When establishing ATMs for their businesses, banks, financial institutions, and other business entities receive professional and comprehensive services from ATM managed services, also referred to as ATM-as-a-service. It deals in and performs a variety of activities, such as network monitoring, ATM procurement & deployment, cash management, surveillance, maintenance & caretaker services, and others. Additionally, banks, financial institutions, and other organizations can increase their operational efficiency, profitability, and performance by focusing on more productive duties with the help of ATM management services and improve cardholder happiness with the market's ATM services.
According to SPER Market Research, 'Saudi Arabia ATM Managed Service Market Size- By Type of ATMs, By Service Offerings- Regional Outlook, Competitive Strategies and Segment Forecast to 2032' states that the Saudi Arabia ATM managed service market is estimated to reach USD XX billion by 2032 with a CAGR of XX%.
The number of ATMs in Saudi Arabia has increased, along with the demand for managed service providers to outsource services to them. The market for managed services has also grown due to a decline in prices over time, an increase in SAMA initiatives to promote financial inclusion, and a growing number of domestic and foreign players operating in the Kingdom. The market is presently in its growing stage, but there is a good chance it will continue to expand at a higher rate as long as the industry continues to show promising trends. ATM managed service profitability is strongly correlated with a number of factors, including enhancing the ATM cash withdrawal process, expanding the number of ATMs, introducing new ATM models, strengthening customer retention programs and long-term relationships, and offering a diverse portfolio of services delivered by qualified professionals.
There are various elements that could provide obstacles or limitations for the Saudi Arabia ATM Managed Services market.
These might consist of: Security Concerns: When it comes to services in the financial sector that use automated devices such as ATMs, security is a major worry.
High Initial Setup Costs: ATM services require a large upfront investment in technology, equipment, and trained personnel for their implementation and management.
Legal Compliance: ATM Managed Service companies may face difficulties adhering to different legal requirements and norms in the banking sector.
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The market for managed ATM services in Saudi Arabia has been significantly impacted by the COVID-19 outbreak. In an effort to stem the virus's spread, the Saudi government imposed travel bans and lockdowns, which reduced demand for ATM services and decreased ATM managed service providers' earnings. One of the main effects of the pandemic has been a sharp drop in cash withdrawals as consumers have shifted to cashless transactions in order to avoid having to interact with ATMs in person. ATM operators and managed service providers have seen a decline in revenue as a result of the decline in cash withdrawals. Repair and maintenance services for ATMs have been delayed as a result of the lockdowns' impact on service personnel's travel..
Some of the key plays are - Abana, Abu-Sarhad, AMNCO, G4S Almjal, Hamrani, Hemaia Group, Hyosung, NCR, Sanid.
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Saudi Arabia ATM Managed Service Market Revenue
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