Automated Teller Machine (ATM) Market Size

Automated Teller Machine Market Size

ATM Market size exceeded USD 20 billion in 2020 and is projected to expand at over 4% CAGR from 2021 to 2027. The improvement in technology of the machinery is likely to support the rise of automated teller machines demand. It allows consumers to complete different tasks related to the banking through secure passage.

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The industry players are focusing on integrating advanced technologies, such as AI, IoT, and biometrics technology, with the machines to offer a seamless customer experience. For instance, in June 2021, CaixaBank introduced automated teller machines with facial recognition technology, eliminating the need for the consumer to enter the pin. The technology is equipped with software & cameras capable of identifying above 16,000 points on the user face for ensuring safety. The company is planning to deploy about 100 machines across Spain in the near future.
 

The coronavirus pandemic has negatively impacted ATM industry. The outbreak has resulted in imposition of stringent lockdown measure and social distancing norms from the government authorities to stop the spread of the virus. This factor has created barriers for consumers in terms of visiting the ATM locations and completing various procedures.
 

The challenges due to the lockdown has shifted the end-users focus on online services such as net banking & digital payments. With an increase in accessibility to online platforms, customer reliance for completing transactions diverted to e-wallets & mobile payment applications, thus reducing the need of in-hand cash. However, the integration of both the technologies will support the utilization of automated teller machines in coming years.