Global Multi-Vendor ATM Software Market Report Analysis
MULTI-VENDOR ATM SOFTWARE MARKET
According to a new market research report published by Inkwood Research, the global multi-vendor ATM software market is expected to grow at a CAGR of 15.09% over the forecast years 2019-2028.
“Browse through 37 market data tables and 43 figures spread across 176 pages, plus an in-depth TOC of Global Multi-Vendor ATM Software Market Forecast 2019-2028.”
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An ATM is an electronic banking machine outside the bank that facilitates self-service to its customers. Cash can be accessed with a credit or debit card. Different software is used in ATMs to enable operation as needed. Multi-vendor ATM software allows the end user to use one software interface across multiple platforms to simplify the backend process of their ATM system. Software can provide benefits such as cost savings, simplified updates and maintenance, and a consistent and stable user interface with the use of a single software platform.
Rising awareness about the benefits of software is increasing the market growth
The growing recognition of the benefits of software is one of the driving factors of the market. Multiple ATM software allows financial institutions to purchase the specific ATM model required for a certain function at a particular location. It also allows you to choose hardware from any ATM vendor. Also, software updates are easier to develop and maintain because there is one application for all ATMs, instead of different applications for each ATM provider. Additionally, banks can quickly add and deploy new features to improve their competitive position and meet new customer demands. Additionally, the software provides ATM deployers with significant competitive advantages.
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Cash/Check Dispenser Contributed Largest Market Share in Functional Segment
Cash dispensing is one of the most commonly used functions in the ATM industry, especially in developing and underdeveloped countries. For example, around 80% of ATM transactions in East Africa are cash withdrawals. Multivendor ATM software manages secure printing of checkbooks and supports automated check printing system. Distributing checks through an ATM is also made easier as it supports image-based check clearing. In addition, due to the development of financial institutions and the banking industry, cardless cash distribution has also become popular in recent years. The launch of advanced self-service ATMs with modern features is expected to fuel the growth of this segment.
The Asia-Pacific region is estimated to register the highest CAGR
The Asia-Pacific region is expected to register the highest CAGR over the projected period, owing to the growing demand for multi-vendor ATM software in multiple locations. Growing awareness of the benefits of multi-vendor ATM software among end users is expected to drive the market in the coming years. For example, SBI, which is the largest lender in India, had launched a tender for a multi-vendor tender, which will allow instant payment of loans through ATMs. The bank will deploy this system across its extensive network of approximately 50,000 ATMs.
A large number of buyers and suppliers provide a competitive advantage in the market. The players offer a wide range of products, which occupy an almost similar market share. Therefore, companies try to launch new products through innovation and adopt the strategy of product differentiation. This leads to intense competition in the market. The well-known companies that are competing to increase their share in the global market include Auriga SPA, Diebold Nixdorf, Incorporated, KAL, NCR Corporation, Vortex Engineering Pvt Ltd, Incorporated and others.
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