Analysts at Ken Research in their latest publication “Saudi Arabia ATM Managed Service Market Outlook to 2023 – By ATMs (On-Site ATM, Off-Site ATM, Mobile ATMs), by Service (Cash Management Services, ATM Repair & Maintenance, ATM Site Maintenance), By ATM Machine (Cash Dispensers, Cash Recyclers) and By Cash Management Services (Cash Replenishment Service, Cash-in-Transit, Others – Cash Processing, Cash Vaulting, Cash Reconciliation & Cash Forecasting)” believes that an increase in number of ATMs, Adoption of cards by the people and Increase in number of ATMs outsourced by Bank would surge the overall revenue generated in Saudi Arabia ATM Managed Services Market. The market has witnessed a positive CAGR of close to 5% in terms of revenue generated from ATM managed services, during the review period 2013-2018.
Increase in number of ATMs, increasing number of cards in the economy, rising bank’s demand for outsourcing managed service and entry of global players in the market will be the key factors driving growth in Saudi Arabia ATM Managed Service Market.
Rise in the Number of ATMs in Saudi Arabia: Saudi Arabia ATM Managed Service Market has witnessed strong growth in ATM Managed services owing to increase in number of ATMs. During the review period 2013 to 2018 number of ATMs in the Kingdom has increased at a CAGR of close to 6%. Companies are offering advanced, non–traditional and self service options to customers for cash withdrawals from ATMs. The introduction of new breed of ATM machines such as cash recyclers, multifunctional ATMs touch screen ATMs, biometric ATMs in the market will ensure more transactions in an ATM as these machines provide a bunch of services apart from cash withdrawal including cash deposit, updating passbook, statement enquiry, bill payment and others. Increase in number of transactions will have a positive impact on revenues of managed service providers.
Promotion of Financial Inclusion by SAMA: It is expected that robust initiatives taken towards financial inclusion in Saudi Arabia will have a positive impact on number of transactions in Saudi Arabia. SAMA has already set an upper limit on charges and commissions that banks apply when providing products & services. In addition to this, there are no additional charges borne by the customer while making any withdrawal transactions from an ATM. Such initiatives promote the accessibility & usability of cards in the economy.
Players operating in the ATM managed Service Market have consistently adopted innovative strategies in order to gain a competitive advantage. Companies have started to expand their product portfolio by providing a wide range of value added services to the new and existing customers. The managed service providers are focusing on increasing the number of ATMs they are managing in the Kingdom by offering quick response time, technological advancements in their offerings and more flexibility in terms of pricing.
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Key Segments Covered in Saudi Arabia ATM Managed Service Market
By Type of ATMs (On the basis of Number of ATMs)
On-Site ATMs
Off-Site ATMs
Mobile ATMs
By Service Offerings (On the basis of Revenue)
Cash Management Services
ATM Repair & Maintenance
ATM Site Maintenance
By Type of ATM Machine (on the basis of Number of Machines)
Cash Dispensers
Cash Recyclers
By Service offerings of Cash Management Companies (On the basis of Revenue)
Cash Replenishment Service
Cash-in-Transit
Other cash management services including cash processing, cash vaulting, cash reconciliation & cash forecasting
Key Target Audience
Managed Service Providers
Major ATM Suppliers / Vendors
Cash Management Companies
Banks
Saudi Arabian Monetary Authority (SAMA)
Investors
Facility Management Companies
Time Period Captured in the Report:
Historical Period – 2013-2018
Forecast Period – 2019-2023
Companies Covered:
Abana
Abu-Sarhad
Hamrani
NCR
Hyosung
Sanid
Hemaia Group
G4S Almajal
AMNCO
For more information on the research report, refer to below link:-
Saudi Arabia ATM Managed Service Market
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India ATM Industry Outlook to 2018 – Increasing Penetration of White Label ATMs to Intensify Growth
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