PUBLISHER: The Business Research Company | PRODUCT CODE: 1425271
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425271
Banking Hardware Maintenance, Software Support And Helpdesk Support Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on banking hardware maintenance, software support and helpdesk support services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for banking hardware maintenance, software support and helpdesk support services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The banking hardware maintenance, software support and helpdesk support services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Banks ensure continuous live customer support, available 24/7/365, by offering a range of services, including technical support for computer-related issues (hardware/software), website assistance for both employees and customers. Hardware maintenance and support services, such as contract maintenance and per-incident repair, involve proactive and corrective actions to physically fix or enhance hardware. This support includes fee-based hardware warranty upgrades and technical assistance for setup and troubleshooting over the phone and the internet.
The banking hardware maintenance, software support, and helpdesk support services aim to provide dedicated banking helpdesk services, thereby enhancing the efficiency and convenience of financial institutions. Key types of banking hardware maintenance, software support, and helpdesk support services include ATM maintenance service costs, ATM operational support service costs, digital signage systems, and queue management systems. The hardware component plays a crucial role in improving the efficiency and accuracy of banking hardware services. These services cover hardware and software applied in various equipment, including currency sorters, detectors and counters, banking kiosks, end-user devices, and peripherals.
The banking hardware maintenance, software support and helpdesk support services market size has grown strongly in recent years. It will grow from $11.66 billion in 2023 to $12.64 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The expansion observed during the historical period can be attributed to several factors, including the increased complexity of banking systems, compliance requirements related to regulations, the rise of digital banking, concerns about data privacy, customer expectations for seamless services, the expansion of ATM networks, and the globalization of banking operations. These elements collectively contributed to the growth and development of banking hardware maintenance, software support, and helpdesk support services during the specified historical period.
The banking hardware maintenance, software support and helpdesk support services market size is expected to see strong growth in the next few years. It will grow to $18.07 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. Anticipated growth in the forecast period can be linked to the implementation of real-time payment systems, support for remote workforce operations, a shift towards open banking practices, digital transformation initiatives, and the emphasis on resilience planning. Key trends expected in the forecast period encompass increased adoption of cloud technologies, heightened focus on cybersecurity measures, integration of AI and automation in helpdesk services, emphasis on predictive maintenance, outsourcing of support services, utilization of data analytics for performance optimization, continuous training and skill development, as well as a focus on scalability and flexibility within the banking hardware maintenance, software support, and helpdesk support services sector.
An escalating demand for banking services is projected to drive the growth of the banking hardware maintenance, software support, and helpdesk support services market. Banking institutions necessitate comprehensive helpdesk services covering various banking functions like ATMs, cash deposit machines, banking kiosks, and digital signage systems within banks. According to a Forbes report, by 2022, a significant shift in banking preferences emerged, with 29% of Americans opting for in-person banking, while a significant 78% preferred online banking or smartphone applications. This shift in consumer behavior underscores the increased need for banking services, propelling the growth of services catering to banking hardware maintenance, software support, and helpdesk assistance.
The proliferation of cyber threats is anticipated to fuel the expansion of the banking hardware maintenance, software support, and helpdesk support services market. Cyber threats encompass potential risks and malicious activities that target computer systems, networks, and digital information. The heightened incidence of cyber threats prompts banking institutions to ramp up investments in cybersecurity solutions, both in hardware and software domains. To fortify their IT infrastructure against evolving threats, banks require maintenance and support services to ensure the efficacy of their security systems. For example, as reported by the Government Digital Service in April 2023, over 2.39 million cases of cybercrime were recorded across various UK enterprises in the previous year, resulting in approximately 49,000 fraud cases associated with cybercrime. This surge in cyber threats underscores the growing necessity for banking hardware maintenance, software support, and helpdesk services.
Technological advancements constitute a significant trend driving the banking hardware maintenance, software support, and helpdesk support services market. Leading companies within this sector are actively innovating and integrating cutting-edge technologies such as voice banking, augmented reality banking, artificial intelligence (AI), and robotic process automation (RPA) to strengthen their market positions. For instance, in February 2023, Arvest Bank, a US-based financial service provider, introduced 'Selligence,' an advanced platform enabling teams to expedite deal closures by receiving sales trigger leads, contact details, and account-level data directly within their Chrome browser. Leveraging features like Selligence Events and Prospecting aids in identifying unique sales trigger leads at opportune times, expanding outreach and enhancing the potential for successful engagements, showcasing the incorporation of innovative technologies in banking service offerings.
Major players in the banking hardware maintenance, software support, and helpdesk support services market are driving profitability through innovative technological advancements, exemplified by the development of the SBP Core Platform. This cutting-edge platform, introduced by Sopra Banking Software, a France-based banking services firm in October 2023, represents a modular, real-time, and entirely cloud-native core banking solution harnessing the power of artificial intelligence and cloud technology. The SBP Core Platform boasts integrated AI functionalities, superior scalability, and an open architecture. Employing a Software-as-a-Service (SaaS) delivery model, it enables clients to access the latest advancements seamlessly, eliminating the need for time-consuming migration projects. Additionally, the platform ensures heightened security, cost efficiency, and seamless product upgrades. With a pre-configured Model Bank packaged within the SBP Core Platform, clients can swiftly implement the solution, reducing total cost of ownership (TCO) and streamlining operations.
In July 2022, Arvest Bank, a US-based financial services entity, partnered with Google Cloud, a suite of cloud computing services offered by Google LLC, to embark on a comprehensive overhaul of its existing IT infrastructure. This strategic collaboration involves a full-scale digital transformation initiative, including the migration of Arvest Bank's data centers to Google Cloud. Leveraging Google Cloud's machine learning and artificial intelligence (AI) capabilities, the partnership aims to enhance customer experience and accelerate the delivery of financial services. This collaborative effort signifies a robust integration of advanced technologies to modernize banking operations and elevate customer service standards.
Major companies operating in the banking hardware maintenance, software support and helpdesk support services market report are Loomis AB, NCR Corporation, Oki Electric Industry Co. Ltd., Diebold Nixdorf Incorporated, Glory Global Solutions International Limited, Automatia Pankkiautomaatit Oy, Hitachi Payment Services Pvt. Ltd., CashLink Global Systems Pvt. Ltd., Wincor Nixdorf, Fujitsu Limited, GRG Banking Equipment Co. Ltd., Hyosung TNS Inc., KAL ATM Software GmbH, Nautilus Hyosung America Inc., Triton Systems of Delaware LLC, ACG Infotech Limited, Axiomtek Co. Ltd., Bancsource Inc., Burroughs Inc., Cennox Group, CTS Electronics SpA, DPL Group, Fiserv Inc., FSS Technologies Pvt. Ltd., Genpact Limited, HCL Technologies Limited, Infosys Limited, Mphasis Limited, Tata Consultancy Services Limited, Wipro Limited
North America was the largest region in the banking hardware maintenance, software support and helpdesk support services market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the banking hardware maintenance, software support and helpdesk support services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the banking hardware maintenance, software support and helpdesk support services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The banking hardware maintenance, software support and helpdesk support services market includes revenues earned by entities by currency sorters, detectors and counters, banking kiosk, end user devices, and peripherals. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.