Multivendor ATM Software Market Will Reach $6.23 Bn by 2026

According to the report from Allied Market Research, the global multivendor ATM software market was pegged at $1.14 billion in 2019 and is projected to reach $6.23 billion by 2026, registering a CAGR of 23.6% during the forecast period.

Ongoing modernization of older ATM estates, increase in demand for modern ATM software and hardware, especially from financial sectors, and rise in awareness about benefits of multivendor ATM software have boosted the growth of the global multivendor ATM software market. However, limitations in terms of ATM management and complexity in working with ATM suppliers hamper the market growth. On the contrary, integration of new technologies such as QR codes, contactless payments, and touch screens are expected to create lucrative opportunities in the near future.

Based on component, the software segment dominated the market in 2018, contributing nearly three-fifths of the market, owing to growing awareness regarding benefits of multivendor ATM software as it offers reduced time and easier software update. However, the service segment is projected to register the fastest CAGR of 25.8% during the forecast period, owing to increased use of advanced analytics for predictive maintenance in multivendor ATM support services.

The card payment segment is projected to manifest the fastest CAGR of 31.1% during the forecast period, owing to rise in adoption of multivendor ATM software among banks to remain compliant with EMV card payment standards. However, the cash/cheque dispenser segment dominated the market in 2018, contributing more than two-fifths of the global multivendor ATM software market.

The independent ATM deployer segment held the largest share in 2018, accounting for more than half of the global multivendor ATM software market, owing to rapid growth of nonbank ATM sector. Moreover, the segment is projected to register the fastest CAGR of 24.8% during the study period. The global multivendor ATM software market report includes analysis of the banks & financial institutions segment.