ATM Market Is Projected To Register A Compound Annual Growth Rate (CAGR) Of 4.9% From 2021 To 2028
ATM Industry Overview
The global ATM market size reached USD 20.18 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.9% from 2021 to 2028. Automated teller machines (ATMs) offer a reliable easy interface for cash withdrawal and features such as ease of fund transfer, withdrawal, deposit, and 24x7 availability of cash. With advancements in technology, customers seek secure, faster, more convenient, and reliable means of accessing cash, favoring the widespread adoption of ATMs globally. Furthermore, improved security measures, including biometric and one-time password authentication systems to prevent fraud, and the advent of Smart ATMs for users with special needs contribute to market growth. The increase in demand for automation in the banking sector in several developed and emerging countries is also expected to fuel the demand for ATMs.
The COVID-19 pandemic has significantly disrupted ATM manufacturing operations and supply chains, impacting the overall ATM market. While the stringent restrictions on movement and varying degrees of lockdowns across several countries paralyzed business activities, many people shifted toward digital platforms for banking transactions. However, the demand for ATMs is expected to rise after the pandemic is over owing to the high demand in rural areas of developing countries such as China and India.
Gather more insights about the market drivers, restrains and growth of the Global ATM market
The integration of improved security mechanisms such as fingerprint, biometrics, and double authentication adds an additional security layer to technologically advanced ATMs, which is expected to help prevent fraud and drive the adoption of ATMs. For instance, in January 2019, the Reserve Bank of India (RBI) mandated banks in India to discontinue the magstripe cards and upgrade to EMV chip cards. The new payment cards offered enhanced authentication and better protection from scams/fraudulent activities.
The easy flow of cash, rising number of transactional benefits, easy withdrawal, quick and prompt service, and the viability of offline shopping have powered the usage of ATMs across the world, which positively reflects on the promising growth prospects of the global market. Growing urbanization, in both developed and emerging economies, is the primary factor driving the growth of the market. Furthermore, the 24X7 availability of cash, along with the provision of fund transfer and bill payment features are driving the demand for ATMs globally. An increase in installation base and maintenance activities has impacted revenue generation significantly.
Technological advancements such as digital convergence, integration of IoT data analysis, and biometrics & cybersecurity are expected to fuel the market growth. Technological advancement has also allowed for the introduction of contactless ATM kiosks, which have been marketed as a safer and risk-free way of withdrawing cash amid the COVID-19 pandemic. Contactless ATM kiosks allow users to withdraw cash from the ATM by scanning a QR code on the screen without touching the interface. The number of ATMs that offer contactless cash withdrawals has been on the rise globally.
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ATM Market Segmentation
Grand View Research has segmented the global ATM market based on solution and region:
ATM Solution Outlook (Revenue, USD Million, 2018 - 2028)
- Deployment
- Onsite ATM
- Offsite ATM
- Worksite ATM
- Mobile ATM
- Managed Service
ATM Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global ATM market include
- Diebold Nixdorf
- Fujitsu Limited
- G4S plc
- GRG Banking
- Hitachi-Omron Terminal Solutions, Corp. (Hitachi)
- NCR Corporation
- OKI Electric Industry Co., Ltd.
- Guangzhou King Teller Technology Co. Ltd
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