Globally, the market for ATM software is experiencing a stagnant growth and is expected to maintain its dominance during the forecast period. ATM software helps banks to control and manage all its domestic or overseas ATM networks. This ensures maximum ATM response time and differentiates ATMs with new goods and services offered to customers. The software enables an administrator to track an ATM network and detect problems at an early stage with predictive analytics. ATM software provides greater security to machine by providing authentication services to verify user and provide real-time notification in detecting suspicious activities.
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COVID-19 scenario analysis:
During the lockdown, safety has been the main concern. In the UK, regular levels of visit to ATMs has declined due to staying in the home regulations.
Several banks in India have introduced mobile ATMs to safeguard public to reduce probability of virus transmission in ATMs.
The U.S National ATM Council and various regulators across the globe have updated ATM laws and introduced safety measures.
Overall, during the pandemic, less frequent visits and larger withdrawals are observed. Moreover, smaller number of ATM deployments have led to less number of ATM software adoptions.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
Increase in demand for essential self-service ATM software among end users and surge in demand for self-service ATM software in various financial sectors drives growth of the ATM software market. In addition, ongoing modernization in older ATM software and surge in awareness about benefits of multivendor ATM software fuels growth of the market. However, higher maintenance costs hinder growth of the market. Furthermore, rapidly evolving banking environments and integration of new technologies such as contactless payments, QR codes and touch screens is expected to provide lucrative opportunities for the market.
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The global ATM Software Market trends are as follows:
Artificial Intelligence (AI) acts as a major trend for the industry
Apart from traditional functions like dispensing cash and payment processing, ATM technology is evolving to utilize machine learning to deliver greater efficiency and security. Furthermore, ATM software helps to track back the level of mechanics, working patterns related to sensors, machine operation, and other discrete information that demonstrate how well a system operates and streamlines service operations, and forecasts difficulties and machine behavior. In addition, major players in the market are providing AI based ATM software, which helps in streamlining the process. For instance, Diebold Nixdorf and IBM, which are major financial technology companies, now offer ATM software with embedded AI.
New facial recognition technology for ATMs:
Diebold Nixdorf, one of the leading producers of ATMs across the globe, partnered with Samsung to illustrate a card less ATM, which uses facial recognition, coupled with NFC technology for authentication of users. Users are then issued an encryption notice on their mobile devices via facial recognition. Samsung believes it might result in higher customer satisfaction as it alleviates need for a physical card with the need to remember a PIN.
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Key benefits of the report:
This study presents the analytical depiction of the global ATM software market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global ATM software market share.
The current market is quantitatively analyzed to highlight the global ATM software market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Key Market Players:
Hewlett Packard Enterprise Co., Microchip Technology Inc., NXP Semiconductors, Adlink Technology Inc., TE Connectivity Ltd, Huawei Technologies Co., Ltd., Dell Technologies, Aaeon Technology Inc., Texas Instruments Incorporated, Nexcom International Co., Ltd.
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