others.
- Based on the end user, the market has been categorized into banks and financial institutions and independent ATM deployer.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Auriga SpA, Clydestone Limited, CashLink Global Systems Private Limited, Diebold Nixdorf Incorporated, GRG Banking (Guangzhou Radio Group), KAL ATM Software GmbH, Hyosung Corporation, NCR Corporation, Printec Group, Renovite Technologies Inc, Vortex Engineering Pvt. Ltd., and Worldline.
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