ATM Software Market Analysis And Forecast To 2031: By Component (Software, Services), By Function (Cash Dispenser, Bill Payment, Card Payment, Cash Deposit, Others), By End User (Banks & Financial Institutions, Independent ATM Deployer), And Region

ATM Software Market Analysis And Forecast To 2031: By Component (Software, Services), By Function (Cash Dispenser, Bill Payment, Card Payment, Cash Deposit, Others), By End User (Banks & Financial Institutions, Independent ATM Deployer), And Region

The global ATM Software Market was valued at USD 1.5 Billion in 2021 and it is anticipated to grow up to USD 11.1 Billion by 2031, at a CAGR of 22.2% during the forecast period.

ATM software is a type of software that is typically used to help manage and monitor ATM machines. This software can help with a variety of tasks, such as keeping track of how much money is in each machine, keeping track of transactions, and helping to ensure that machines are running smoothly. This software can be used by both ATM operators and customers, and can be a valuable tool for both groups.

Global ATM Software Market Scope and Report Structure

[table id=645 /]

Market Trends and Drivers

The demand for ATMs is increased by the independent feature of the 24-7 availability of transactional services offered by banks across numerous locations. With technological advancements in the banking and financial sectors, ATMs are evolving from straightforward cash dispensers into richer and more personalized communication channels. By implementing more integrated and value-added services, has aided in achieving customer loyalty. Therefore, enhanced use of automated teller machines is likely to generate sizable amounts of revenue in the coming years. Owing to this, the ATM software market would expand in the upcoming years.

Market Restraints and Challenges

Previously, there was a much lower chance of fraud because online authorization combined with PIN integration made ATMs seem secure. With increased innovation in the fintech sector, con artists have developed new scams like magnetic stripe skimming and pinhole cameras, which restrain market expansion. However, financial institutions and ATM operators are concentrating on requirements for EMV migration at ATM in order to provide customers with convenience and security while handling financial transactions. As sensitive information appears on the screen, individuals may attempt to spy on users without the user’s knowledge. These security issues are the major concern of the people restraining the use of ATMs due to which the ATM software market would be hampered.

Global ATM Software Market Segmental Overview

The report analyses the global ATM Software Market based on component, function, end-user, and region.

Global ATM Software Market by Component

By component the market is segmented into software, and services. The software segment accounted for significant market share in 2021 and is expected to register lucrative CAGR over the forecast period. This is owing to generating maximum revenue share. This can be attributed to the rise in demand for self-service ATM software across all financial sectors as well as the growing demand for self-service ATM software among end users.

Global ATM Software Market by Function

By function, the ATM software market is divided into bill payment, card payment, cash deposit and cash dispenser. In 2021, the cash dispenser segment led the ATM software market with the largest revenue share. Throughout the forecast period, the cash dispenser segment is anticipated to maintain its market leadership. This is understandable given that ATMs’ primary feature is their cash dispenser.

Global ATM Software Market by End-user

On the basis of end-user, the ATM software market is fragmented into banks and financial institutions, and independent ATM deployer. In 2021, the independent ATM deployer segment covered a substantial revenue share in the ATM software market. This is explained by the rising demand for and usage of ATM software technology in the banking and financial industries. Customers can keep utilizing their old TDM voice equipment without having to buy new Voice over Internet Protocol compatible equipment due to an Integrated Access Device (or IAD).

Geographical Analysis of Global ATM Software Market

Region wise, the ATM software market is analyzed across the North America, Asia Pacific, Europe, and LAMEA. In 2021, the North America region witnessed the highest revenue share in the ATM software market. The main factors influencing the market growth in the region include the presence of major market vendors and the high adoption of advanced technologies. The region’s demand is further growing due to government support and initiatives as well as increased funding in the banking sector of nations such as Canada.

Major Players in the Global ATM Software Market

The key players in the ATM Software Market are Paragon Application Systems, Salzburg Banking Software, FIS, Fiserv, Inc., Clydestone (Ghana) Limited, GRGBanking, KAL ATM Software GmbH, Vortex Engineering Pvt. Ltd, CR2 and Triton Systems, among others.

COVID-19 Impact

The ATM software market suffered as a result of the COVID-19 pandemic. In 2020, the pandemic compelled governments of several nations to lock down international borders and temporarily close markets, businesses, and other public areas. The various regions that were in lockdown experienced a loss of revenue and business as a result of the closure of manufacturing facilities. A significant decline in demand and sales of ATM software and services resulted from the disruption of supply chains, which had an adverse effect on the sales, manufacturing, and delivery schedules.

Recent Developments

In August 2022, Fiserv partnered with Rutgers University-Newark. This partnership aimed at creating and funding a new program designed to drive diversity and innovation within the financial technology field. This partnership would add a new dimension to the ability to bring together a diverse range of perspectives as Fiserv develops new answers to the challenges faced by its clients and the financial services industry.

In July 2021, KAL came into a partnership with EVO Payments, a leading global payments technology, and services provider. This partnership brings together proven technologies that guarantee ATM deployers an unprecedented level of flexibility & efficiency when responding to local market demand.

In December 2019, GRGBanking signed an agreement with FPT IS, a pioneer in digital transformation in the banking and financial sector. Under this agreement GRGBanking would provide FPT IS with the opportunity to develop solutions and many latest technology product lines, new interfaces for banks like VTM (Virtual Teller Machine) and STM (Smart Teller Machine) and also helps FPT IS have more potential to participate in digital transformations projects offered for banks.

In September-2019, CR2 entered into a partnership with Network International, the leading enabler of digital commerce across Africa and the Middle East. This partnership would deliver mobile banking as a Managed Hosted Service, allowing banks to rapidly deploy & cost-effectively manage their mobile banking services.

In April 2019, CR2 partnered ERA-InfoTech, a pioneer in the automation of financial inclusion and software development. This partnership focused on providing a range of sophisticated ATM banking software services to banks in the region.

In January 2019, Fiserv announced a merger with First Data Corporation, a financial services company. This merger would offer comprehensive distribution channels and have expertise in partnering with merchants, financial institutions, billers of all sizes, and software developers.



Frequently Asked Questions

Q1. How big is the biliary stents market?

Ans. The global ATM Software Market was valued at USD 1.5 Billion in 2021 and it is anticipated to grow up to USD 11.1 Billion by 2031, at a CAGR of 22.2% during the forecast period.

Q2. What is the ATM Software Market growth rate?

Ans. The growth rate of the ATM Software Market is 22.2%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the ATM Software Market in 2021.

Q4. Which segment accounted for the largest ATM Software Market share?

Ans. By end-user, the hospital segment accounted for the largest ATM Software Market share.

Q5. Who are the key players in the kidney stones management market?

Ans. The global ATM Software Market report includes players such as  Paragon Application Systems, Salzburg Banking Software, FIS, Fiserv, Inc., Clydestone (Ghana) Limited, GRGBanking, KAL ATM Software GmbH, Vortex Engineering Pvt. Ltd, CR2 and Triton Systems. among others.

Q6. What are the factors driving the ATM Software Market growth?

Ans. The major factors driving the growth of the market are enhanced use of automated teller machines.

Q7. What are the key growth strategies of ATM Software Market players?

Ans. The key growth strategies of ATM Software Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the ATM Software Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the ATM Software Market during the forecast period.