Global ATM Market Size to surpass $16bn by 2024
Published Date: August 21, 2019 Authors: Preeti Wadhwani, Saloni Gankar
Automated Teller Machine (ATM) Market size is set to surpass USD 16 billion by 2024; according to a new research report by Global Market Insights, Inc.
Developments in technology and self-service functionality in developed markets including the U.S. and Europe where the trend of replacing aging ATMs is gathering pace. Banking institutions are deploying modern and advanced feature machines with features such as touchscreens, brighter displays, video banking, dynamic branding, and faster transaction times. The implementation of wireless technology in machines has helped the industry to expand into rural areas where connectivity and power supply remain major constraints. Innovations, such as video banking, help to deliver several valuable benefits for banks and their customers. For financial institutions, this technology provides an efficient way of expanding banking services into rural or remote areas. Such factors are anticipated to positively impact ATM market growth.
Automated teller machine (ATM) market players are focusing on implementing advanced technology for providing faster and more dependable services to customers. For instance, in December 2016, Payment Alliance International (PAI) partnered with Sionic Mobile, a cloud-based mobile commerce firm to implement the beacon technology. This technology will allow advertisers to connect and engage with mobile app users by permitting proximity-based mobile ads via iBeacon technology in machines. The technology was implemented in the PAI ATM network across 74,000 ATMs across the U.S. Banks are focusing on investing in advanced technologies for improving the security in payment transactions. For instance, the iris biometric technology was implemented for Qatar National Bank ATMs in 2016, helping to improve the overall bank security.
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The adoption of deposit automation technology in machines has grown significantly, allowing banks to migrate deposit processing, enabling improved customer service, and increasing sales opportunities. Automated deposit machines help to eliminate cumbersome deposit slips and allow customers to easily deposit multiple checks into a single slot. These machines help banks to expand into new markets and add more touchpoints to existing markets, creating a larger customer presence. Such technological innovations in systems are projected to positively impact the market growth. The evolution of smart machines is allowing customers to initiate a transaction via their smart devices with mobile functionality near an NFC-enabled system.
Browse key industry insights spread across 145 pages with 218 market data tables & 46 figures & charts from the report “Automated Teller Machine (ATM) Market Size By Solution (Deployment [Onsite, Offsite, Worksite, Mobile], Managed Services), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, China, India, Japan, South Korea, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Offsite ATMs are anticipated to account for high market share over the forecast timespan owing to the rising demand for cash in emerging economies. These machines enable easy and convenient cash withdrawal in shopping malls, multiplexes, and entertainment centers. It reduces the probability of causing errors, allowing banks to have smooth financial transactions. These are installed by banks and are mostly subsidized, allowing easy and flexible withdrawals to customers. The ability of offsite systems to reach more customers at a wide geographical base will drive the ATM market revenue over the coming years. Moreover, the increasing competition among financial institutions provides convenient banking services for its customers (near the doorstep), propelling the demand for these machines.
Latin America is witnessing expansion of the banking sector and deployment of ATM networks for serving the massive unbanked population. The rise in government initiatives for the opening of new accounts without minimum operating balances has been witnessed in the region coupled with the continuous expansion of bank businesses. In March 2016, the Brazilian government approved Resolution 4,480, which makes it easier for low-income workers to open bank accounts. The adoption of SISBACEN, which is an electronic information system by the Central Bank of Brazil is helping to monitor and ensure the performance of banks operating in the country.
Major companies participating in the market include Fujitsu Limited, Hess Cash Systems, Euronet Worldwide, Inc., Hitachi-Omron Terminal Solutions Corporation, Nautilus Hyosung, Tidel Engineering, L.P., Triton Systems of Delaware LLC, and Diebold Nixdorf, Incorporated. Manufacturers in the market are developing modern solutions for enhancing the performance and efficiency of these systems. For instance, in January 2016, GRG Banking Equipment Co., Ltd. launched the Intelligent Cash Processing Line (ICPL) with the Al Rajhi Bank Cash Center located in the UAE. The ICPL is the first cash processing and sorting solution in the Middle East approved by the Al Rajhi Bank and the Saudi Arabian Monetary Authority (SAMA).
The automated teller machine (ATM) market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and installed base in units from 2013 to 2024, for the following segments:
- Onsite (Bank-owned)
- Managed Services
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Saudi Arabia
- South Africa