ATM Managed Services Market Expected to Reach $9.9 Billion by 2032

According to a recent report published by Allied Market Research, titled, "ATM Managed Services Market by Service Type, and ATM Location: Opportunity Analysis and Industry Forecast, 2020-2027," the global market was valued at $6.1 billion in 2019, and the ATM managed services market size is projected to reach $9.9 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027.

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ATM managed services are secured and professional providers of several features and customized services for ATM machines. It helps in improving efficient transaction processing, hardware maintenance, network connectivity, and other value-added services in order to improve the customer experience in the market. Several banks, financial institutions, and other entities hire or partners with ATM managed service providers to maintain their ATM installations and other allied services for the machines.

Increased in implementation & adoption of digitalized technologies such as self-service software, EVM chip cards, mobile-based technology, Internet of things (IoT), and others provide easy access to several complex services such as transfer of money between accounts, check clearance, and bill transfer, among others. Thus, to enhance revenues and provide convenience & efficiency services, and reduce operational cost, banks, financial institutions, and others are integrating digitalized technologies for their installed ATM machines. This is a major factor driving the ATM managed services market growth. In addition, rise in debit card usage are another driving factor in the market, as consumers tend to expect instant & advance ATM services for withdrawing cash and availing other such services.

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In addition, demand for ATM managed services are thus expected to gain momentum pace in the upcoming years, as integration of technologies such as blockchain, artificial intelligence, internet of things (IoT), and others will allow ATM managed service providers to execute stringent security & ultimately fulfill the demands of ATM machine users in the market. Furthermore, increased ATM machines in the Asia-Pacific region is one of the major factors expected to provide lucrative opportunities for ATM managed services providers in order to expand their offerings and provide customized portfolios in the ATM managed services market.

On the basis of ATM location, the offsite ATMs segment dominated the ATM managed services industry in 2019 and is projected to maintain its dominance during the forecast period. With public &private sector banks integrating offsite ATMs to increase their service network across various locations, the demand for ATM services has gained a rapid pace in the market. Therefore, demand for these ATM locations acts as a key factor for the growth of ATM managed services, which is expected to grow at a significant CAGR during the forecast period.

By region, the global ATM managed services market was dominated by Asia-Pacific in 2019 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region include rise in number mergers & acquisitions particularly in banking sector across countries such as Australia, Japan, China, and India. This, therefore resulting in massive implementation of ATM machines & its services which are expected to create ample opportunities for the ATM managed services providers during the forecast period.

COVID-19 pandemic and lockdowns across the countries have had a critical impact on the ATM managed services market as the pandemic is driving adoption of contactless payments and users are unlikely to use cash for making payments. In addition, the World Health Organization (WHO) has warned that banknotes are expected to spread coronavirus; therefore, decline in usage of cash withdrawn from ATM machines is directly hampering the ATM managed services market.

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Key Findings Of The Study

By ATM location, the offsite ATMs segment led the ATM managed services market size in terms of revenue in 2019.

By service type, the ATM replenishment & currency management segment accounted for the highest ATM managed services market share in 2019.

By region, Asia-Pacific generated the highest revenue in 2019.

The key players profiled in the ATM managed services market analysis are AGS Transact Technologies Ltd., Cardtronics, Diebold Nixdorf, Incorporated, Euronet Worldwide, Inc., Financial Software & Systems Pvt. Ltd., Fiserv, Inc., FUJITSU, Hitachi Payment Services Pvt. Ltd., NCR Corporation, and NHAUSA.

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