Increasing Recognition of Software is fueling the Global Multivendor ATM Software Market Growth at 15.09%
According to
a new market research report published by Inkwood Research, the Global
Multivendor ATM Software Market is projected to evolve at a CAGR of 15.09%
during the forecasting years of 2019-2028.
“Browse 37
market Data Tables and 43 Figures spread over 176 Pages, along with an in-depth
TOC on the Global Multivendor ATM Software Market Forecast 2019-2028.”
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An automated teller machine is an
electronic banking machine outside the bank which facilitates self-service to
its customers. One can access cash with a credit or debit card. Different
software is used in ATMs to enable the functioning as per requirement.
Multivendor ATM software allows end-user to use one software interface across several
platforms to simplify the backend process of their ATM system. The software can
provide benefits like cost savings, streamlined updates and maintenance, and
consistent and stable user interface with the use of a single software
platform.
Growing Awareness of Benefits of
Software Augments the Market Growth
Rising recognition about the benefits of the software is one
of the critical driving factors for the market. Multiple ATM software allows
financial institutions to buy the specific ATM model required for a certain
function at a particular location. It also allows the choice of hardware from
any ATM supplier. Furthermore, software updates are easier to develop and
maintain as there is a single application for all ATMs, in place of different
applications for each ATM vendor. In addition, banks can rapidly add and deploy
new features to enhance their competitive position and meet new customer
requirements. Also, the software provides ATM deployers with significant
competitive benefits.
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Cash/Cheque Dispenser Contributed the
Largest Market Share in the Function Segment
Cash dispensing is one of the most common functions used in
the ATM industry, especially in developing and underdeveloped nations. For
example, around 80% of ATM transactions in East Africa are for cash withdrawal.
The multivendor ATM software manages secure printing of cheque booklets, and
supports the automated cheque printing system. The cheque dispensing through
ATM is also facilitated as it supports image-based cheque clearing. Moreover,
owing to development in financial institutions and banking sector, cardless
cash dispensing is also becoming popular in recent years. The launch of
advanced self-service teller machines ingrained with modern functionalities is
estimated to fuel the growth of this segment.
The Asia Pacific region is estimated
to record the highest CAGR
The region of Asia Pacific is anticipated to record the highest
CAGR over the projected period, owing to increasing demand for multivendor ATM
software in multiple locations. Growing awareness about the advantages of the
multivendor ATM software among the end users is predicted to drive the market
in the coming years. For example, SBI, which is the largest lender in India,
had invited tenders for multivendor tender, which will allow instant payment of
loans through ATMs. The bank will deploy this system across its large network
of about 50,000 ATMs.
A large number of buyers and suppliers provide a competitive
edge to the market. The players offer a wide range of products, which occupy
almost a similar share in the market. Hence, the companies are trying to launch
new products through innovation, and adopt the product differentiation
strategy. This leads to intense competition in the market. The renowned
companies competing to increase their share in the global market are Auriga
SPA, Diebold Nixdorf, Incorporated, KAL, NCR Corporation, Vortex Engineering
Pvt Ltd, Incorporated, and others.
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