Press release
UAE ATM Managed Services Market Size is expected to rise to AED 0.3 Billion in terms of Revenue by the year ending 2024: Ken Research
• UAE ATM Managed Services Market size is expected to grow at a forecasted CAGR of 0.9% during the forecast period 2018-2024.
• Cash Management Services market is expected to grow at a CAGR of 2.9% for the period 2018-2023. The segment will continue to dominate the UAE ATM Managed services segment as liquidity concerns are expected to ease in the future and shift to digital banking services will be gradual.
• New companies in cash logistics market are expected to enter in the future as the current monopoly makes it difficult for banks to discover prices.
• The ATM Supply segment is expected to grow at a forecasted CAGR of 1.2% during 2018-2024. ATM suppliers are expected to launch cash management services as a value added service along with their ATM machines and software solutions. Also, innovation in ATM Machines will further drive the UAE ATM supply market in the future. Technology and software upgradation will entail lesser maintenance require-ments and lower costs for Banks.
Reduction in On-Site ATMs in the Country: As of 2018, nearly 66.0% of the banks’ ATMs are located Off-Site. As rising costs drives consolidation in banking industry, these entities are expected to close down branches and therefore, on-site ATMs. This would tend to increase the Off-Site ATMs further and also drive the outsourcing of managing such ATMs. Presently, around 80.0% of the On-Site ATMs are partially outsourced. Banks are expected to completely outsource these ATMs in the future.
Emergence of New Business Models: Currently, banks have completely outsourced off-site ATMs and most of the on-site ATMs. It is expected that new models of ATM outsourcing will drive the market in future. Emergence of white label ATMs which are managed by non-banking financial entities will be a possibility in the future as banks would further be able to cut costs. Different contracts between banks and managed service providers such as CAPEX and OPEX may allow newer companies to operate in the market.
Entry of New Cash Management Companies: Currently, Transguard is the only company operating in UAE that provides cash management services. As the company has a monopoly in UAE, banks are price takers. This has made it difficult for banks to discover prices. NCR and Diebold both do not provide cash management services in the UAE. It is expected that international cash logistics companies may enter the UAE market to challenge Transguard’s monopoly.
Analysts at Ken Research in their latest publication “UAE ATM Managed Services Market Outlook to 2024 – By Off-Site and On-Site ATMs and By Type of Service (Cash Management Services, ATM Maintenance Services and ATM Supply)” believe growth in cash circulation in the economy, reliance on cash for all transactions, innovation in ATM Machine technology and software and rising need for banks to outsource ATM management to cut costs and entry of new cash management services companies are some of the factors that will drive the market to register a 0.9% CAGR growth in terms of revenue for the period 2018-2024.
For more information on market research report, please refer to the link below:
https://www.kenresearch.com/banking-financial-services-and-insurance/banking/uae-atm-managed-services-market/263653-93.html
Key Segments Covered
• By Location of ATM
On-Site
Off-Site
• By Type of Services
Cash Management Services
ATM Maintenance Services
ATM Supply
Key Target Audience
• Banking and Financial Services Companies
• Investors and Venture Capital Firms
• Technology Service Providers
• Government Entities
• Cash Management Companies
• ATM Machine Manufacturers
Time Period Captured in the Report:
• Historical Period: 2013 -2018
• Forecast Period: 2018-2024
Companies Covered:
• Transguard
• NCR Corporation
• Diebold Nixdorf
Key Topics Covered in the Report
• UAE ATM Managed Services Market Introduction
• Market Ecosystem of UAE ATM Managed Services Industry, 2018
• Value Chain Analysis of UAE ATM Managed Services Industry
• UAE ATM Managed Services Market by Revenues, 2013-2018
• UAE ATM Managed Services Market Segmentation, 2018
• Major Cost Components and Profitability Analysis of ATMs in UAE, 2018
• Issues and Challenges in UAE ATM Managed Services Industry
• Trends and Development in UAE ATM Managed Services Industry
• Regulations in the UAE ATM Managed Services Industry
• Snapshot of UAE ATM Supply Market, 2018
• Company Profiles of Major Players in UAE ATM Managed Services Market
• UAE ATM Managed Services Future Market Outlook and Projections, 2018-2024
• Analyst Recommendations
Related Reports
https://www.kenresearch.com/banking-financial-services-and-insurance/banking/indonesia-atm-managed-service-market-outlook/228785-93.html
https://www.kenresearch.ae/banking-financial-services-and-insurance/banking/saudi-arabia-atm-managed-service-market/215822-93.html
https://www.kenresearch.com/banking-financial-services-and-insurance/banking/india-atm-cash-management-market-forecast-2023-/154994-93.html
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.
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