ATM Managed Services Market Report 2023: Sector to Reach US$ 10.7 Billion by 2028 at a 5.2% CAGR

IMARC Group, a leading market research company, has recently releases report titled "ATM Managed Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global cold chain tracking and monitoring market growth, trends, size, share and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global ATM managed services market size reached US$ 7.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

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Factors Affecting the Growth of the ATM Managed Services Industry:

• Cost Efficiency:
ATM managed services providers can leverage economies of scale by managing multiple ATM networks for various financial institutions. This allows them to spread the costs of maintenance, monitoring, and servicing across a broader customer base. As a result, individual banks and credit unions can benefit from cost savings that would be challenging to achieve on their own. Outsourcing ATM management eliminates the need for financial institutions to invest in the purchase, installation, and ongoing maintenance of ATM hardware. This reduction in capital expenditure is a significant cost-saving factor, particularly for smaller banks and credit unions with limited budgets.

• Technological Advancements:
Modern ATMs are equipped with advanced features, such as contactless payment options, biometric authentication, and cash recycling capabilities. Managing and maintaining these complex functionalities require specialized expertise, making ATM managed services essential for ensuring smooth operations. As ATMs are becoming more sophisticated, they require regular software updates and security patches to stay up-to-date and protected against evolving threats. ATM managed services providers are responsible for keeping these systems current, reducing the risk of vulnerabilities.

• Security Concerns:
The rising number and sophistication of cyberattacks pose a significant threat to ATMs. ATM managed services providers implement robust cybersecurity measures, including firewalls, intrusion detection systems, and regular security updates, to defend against hacking attempts and data breaches. Criminals are constantly devising new methods to commit ATM fraud, such as card skimming, card trapping, and cash trapping. ATM managed services include monitoring and fraud prevention solutions that help financial institutions detect and respond to fraudulent activities promptly.

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ATM Managed Services Market Report Segmentation:

Breakup by ATM Type:
• Conventional ATM and Bank ATM
• White Label ATM
• Brown Label ATM
• Cash Dispenser
• Smart ATM
• Others

Cash dispenser represented the largest segment as these machines are among the most commonly used ATMs.

Breakup by Service Type:
• ATM Replenishment and Currency Management
• Network Management
• Security Management
• Incident Management
• Others

On the basis of service type, the market has been divided into ATM replenishment and currency management, network management, security management, incident management, and others.

Breakup by Location:
• Onsite ATMs
• Offsite ATMs
• Worksite ATMs
• Mobile ATMs

Offsite ATMs accounted for the largest market share as offsite ATMs, located outside traditional bank branches, require specialized management services to ensure their efficient operation, security, and compliance with regulatory standards.

Breakup by Region:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

Asia Pacific enjoys the leading position in the ATM managed services market due to the rapid expansion of banking services and increasing ATM networks.

Global ATM Managed Services Market Trends:

The increasing demand for contactless payment options and cash recycling ATMs, driving the need for specialized management services to maintain and support these advanced machines.
With the proliferation of cyber threats, the ATM managed services are focusing on enhancing cybersecurity measures, including robust encryption, intrusion detection systems, and real-time monitoring to protect ATM networks from hacking and data breaches.

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:

AGS Transact Technologies Ltd., Cardtronics Inc. (NCR Corporation), CMS Info Systems Ltd., Diebold Nixdorf Incorporated, Electronic Payment and Services Private Limited, Euronet Worldwide Inc., Financial Software & Systems Pvt Ltd, Fiserv Inc., Hitachi Payment Services Pvt. Ltd., LD Systems, Quality Data Systems Inc., TetraLink and Vocalink (Mastercard Inc).

Other Key Points Covered in the Report:
• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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This release was published on openPR.