Multi-Vendor ATM Software Market Expected to Reach $6.23 Billion by 2026
Increased adoption of the “thin client” ATM architecture among European banks, which should see the traditional ATM replaced by a streamlined model.
PORTLAND, PORTLAND, OR, USA, Jan. 14, 2022 /EINPresswire.com/ — The global multi-vendor ATM software market is segmented on the basis of component, function, end user and geography. Based on components, the market is segmented into software and services. The services segment is estimated to show the fastest CAGR of 25.8% during the forecast period. However, the software segment held the largest share in 2018, accounting for nearly three-fifths of the market.
Continuous modernization of old ATM fleets, increasing demand for modern ATM software and hardware, and increased awareness of the benefits of multi-vendor ATM software are the major drivers of the global multi-vendor ATM software market . However, the limitations in terms of ATM management and the complexity of working with ATM vendors are hampering the growth of the market. On the contrary, the advent of new technologies such as QR codes, contentless payments and touch screens is expected to create new opportunities for market players in the future.
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Increased awareness of the benefits of multi-vendor ATM software, increasing demand for modern ATM software and hardware, and the advent of new technologies such as contactless payment, QR codes, and touch screens are driving the growth of the Marlet. The cash/cheque dispenser segment captured the lion’s share in 2018, contributing more than two-fifths of the market. On the other hand, the Asia Pacific market is expected to show the fastest CAGR of 30.5% during the forecast period.
Based on function, the market is categorized into bill payment, card payment, cash/check dispenser, cash/check deposit, passbook printer and others. The cash/cheque dispenser segment captured the lion’s share in 2018, contributing more than two-fifths of the market.
Based on end-user, the market is divided into banks and financial institutions and independent ATM deployer. The independent ATM deployer segment dominated the market in 2018, contributing more than half of the market and is expected to register the fastest CAGR of 24.8% during the forecast period.
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Global Multi-Vendor ATM Software Market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region market is expected to show the fastest CAGR of 30.5% during the forecast period. However, the European market recorded the largest revenues in 2018, accounting for more than two-fifths of the market.
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