Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market Growing at a CAGR 7.5%| Key Player NCR, Oki Electric, Diebold Nixdorf, Wincor Nixdorf, Loomis

November 06 17:30 2020
Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market Growing at a CAGR 7.5%| Key Player NCR, Oki Electric, Diebold Nixdorf, Wincor Nixdorf, Loomis

NCR (US), Oki Electric (Japan), Diebold Nixdorf (US), Wincor Nixdorf (Germany), Loomis (US), and Global Glory (Japan).
Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market by Key Trends and Statistics, Regional Perspective, Market Size Estimation, Vendor Insights, Partnership Opportunities and Competitive Landscape – Global Forecast to 2021

The Hardware, Software and Helpdesk Support Service for the Retail Banking Market is expected to grow from USD 8.4 billion in 2018 to USD 10.4 billion by 2021, at the Compound Annual Growth Rate (CAGR) of 7.5% during the forecast period over 2018–2021. ATM maintenance holds the major share in the market along with digital singe maintenance and queue management maintenance services respectively. In the UK, the US, France, Germany and Canada banks are deploying advanced ATMs to enhance customer satisfaction. Due to population growth in countries such as Indonesia, Brazil, and Turkey banking infrastructure is expanding. The target market is divided into 7 segments, ATM maintenance service, digital signage maintenance, queue management maintenance, currency sorter, counter and detector maintenance, banking kiosk maintenance, end user device, and peripherals. To maintain the hardware/software and to expand the banking network, banks are investing more on procuring advanced hardware and software in the region.

Developing countries to drive adoption of banking infrastructure; advanced countries to focus on automation

Countries like Indonesia, Brazil, and Turkey are expanding their banking infrastructure further fueled by population growth. The banks in these countries will spend more on procuring hardware and software to expand bank networks and in-branch hardware/software maintenance services to maintain the infrastructure. Banks in countries such as China, India, Canada, and Japan are aligning their resources to incorporate technological advances and have not showcased significant changes in their spending patterns. In countries such as the US, Russia, France, and Germany; the banks focus on automation to sustain competition and reduce costs. However, in these countries, population growth is slow and number of branches is reducing.

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Focus on improving customer experience, operational efficiency and supply chain management

Retail banking institutions across the globe have adopted advanced solutions such as latest ATMs, digital signage systems, and kiosks to improve customer satisfaction and acquire new customers. These solutions empower banking leaders to track and manage diverse customer touch points for consistent customer experience. Banks focus on minimizing equipment breakdown that lead to customer dissatisfaction and loss of operational efficiency. Retail banking institutions also utilize advanced analytical capabilities for enhanced risk mitigation and higher operational efficiency. Retail banks collaborate with suppliers and partners for skill development, improve supply chain management efficiency, and to strengthen supplier network.

In the hardware segment, ATM install base market is dominated by 4 players, namely NCR (US), Oki Electric (Japan), Diebold Nixdorf (US), Wincor Nixdorf (Germany) (now a part of Diebold) which contribute more than  60% to the total market share. Due to increase in demand in the segment, service providers are focusing on multi-vendor service approach for managed services, branch automation, mobile and omni-channel solutions.

In maintenance and support services, ATM maintenance and operation support service holds a major share in the market. Vendors offer roll-out services for installing the ATMs, training and monitoring the operational challenges while integrating the ATMs with the bank network. Banks are interested in advanced ATMs, which can act as mini-banks  and offer more support to mobile based financial services. To overcome the shortcomings of traditional methods of hardware maintenance and support services, predictive maintenance is used. It ensures continuous functioning of ATMs by minimizing probability of equipment failure.

NCR is a major player in banking and commerce solutions, headquartered in Atlanta, Georgia and a presence in 180 countries. It offers Point of Sales (POS) terminals and devices, self-service kiosks, omni-channel platform software, and other software applications, and a complete suite of consulting, implementation, maintenance and managed services. It has acquired Texas P.O.S. Inc. a restaurant technology company. This would help NCR’s existing, regional sales presence for hospitality customers and expands services in the region. It has also introduced all-in-one Point of Sales (POS) solution, which would streamline the payment process for small businesses and improve customer engagement.

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Glory, a leading solution provider in cash technology, headquartered in Basingstoke, Hampshire UK with operations and offices in Europe, Middle East, North and South America, Asia, Africa, and China, a presence in more than 100 countries to optimize the handling, movement and management of cash. Glory offers products in various categories which include assisted service, teller cash recyclers, deposit solutions, note counters and sorters, coin solutions, retail point of sale, and back office, OEM cash dispensing, cash deposit and recyclers, and more. It has acquired Grupo Sortek, a leading provider of cash sorting solutions in Mexico. This would help Glory to expand its international business and strengthen the distribution partners across globe.

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