Dublin, April 06, 2021 (GLOBE NEWSWIRE) -- The "Banking Maintenance Support & Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Banking Maintenance Support and Services Market is expected to register a CAGR of approximately 9% during the forecast period (2021 - 2026). The major factor driving the market growth is the massive growth in population amongst the emerging economies and the increasing focus on optimizing the customer's in-branch experience.
These services help the banks reduce their operating and overhead costs, and reduce the downtime significantly. Companies offer solutions and assisted services that optimize the cash processes across the entire branch. These services and solutions automate cash handling and processing, which in turn improves efficiency, reduces costs, and helps the bank utilize the workforce to focus on maximizing customer experience and other important tasks effectively.
During the Covid-19 pandemic, several businesses and organizations were forced to temporarily shut down operations due to several lockdown and quarantine restrictions imposed across the globe. However, the banking industry was still operating, which further necessitated the demand for maintenance services in the branches, maintaining the health and safety of employees, and preventing viruses from visiting the banks. For instance, BS/2, a maintenance service provider, provided full maintenance service for banking equipment even during the imposition of quarantine rules.
Also, the increasing adoption of self-service machines in the banks, such as ATMs, Cash Deposit Machines, Banking Kiosks, and Digital Signage Systems, are expected to boost the need for Maintenance and Support Services.
Key Market Trends
Hardware Support Expected to Exhibit Significant Market Share
- The major challenge faced by the BFSI industry is to enhance the customer experience at the bank branches and eliminate the long time spent in queues. For this, several banks are making efforts to automate several tasks by deploying self-service devices such as ATMs, Cash Deposit Machines, Banking Kiosks, Digital Signage Systems, and many more.
- Such devices foster ease in performing several banking activities, such as balance inquiry, money transfer, cheque deposit, cash withdrawal, and many more. These devices the bankers to eliminate long queues at the branches and reducing the wait times while increasing their efficiency in managing their customers.
- For instance, CashLink Global Systems' ATM Service business provides several solutions to its customers, such as ATM Installation and De-Installation, Relocation, Transportation, Handling, Testing, Commissioning, Operational Training, and SLM.
Asia-Pacific Expected to Grow Significantly
- The Asia-Pacific region is expected to exhibit a significant growth rate during the forecast period, owing to the growing adoption of self-service technologies by various banks and financial service organizations to enhance their market presence. Several banking institutions in the region are increasingly adopting maintenance, repair, support, and services for their organizations to augment their ability to enhance the customer experience.
- In November 2019, Diebold Nixdorf partnered with Heritage Bank, Australia's largest customer-owned bank, to manage its entire fleet of ATMs as part of five-year services and maintenance agreement. According to the agreement, Diebold Nixdorf will provide an expanded range of support services and solutions to ensure that Heritage Bank's self-service network delivers optimum performance and the best experience for their consumers.
- Also, in August 2019, NCR Corporation expanded its operations by opening a new Services Center of Excellence (CoE) in Kuala Lumpur. The new location will enable NCR to provide services to the Asia-Pacific region while serving the banking, hospitality, and retail industries.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions & Market Study
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Focus on Providing Enhanced In-Branch Customer Experience in the BFSI Industry
4.2.2 Increasing Adoption of Self-service Machines
4.3 Market Restraints
4.3.1 Increasing Adoption of Digital Banking Solutions
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of Impact of Covid-19 on the Market
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Hardware Maintenance Support and Services
5.1.2 Software Maintenance Support and Services
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 Latin America
5.2.5 Middle-East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 CeleritiFinTech
6.1.2 Diebold Nixdorf, Inc.
6.1.3 CashLink Global Systems Pvt. Ltd.
6.1.4 NCR Corporation
6.1.5 Cardtronics Inc.
6.1.6 Glory Global Solutions (International) Limited
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/oig786