The global ATM managed services market is set to reach $9.9B by 2027 thanks to digital gadgets, greater use of offsite ATMs and progress in Asia-Pacific.

According to Allied Market Research, the world’s ATM managed services market is predicted to increase from $6.1 billion in 2019 to $9.9 billion in 2027, growing by 6.5% each year. More people using digital technology and a greater demand for secure and reliable ATM operations are supporting this growth.

Banks and financial companies use ATM managed services for assistance with transaction processing, upkeep of hardware and assistance with networks. Because banks look to cut costs and boost customer satisfaction, services for bank operations are more sought after.

Some key trends involve combining advanced tech such as blockchain, AI and IoT. Because of these new technologies, ATM networks should improve how they handle both security and transactions. Most importantly, offsite ATMs were the top choice in 2019 and they are forecast to lead again because banks are expanding to new areas.

Asia-Pacific was the main contributor to global ATM managed services in 2019, thanks to fast adoption in China, India and Japan. Because of recurring mergers in the banking sector and their shift towards digital, many opportunities are opening for service providers. Still, because of COVID-19, people used ATMs less as they switched to touchless ways to pay.

Larger companies involved in ATM managed services are NCR Corporation, Diebold Nixdorf, Fiserv and Euronet Worldwide.

Increased use and need for safe banking have driven the ATM managed services market worldwide and this is expected to continue for some time.