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Banking Hardware & Software Support Market Report 2024 - Industry Outlook
Banking Hardware & Software Support Market Report
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According to The Business Research Company's, The banking hardware maintenance, software support and helpdesk support services market size has grown strongly in recent years. It will grow from $11.66 billion in 2023 to $12.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to increased complexity of banking systems, regulatory compliance requirements, rise of digital banking, data privacy concerns, customer expectations for seamless services, atm network expansion, globalization of banking operations.
The banking hardware maintenance, software support and helpdesk support services market size is expected to see strong growth in the next few years. It will grow to $18.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to real-time payment systems, remote workforce support, shift to open banking, digital transformation initiatives, resilience planning. Major trends in the forecast period include cloud adoption, focus on cybersecurity, ai and automation in helpdesk services, predictive maintenance, outsourcing of support services, data analytics for performance optimization, continuous training and skill development, scalability and flexibility.
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Market Drivers and Trends:
The increase in number of cyber threats is expected to propel the growth of the banking hardware maintenance, software support and helpdesk support services market going forward. Cyber threats, refer to potential dangers or malicious activities that can harm computer systems, networks, and digital information. The rise in cyber threats prompts banking institutions to increase their investment in cybersecurity measures, including hardware and software security solutions. To safeguard their IT infrastructure and digital assets, banks require maintenance and support services to keep security systems up to date and effectively protect against evolving threats. For instance, in April 2023, according to the Government Digital Service, a UK-based government body, in the previous 12 months, there were over 2.39 million cases of cybercrime across all UK enterprises and about 49,000 cases of fraud resulting from cybercrime. Therefore, the increase in number of cyber threats is driving the growth of the banking hardware maintenance, software support and helpdesk support services market.
Technological advancements are a key trend gaining popularity in the banking hardware maintenance, software support and helpdesk support services market. Major companies operating in the market are developing innovative and advanced technology such as voice banking, augmented reality banking, artificial intelligence, robotic process automation and others to sustain their position in the market. For instance, in February 2023, Arvest Bank, a US-based financial service company launched Selligence. With Selligence, teams can close deals faster by receiving sales trigger leads and contact and account-level data straight into their Chrome browser. Teams reach a larger audience by using Selligence Events and Prospecting to find unique sales trigger leads at the right time. By reaching out with relevant leads, teams can increase their chances of success and expand their target market.
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Major Key Players of the Market:
Loomis AB, NCR Corporation, Oki Electric Industry Co. Ltd., Diebold Nixdorf Incorporated, Glory Global Solutions International Limited, Automatia Pankkiautomaatit Oy, Hitachi Payment Services Pvt. Ltd., CashLink Global Systems Pvt. Ltd., Wincor Nixdorf, Fujitsu Limited, GRG Banking Equipment Co. Ltd., Hyosung TNS Inc., KAL ATM Software GmbH, Nautilus Hyosung America Inc., Triton Systems of Delaware LLC, ACG Infotech Limited, Axiomtek Co. Ltd., Bancsource Inc., Burroughs Inc., Cennox Group, CTS Electronics SpA, DPL Group, Fiserv Inc., FSS Technologies Pvt. Ltd., Genpact Limited, HCL Technologies Limited, Infosys Limited, Mphasis Limited, Tata Consultancy Services Limited, Wipro Limited
Banking Hardware Maintenance, Software Support And Helpdesk Support Services Market 2024 Key Insights:
• The banking hardware maintenance, software support and helpdesk support services market size is expected to see strong growth in the next few years. It will grow to $18.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Growing Financial Services Demand Driving The Expansion Of Banking Hardware Maintenance, Software Support, And Helpdesk Support Services
• Technological Advancements Transforming Banking Hardware Maintenance, Software Support, And Helpdesk Support Services
• North America was the largest region in the banking hardware maintenance, software support and helpdesk support services market share in 2023
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