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Global ATM Market to Reach US$ 28.2 Billion by 2024, Fostered by Convenient Banking Transactions

According to the latest ATM market report by IMARC Group, titled “ATM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global ATM market size reached US$ 18.5 Billion in 2018. An automated teller machine (ATM) is a specialized computer that allows users to perform basic banking transactions. It is mainly used to withdraw and deposit money using credit or debit cards. Apart from this, these machines are also utilized for complex transactions, including bill payments, fund transfers, and facilitate line-of-credit payments and report account information. ATMs usually read either the chip on the front or the magnetic stripe present at the back of the debit/credit card. The user is then asked to enter their PIN and choose the mode of transaction. They are then prompted to either deposit the cash or collect the dispensed cash to complete the transaction. Related operations, such as balance inquiry and PIN change, can also be performed with the help of these machines.

Global ATM Market Trends 2019:

The convenience associated with the use of ATMs is one of the major factors behind the ATM market growth. 24*7 cash availability is one of the fundamental features of these machines, which has significantly eased the daily operations of consumers. They also aid in reducing the hassles of bank hour constraints, paper-based validations and personal attendance of customers, which has enhanced the banking experience for users. Moreover, the incorporation of improved security mechanisms to prevent fraudulent transactions and security breaches is contributing to the widespread acceptance of ATMs. The increasing adoption rates of biometrics and two-factor authentication services are creating a positive outlook for the market. Furthermore, the advent of talking ATMs is another major factor catalyzing the growth of the market. These variants are being installed across the globe to aid the visually impaired users in seamlessly completing their transactions. Other factors contributing to the market growth include reduced frequency of human error, the advent of smart ATMs, and innovative features such as Dynamic Currency Conversion (CDC). On account of the aforementioned factors, the market is expected to reach a value of US$ 28.2 Billion by 2024, registering a CAGR of around 7% during 2019-2024.

Market Summary:

  • On the basis of the solution, the market has been bifurcated into deployment solutions and managed services. Deployment solutions exhibit a clear dominance in the market which have been further segregated into onsite, offsite, work site and mobile ATMs.
  • Based on the screen size, the market has been divided into 15” and below, and above 15”, wherein 15” and below accounts for the majority of the total market share.
  • On the basis of the application, the market has been classified into withdrawals, transfers and deposits.
  • Based on the type, the market has been categorized into conventional/bank ATMs, brown label ATMs, white label ATMs, smart ATMs and cash dispensers.
  • On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the ATM market competitors operating in the market. Some of these include Diebold Inc., Wincor Nixdorf AG, NCR Corporation, Triton Systems of Delaware, Hitachi-Omron Terminal Solutions, GRG Banking Equipment Co. Ltd., OKI Electric Industry co. Ltd., Nautilus Hyosung Corporation, HESS Cash Systems GmbH & Co KG, Fujitsu Ltd., Euronet Worldwide, and Brink's Company.

 

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