The global ATM software market is expected to witness significant growth over the forecast period. ATM software offers various benefits to banks, such as increased revenue, enhanced customer experience, and reduced cost, which has contributed to the growth of the market. ATM software is also in demand among independent ATM developers as it enables them to meet the growing need among customers for self-service banking. Moreover, despite the rapid adoption of digital and mobile transactions during the COVID-19 pandemic, many countries still rely on cash-based transactions. This has encouraged financial companies to increase their cash withdrawal values, thus increasing the need for ATM software to help banks and financial institutions effectively monitor ATM transactions.
The growing deployment of mobile-enabled ATMs is expected to create new opportunities for the market over the forecast period. ATM software enables customers to use applications and carry out transactions via smartphones by scanning QR codes. Various ATM software providers, thereby, are making efforts to enhance their offerings to meet the changing customer needs. For instance, in February 2021, ACI Worldwide, a real-time digital payment software provider, announced its partnership with Auriga SPA, a payment system provider. Through this partnership, the companies aim to launch a next-generation ATM and self-service banking platform to enhance customer experience.
Various organizations globally are making efforts to support financial companies in improving their ATM services. For instance, in March 2021, ATM Industry Association published its Next-Gen ATM User Interface and Metrics manual. The purpose of this manual is to guide ATM operators, service providers, and vendors to measure how they can maximize the customer interface and experience at next-generation ATMs. Moreover, initiatives taken by banks to upgrade their ATM network are also driving the demand for enhanced ATM software. For instance, in December 2020, Huntington Bank announced the software upgrade of its ATM networks along with the replacement of its 400 old machines. These upgraded ATMs run on Hyosung Global’s MoniPlus2S software, which provides greater speed, security, and flexibility to customers during their transactions.
Furthermore, the funds raised by venture capital firms in ATM software companies are creating new market growth opportunities. These funds are used by ATM software providers to enhance their offerings and market position. For instance, in February 2018, Vortex Engineering, an ATM software provider, received a fund of USD 5 million from its investors. The company uses this funding to develop enhanced products such as ATMs, allowing users to withdraw money using their Aadhaar cards in India.
Key players in the ATM software market include Auriga SPA; Clydestone Group; Diebold Nixdorf, Incorporated; GRGBanking; KAL ATM Software GmbH; Hyosung Global; and NCR Corporation. Companies are focused on strategies such as partnerships to expand their offerings. For instance, in February 2020, KAL ATM Software GmbH announced its partnership with Burroughs Inc., a service provider for ATMs. Through this partnership, the latter provided KAL ATM Software GmbH with a hardware-agnostic software solution as a substitute to its existing OEM options.
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