Banking Maintenance Support & Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Banking Maintenance Support & Services Market is Segmented by Component (Hardware Maintenance Support and Services, Software Maintenance Support and Services), and Geography.

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Banking Maintenance Support & Services Industry Overview

Banking Maintenance Support & Services Market Size
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 9 %

Major Players

Banking Maintenance Support & Services Market Key Players

*Disclaimer: Major Players sorted in no particular order
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Banking Maintenance Support & Services Market Analysis

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.

Banking Maintenance Support & Services Industry Segments

Banking Maintenance Support and Services include maintenance services, such as Hardware Support, Software Support, and other Maintenance Services, professional and managed, provided by various services providers, which are outsourced by several banks and financial institutions to optimize their operational costs and enhance the customer experience. 

By Component
Hardware Maintenance Support and Services
Software Maintenance Support and Services
Geography
North America
Europe
Asia-Pacific
Latin America
Middle-East & Africa

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Banking Maintenance Support & Services Market Trends

This section covers the major market trends shaping the Banking Maintenance Support & Services Market according to our research experts:

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.
Banking Maintenance Support & Services Market Trends

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.
Banking Maintenance Support & Services Market Growth

Banking Maintenance Support & Services Market Competitor Analysis

The competitive landscape of the Banking Maintenance Support and Service Market is consolidated due to the presence of few major service providers worldwide. The service providers are partnering with several banking institutions globally to expand their services worldwide, and help these institutions enhance their customer experience.

  • February 2020 - Hitachi Terminal Solutions (Thailand) Co., Ltd., a local subsidiary of Hitachi-Omron Terminal Solutions, Corp. received an order for an ATM deployment and management outsourcing services from a state-owned bank of Thailand, Government Savings Bank, by forming a partnership with Platt Nera International Limited. Hitachi Terminal Solutions in Thailand will provide GSB with comprehensive operation services, including asset provision, operations, monitoring, and maintenance of 2,900 ATMs for five years.
  • May 2019 - NCR Corporation collaborated with Oman Arab Bank, which made it the first bank to deploy NFC contactless card-reading technology. The technology will make the ATM transactions more secure and 15% faster than card-enabled transactions.

Banking Maintenance Support & Services Market Top Players

  1. CeleritiFinTech

  2. Diebold Nixdorf, Inc

  3. CashLink Global Systems Pvt. Ltd.

  4. NCR Corporation

  5. Cardtronics Inc.

*Disclaimer: Major Players sorted in no particular order

"CeleritiFinTech, Diebold Nixdorf, Inc, CashLink Global Systems Pvt. Ltd., NCR Corporation, Cardtronics Inc."

Banking Maintenance Support & Services Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions & Market Study

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increased Focus on Providing Enhanced In-Branch Customer Experience in the BFSI Industry

      2. 4.2.2 Increasing Adoption of Self-service Machines

    3. 4.3 Market Restraints

      1. 4.3.1 Increasing Adoption of Digital Banking Solutions

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Assessment of Impact of Covid-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Component

      1. 5.1.1 Hardware Maintenance Support and Services

      2. 5.1.2 Software Maintenance Support and Services

    2. 5.2 Geography

      1. 5.2.1 North America

      2. 5.2.2 Europe

      3. 5.2.3 Asia-Pacific

      4. 5.2.4 Latin America

      5. 5.2.5 Middle-East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 CeleritiFinTech

      2. 6.1.2 Diebold Nixdorf, Inc.

      3. 6.1.3 CashLink Global Systems Pvt. Ltd.

      4. 6.1.4 NCR Corporation

      5. 6.1.5 Cardtronics Inc.

      6. 6.1.6 Glory Global Solutions (International) Limited

  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Banking Maintenance Support & Services Market Research FAQs

The Banking Maintenance Support & Services Market is studied from 2018 - 2028.

The Banking Maintenance Support & Services Market is growing at a CAGR of 9% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

Asia Pacific holds highest share in 2021.

CeleritiFinTech, Diebold Nixdorf, Inc, CashLink Global Systems Pvt. Ltd., NCR Corporation, Cardtronics Inc. are the major companies operating in Banking Maintenance Support & Services Market.

Banking Maintenance Support & Services Industry Report

In-depth industry statistics and market share insights of the Banking Maintenance Support & Services Market sector for 2020, 2021, and 2022. The Banking Maintenance Support & Services Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Banking Maintenance Support & Services Market report PDF.

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