Global Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market, By Service Type (ATM – Maintenance Service Costs, ATM – Operational Support Service Costs, Digital Signage Systems, Queue Management System, Currency Sorters, detectors and Counters, Banking Kiosk, End User Devices, Peripherals), Components (Hardware, Software) – Industry Trends and Forecast to 2029
Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market Analysis and Size
The demand for banking hardware maintenance, software support, and helpdesk support services has been greatly increased by the rapid population rise in emerging nations and the increasing emphasis on enhancing customers' in-branch experience. Additionally, the use of self-service devices like ATMs, cash deposit machines, banking kiosks, and digital signage systems in banks is anticipated to increase demand for maintenance and support services. These determinants are further anticipated to generate significant amounts of revenue over the forecast period.
Global banking hardware maintenance, software support and helpdesk support services market was valued at USD 10.40 billion in 2021 and is expected to reach USD 19.39 billion by 2029, registering a CAGR of 8.10% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Service Type (ATM – Maintenance Service Costs, ATM – Operational Support Service Costs, Digital Signage Systems, Queue Management System, Currency Sorters, detectors and Counters, Banking Kiosk, End User Devices, Peripherals), Components (Hardware, Software)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Diebold Nixdorf, Incorporated (U.S.), NCR Corporation (U.S.), and Oki Electric Industry Co., Ltd. (Japan), Loomis AB (Sweden), Glory Global Solutions (International) Limited (U.K.), Hitachi, Ltd. (Japan), CashLink Global Systems Pvt. Ltd. (India), Cardtronics (U.S.)
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Market Opportunities
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Market Definition
The business strategists can find a wealth of useful information from the banking industry's hardware, software, and helpdesk support services. It gives an industry overview for software support, banking hardware maintenance, and help desk support services, together with cost, revenue, demand, and supply data from the past and the future.
Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Requirement of these Services
These services assist the banks in drastically lowering downtime and operating expenses. Businesses provide services and solutions that streamline the cash procedures throughout the entire branch. These products and services automate the handling and processing of cash, which increases productivity, lowers costs, and enables the bank to better utilize its workforce by concentrating on improving the client experience and other crucial activities. Consequently, the banking hardware maintenance, software support and helpdesk support services are largely demanded across the organizations.
Furthermore, the factors such as use of self-service devices like ATMs, cash deposit machines, banking kiosks, and digital signage systems in banks will accelerate the overall market expansion during the forecast period. Additionally, the growing populations are driving the expansion of financial infrastructure in developing nations like Indonesia, Brazil, and Turkey. It is anticipated that banks in these nations will spend more on buying hardware and software to increase their network and on in-branch maintenance services to keep the infrastructure in good working order.
Opportunities
- Surging Partnership And Investments
The service providers have partnered with a number of banking institutions on a global scale to spread their services internationally and assist these institutions in improving their customer experiences which will further expand the banking hardware maintenance, software support and helpdesk support services market's growth rate in the future. Additionally, the high research and development investments further offer numerous growth opportunities within the market.
Restraints/Challenges
- Availability of Substitutes
The rising number of substitutes of the banking hardware maintenance, software support and helpdesk support services further derail the overall market’s growth.
- High Competition
The market growth rate will be further slowed down by rivalry among existing players and threats of new emerging entrants. The high competition amongst the new entrants and existing players is therefore estimated to be significant challenge for the banking hardware maintenance, software support and helpdesk support services market over the forecast period.
This banking hardware maintenance, software support and helpdesk support services market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the banking hardware maintenance, software support and helpdesk support services market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market
The banking hardware maintenance, software support and helpdesk support services market was immensely impacted by the outbreak of COVID-19 as various industries were largely forced to temporarily shut down operations due to several lockdown and quarantine restrictions imposed. As the banking sector was still active, there was still a need for maintenance services at the branches to protect workers' health and safety and stop viruses from entering the banks. For instance, even as quarantine regulations were being implemented, BS/2, a maintenance service provider, offered full maintenance service for banking equipment.
Recent Developments
- In February 2020, by joining forces with Platt Nera International Limited, Hitachi Terminal Solutions (Thailand) Co., Ltd., a regional affiliate of Hitachi-Omron Terminal Solutions, Corp., was able to secure a contract for the deployment and management outsourcing of an ATM from the Government Savings Bank, a state-owned bank in Thailand. For a period of five years, Hitachi Terminal Solutions in Thailand will offer GSB full operation services, including asset provision, operations, monitoring, and maintenance for 2,900 ATMs.
Global Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market Scope
The banking hardware maintenance, software support and helpdesk support services market is segmented on the basis of service type and components. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Service Type
- ATM – Maintenance Service Costs
- ATM – Operational Support Service Costs
- Digital Signage Systems
- Queue Management System
- Currency Sorters
- detectors and Counters, Banking Kiosk
- End User Devices
- Peripherals
Components
- Hardware
- Software
Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market Regional Analysis/Insights
The banking hardware maintenance, software support and helpdesk support services market is analyzed and market size insights and trends are provided by country, service type and components as referenced above.
The countries covered in the banking hardware maintenance, software support and helpdesk support services market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the banking hardware maintenance, software support and helpdesk support services market because of the presence of a well-established infrastructure and increasing adoption of self-service machines within the region over the forecast period of 2022 to 2029. Moreover, the increased focus towards providing enhanced in-branch customer experience in the BFSI industry is further estimated to accelerate the expansion over the forecast period.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to steady growth in the emerging economy and government’s step to provide better and enhanced banking facilities with better customer experience within the region. The increased population is also a significant contributor to the expansion of the regional market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Banking Hardware Maintenance, Software Support and Helpdesk Support Services Market Share Analysis
The banking hardware maintenance, software support and helpdesk support services market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to banking hardware maintenance, software support and helpdesk support services market.
Some of the major players operating in the banking hardware maintenance, software support and helpdesk support services market are
- Diebold Nixdorf, Incorporated (U.S.)
- NCR Corporation (U.S.)
- Oki Electric Industry Co., Ltd. (Japan)
- Loomis AB (Sweden)
- Glory Global Solutions (International) Limited (U.K.)
- Hitachi, Ltd. (Japan)
- CashLink Global Systems Pvt. Ltd. (India)
- Cardtronics (U.S.)
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