The ATM market was size was valued at approximately USD 20.7 billion in 2020. The market is projected to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to enhanced security standards, technological advancements, and integration of wireless communication devices such as smartphones.
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An automated teller machine (ATM) is a banking system that allows customers to make easy transactions with their credit or debit cards. It manages money and performs a variety of functions, such as deposits, cash withdrawals, and fund transfers. These machines include features like balance inquiries and pin change. A card reader, printer, keypad, cash dispenser, and a display screen that shows the user their account balance are all included in an ATM. To perform the requested purpose, these machines scan the strip on the front and the magnetic strip on the back of the debit/credit card. ATMs are a more convenient and quicker self-service choice than traditional bank tellers, and they provide a seamless financial transaction experience.
Market Trends, Drivers, Restraints, and Opportunities:
- Increase in use of solar-powered machine, low overall costs, and operating costs, is anticipated to boost the market.
- Online cash payments and other forms of cash transactions are expected to pose a challenge for the market growth.
ATM Market Segment Insights:
The deployment segment is expected the hold a key share
Based on solutions, the global ATM market is divided into managed services, and deployments. The deployment segment is further segregated intoonsite ATMs, work site ATMs, offsite ATMs, and mobile ATMs. The deployment segment accounts for a key share of the market; however, the onsite machine segment is anticipated to expand at a rapid pace during the forecast period.. On-site machines are located on the bank's premises and can be used in conjunction with a physical bank branch.
Asia Pacific is expected to hold major market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to rise significantly during the forecast period. Over a million ATMs are expected to be deployed globally, in Asia Pacific.
Compititive Landscape
Some of the key players operating in the market are Diebold Inc.; NCR Corporation; Wincor Nixdorf; Nautilus Hyosung; Euronet Worldwide; Fujitsu; Trinton Systems of Delaware LLC; HESS Terminal Solutions GmbH & Co.; Hitachi-Omron Terminal Solutions Corporation; and GRG Banking. Consumerization of IT in the workplace and use of multi-functional devices for work purposes is projected to drive the market. To meet changing customer tastes and demands, suppliers and manufacturers are focusing more on creating multi-functional products. Companies have been concentrating on offering additional benefits such as better customer support, more shelf space, cost savings, and increased operating efficiencies.
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