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According to the latest report by IMARC Group, titled “ATM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global ATM market size reached US$ 21.03 Billion in 2021. An automated teller machine (ATM) is a banking machine that allows customers to make simple transactions with their credit or debit cards. It handles money and executes various tasks, including cash withdrawals, deposits, and fund transfers. These machines also assist with related operations, such as balance inquiry and PIN change. An ATM comprises a card reader, keypad, cash dispenser, printer, and a display screen to show the user their account balance. These machines read the chip on the front and the magnetic stripe on the back of the debit/credit card to execute the requested function. ATMs are a faster and more convenient self-serving alternative to conventional bank tellers and offer a smooth financial transaction experience.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global ATM Market Trends:
The global ATM market is primarily being driven by the escalating demand for convenient banking transactions and increasing urbanization in emerging economies. The essential features of ATMs, such as the 24*7 availability of cash and the ease of fund transfers and bill payments, have favored their widespread adoption around the world. Moreover, improved security measures, including biometric and one-time password (OTP) authentication systems to prevent fraudulent transactions and the advent of Talking ATMs for users with special needs, are contributing to the market growth. Furthermore, the growing tourism sector is acting as another major growth-inducing factor as many ATMs now offer advanced features, such as Dynamic Currency Conversion (DCC), that enable a smooth currency conversion experience for international travelers. Looking forward, the market value is expected to reach US$ 28.37 Billion by 2027, expanding at a CAGR of 5.2% during 2022-2027.
Market Summary:
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