ATM (automated teller machine) managed services involve outsourcing ATM operations to third-party service providers, including maintenance, security, monitoring, and other related services. The Saudi Arabia ATM managed service market has been experiencing significant growth due to the increasing adoption of digital banking solutions, the need for cost-effective ATM operations, and the growing focus on improving the customer experience. The ATM managed service market in Saudi Arabia is comprised of a mix of large multinational corporations and regional players, with companies such as Diebold Nixdorf, NCR Corporation, and GRG Banking operating in the region. The market has been driven by favourable government initiatives aimed at promoting digital banking solutions and increasing the use of electronic payment systems. The ATM managed service market in Saudi Arabia is expected to continue to grow in the coming years, driven by increasing demand and the need for cost-effective and efficient ATM operations in the financial sector.
To put it differently, the outbreak of COVID-19 has brought significant changes in the Saudi Arabia ATM managed service market. The measures taken by the Saudi Arabian government to contain the virus have resulted in a reduction in the demand for ATM services, leading to a decrease in the revenue of ATM managed service providers. A notable impact of the pandemic has been the decline in cash withdrawals as more individuals moved towards contactless payment options to avoid physical contact with ATMs, further affecting the revenue of ATM operators and managed service providers. However, the pandemic has also presented an opportunity for providers to introduce innovative solutions, such as touchless ATMs, to cater to the changing needs of customers. Moreover, the Saudi government's initiatives to promote digital payments have opened up new growth opportunities for ATM managed service providers. The long-term prospects of the market will depend on how well providers adapt to the evolving needs of consumers and leverage government measures to support cashless transactions.
Saudi Arabia ATM Managed Service Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abana, Abu-Sarhad, AMNCO, G4S Almjal, Hamrani, Hemaia Group, Hyosung, NCR, Sanid.
Saudi Arabia ATM Managed Service Market Segmentation:
By Type of ATMs: Based on the Type of ATMs, Saudi Arabia ATM Managed Service market is segmented as: On-Site ATMs, Off-Site ATMs, Mobile ATMs.
By Service Offerings: By on the Service Offerings, Saudi Arabia ATM Managed Service market is segmented as: Cash management Service, ATM Site Maintenance, ATM Repair & Maintenance & Other Services.
By Region: This report also provide the data for key regional segments of Saudi Arabia; The Emirate of the Riyadh Province, The Emirate of the Makkah Province, The Emirate of the Eastern Province, The Emirate of the Madinah Province, The Emirate of the Al Baha Province, The Emirate of the Al Jawf Province, The Emirate of the Northern Borders Province, The Emirate of the Qassim Province, The Emirate of the Ha’il Province, The Emirate of the Tabuk Province, The Emirate of the Aseer Province, The Emirate of the Jizan Province, The Emirate of the Najran Province.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.