In the recent era, the ATM managed services Market was witnessed to be functioning at its growth stage, forthcoming maturity as banks and ATM managed services corporate start underwriting in innovative technology to automate their services. The market is predicted to augment in the size owing to the growth in the cash management services market. Banks in developed regions such as the UAE have taken several steps in order to decrease the overall costs of the functions. Apart from the outsourcing management of the ATMs, banks have started decreasing their commercial footprint by closing down branches, amalgamating with the other banks and investment in the technology-based services to decrease the reliance on the ATMs for customers services.
Additionally, off-site ATMs are mounted in the location where there are no branches namely malls, hospitals and airports among others. Furthermore, the administration of off-site ATMs is absolutely subcontracted to the cash management corporate. On-site ATMs on the other hand, are positioned near bank branches, electronic service units, and demonstrative offices. For these ATMs, cash management service and ATM conservation services are subcontracted while security and reconnaissance services are managed by the banks themselves.
Based on the type of services, the market of ATM Cash Management Market is sectored into ATM management services, ATM supply, and ATM maintenance. Across the developed regions, the market was registered by cash management services during the forecasted period. Moreover, the Banks outsourced cash management services to Tran guard or manage it themselves for on-site ATMs. Cash management services involve cash in transit and several other cash services.
Cash in Transit, the market involves cash replacement and transportation of cash among bank branched, central bank and among company or retail outlets with cash supervision centers. Cash in Transit services was seen to register the ATM services market as these service demand fleet of armored vehicles and vans and demand observed manpower. The ATM maintenance services involved hardware, software and currency template management of three varieties of ATM machines such as cash dispensers, cash recyclers and cash in cash-out machines. The market for ATM maintenance was witnessed to decrease during the forecasted period owing to development in the technology and competition among the banks to deliver lower-cost services. For instance, the hardware maintenance involves the First, Second Line Maintenance and Breakdown Maintenance and software maintenance involve monthly or quarterly check-up of ATM functioning software.
However, the competition stage within the UAE ATM Managed Services Industry was witnessed to be greatly concentrated among the three foremost corporate. For cash management services, the Transguard has a monopoly while the Brink’s has just begun to inflow the market with a small market share. Moreover, the guard of the train controls the massive proportion of the cash in the transmission in the UAE while the enduring is controlled by the banks.
The ATM managed services market is further anticipated to increase during the review period, fostered by the growth in the total ATM transactions, augmented card utilization and entry of the numerous players in the cash management services sector. Therefore, during the near future, the market of ATM managed services will increase across the globe more significantly over the coming years.