Automated Teller Machine (ATM) Market size is set to surpass USD 25 billion by 2027, according to a new research report by Global Market Insights Inc.
The increase in urbanization will support the rise of the ATM market. Several individuals are moving to urban locations or metropolitan cities due to the accessibility to better facilities in education, healthcare, professional, entertainment, and lifestyle segments. The growing population in modern locations will increase the demand for automated teller machines in different sites, thus boosting the market growth. In addition, the development of technology of the machines will further support the market demand in the coming years.
The outbreak of covid-19 virus across multiple regions has negatively affected the ATM market expansion. The sudden occurrence of the virus has encouraged governing bodies to apply strict travel restrictions & lockdown regulations for the safety of the population. It has accelerated the adoption of digital payments for completing transactions for multiple applications such as groceries, entertainment & transportation. This factor has impacted the revenue generation from the traditional business model of the ATMs. However, with the introduction of new technologies and features in the machines, the industry demand is expected to rise during the forecast timeframe.
Get more details on this report - Request Free Sample PDF
Expansion of new commercial parks globally will propel the market progression
The commercial segment in the ATM market is projected to witness 5% growth rate through 2027. The rise in the number of commercial office parks will fuel the industry growth of workstation automated teller machines. Several builders in the domain are focusing on launching new office locations to accommodate the growing workforce from new small & medium enterprises across the globe. They emphasize on offering high-end services such as cafeteria, entertainment & ATMs to customers.
Browse key industry insights spread across xx pages with xx market data tables and xx figures & charts from the report, “Automated Teller Machin Market Size By Solution (Deployment [Onsite, Offsite, Worksite, Mobile], Managed Services), By Type (White label, Brown label), By Application (Commercial, Government, Residential), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising awareness across the individuals to stimulate the acceptance of ATMs in residential complex
The residential compounds will showcase growth attributed to the easy accessibility to knowledge amongst the population. With rising utilization of online service & digital medium, the transfer of knowledge has increased. Several online brokerage and housing assistance companies, such as nobroker and 99acres, are providing necessary guidance to the individuals for installing an ATM in the residential townships. This factor will encourage commercial property owners across the globe to utilize their space in terms of installing ATMs to generate income. In addition, the development of new residential compounds will further support the industry progression.
The focus on offering a wide set of ATM-based services will support the market value in North America region
North America ATM market is poised to expand at more than2% CAGR and will reach USD 6 million by 2027. The growing emphasis of industry participants on expansion of their service portfolio will foster the industry expansion across the region. To gain a differentiated market positioning, companies are accelerating their R&D activities to expand their solution offerings to cater to a large set of customers. This factor has encouraged strategic partnerships or acquisitions in the sector.
Companies focusing on strategic partnerships to launch innovative solutions
Key players operating in the market include NCR Corporation, Diebold Nixdorf, Euronet Worldwide, Inc., Hyosung, Hitachi-Omron Terminal Solutions Corporation, Triton, Rapidcash ATM, G4S, OKI Electric Industry co. Ltd., Brinks, SPL Group, FIS, Kuba, and Hantle. The leaders are emphasizing on launching new innovative technologies in the market through establishing new strategic partnerships.