“Continued reliance on cash as the preferred mode of payments, rise in ATM withdrawals due to increase in cards in circulation, innovation in the ATM machines and increase in number of ATMs has driven the ATM Managed Services market.”
Analysts at Ken Research in their latest publication “UAE ATM Managed Services Market Outlook to 2024 – By Off-Site and On-Site ATMs and By Type of Service (Cash Management Services, ATM Maintenance Services and ATM Supply)” believe growth in cash circulation in the economy, reliance on cash for all transactions, innovation in ATM Machine technology and software and rising need for banks to outsource ATM management to cut costs and entry of new cash management services companies are some of the factors that will drive the market to register a 0.9% CAGR growth in terms of revenue for the period 2018-2024.
Growth in ATMs: The region witnessed growth in ATMs from 2013 to 2018 at a CAGR of 2.5%, which has driven the rise in managed services revenue. As ATMs are cost centers for banks, since the only revenue they generate is from transactions involving customers of other banks. With CBUAE mandating banks to update ATM operating software, replacement of ATMs and their software will increase revenues associated with these services and their service providers. Demand for innovative ATM machines will also help introduction of new ATM manufacturers.
Strategic Partnerships: ATM suppliers such as NCR have entered into partnerships and acquisitions such as Alaric and D3 technologies which have helped the company to expand their product portfolio. Transguard has strategic partnerships with both NCR and Diebold Nixdorf. With NCR, the partnership enables the companies to provide end to end management of ATMs for banks and a shift from traditional Capex to Opex model. Transguard is also a licensed distributor of Diebold Nixdorf ATM machines, and also provides end to end management services to banks. This way Transguard has become a one stop solution for all ATM related services.
Rise in ATM Withdrawals: The region has witnessed a growth in ATM withdrawal both in terms of transaction value and volume for the review period 2013-2018 at a CAGR of 5.5% and 8.3% respectively. This can be attributed to rise in debit and credit cards issued during the period. As of 2018, the region has nearly 10 million debit cards and 8.5 million credit cards in circulation. The total cards in circulation in UAE have grown in the period 2013-2018 at a CAGR of 8.2%. Types of cards include prepaid cards, credit and debit cards and charge cards. The Central Bank of UAE mandated in 2012 for the use of EMV type cards, which has helped the adoption of these cards by banks in UAE.
Keywords:
UAE ATM Service Market
UAE ATM Managed Services Market
UAE Cash Management Service Market
UAE Cash Replenishment Market
UAE Cash-in-transit Market
UAE Cash Processing Market
UAE ATM Maintenance Market
UAE ATM Repair & Maintenance Market
UAE Second Line Maintenance Market
UAE ATM Managed Service Market Revenue
UAE ATM Revenue
ATM Growth Opportunities in UAE
ATM Managed Service Providers UAE
Cash Management Companies
Number of ATMs in UAE
On-site ATMs in UAE
Off-site ATMs in UAE
Mobile ATMs in UAE
Cash Dispensers in UAE
Cash Recyclers in UAE
ATM Industry UAE
UAE ATM Revenue
UAE ATM Expenses
UAE ATM investment
UAE ATM Managed Service Segment Revenue
UAE ATM Managed Service Market Analysis
UAE Cash Management Service Market Analysis
ATM Vendors in UAE
ATM sellers in UAE
ATMs sold in UAE in 2018
ATMs managed by managed service providers in UAE
Cash management companies in UAE
Cash-in-transit companies in UAE
UAE ATM managed service outsourcing
ATM outsourced by Banks in UAE
ATMs outsourced by NCB Bank in UAE
ATMs outsourced by Riyadh Bank
UAE ATM Contract
UAE ATM cards
UAE ATM Industry Growing
UAE ATM Competition
ATM Managed Service Trends
ATM Managed Service Growth Drivers
Challenges UAE ATM Managed Service
Regulations UAE ATM Managed Service
Competition in UAE ATM Managed Service
Major ATM Suppliers UAE ATM
Profiles of Major Managed Service Providers UAE
Profiles of Cash Management Companies Providers UAE
UAE ATM Managed Service Future
UAE ATM Forecast
Success Factors UAE ATM Managed Services
Investment in ATM in UAE
Transguard Cash Replenishment Revenue UAE
NCR Market Share UAE
Diebold Nixdorf Market Share UAE
NCR ATM Sales UAE
Diebold Nixdorf Market Share UAE
Key Segments Covered
By Location of ATM
On-Site
Off-Site
By Type of Services
Cash Management Services
ATM Maintenance Services
ATM Supply
Key Target Audience
Banking and Financial Services Companies
Investors and Venture Capital Firms
Technology Service Providers
Government Entities
Cash Management Companies
ATM Machine Manufacturers
Time Period Captured in the Report:
Historical Period: 2013 -2018
Forecast Period: 2018-2024
Companies Covered:
Transguard
NCR Corporation
Diebold Nixdorf
Key Topics Covered in the Report
UAE ATM Managed Services Market Introduction
Market Ecosystem of UAE ATM Managed Services Industry, 2018
Value Chain Analysis of UAE ATM Managed Services Industry
UAE ATM Managed Services Market by Revenues, 2013-2018
UAE ATM Managed Services Market Segmentation, 2018
Major Cost Components and Profitability Analysis of ATMs in UAE, 2018
Issues and Challenges in UAE ATM Managed Services Industry
Trends and Development in UAE ATM Managed Services Industry
Regulations in the UAE ATM Managed Services Industry
Snapshot of UAE ATM Supply Market, 2018
Company Profiles of Major Players in UAE ATM Managed Services Market
UAE ATM Managed Services Future Market Outlook and Projections, 2018-2024
Analyst Recommendations
For more information on the research report, refer to below link:
UAE ATM Managed Services Market
Related Reports
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