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Global ATM Market to Reach US$ 28.37 Billion by 2027, Impelled by Rising Demand for Convenient Transactions

Published on Apr 15, 2021

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:

  • On the basis of the solution, the market has been bifurcated into deployment solutions and managed services.
  • Based on the screen size, the market has been divided into 15” and below, and above 15”.
  • On the basis of the application, the market has been classified into withdrawals, transfers and deposits.
  • Based on the ATM type, the market has been categorized into conventional/bank ATMs, brown label ATMs, white label ATMs, smart ATMs and cash dispensers.
  • On a regional basis, the market has been spread across North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being 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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