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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.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.
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Related Report:
GLOBAL TRANSACTION MONITORING SOFTWARE MARKET
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