As per latest research published by Global Market Insights, the ATM Market size was $12.7 billion for 2015 and is projected to generate revenue of more than $26.1 billion by end of 2023 by registering CAGR of 9.9% during forecast period.
Industry Overview
ATM Market was $12.7 billion for 2015
These days, most of the financial institutions like banks are promoting ATM services in order to save time used for cash withdrawals, deposits & transfers and prevent long bank queues. Furthermore, from customer point of view, these machines minimize customer waiting time and this aspect is expected to boost global ATM market growth.
Rising deployment of these machines, brand consciousness and its use is predicted to favorably affect ATM market trends. Since these machines offer many services with quick and easy access, the global industry has experienced high acceptance among the people across the globe.
However, growing security concerns related to hacking, card scanning for capturing customer information, theft, fraud and server problems cam hinder the global industry growth.
Monetary organizations like banks are outsourcing functions to minimize maintenance and functional costs and this has led to growth & expansion of brown label ATM machines. They help in minimizing cost per bank transaction and offer improved focus on core banking functions. All these factors have fueled the global ATM industry growth.
Solution Trends
Global ATM industry is segmented into deployment solutions and managed services solutions. Deployment solutions are sub-segmented into mobile solutions, onsite solutions, worksite solutions and offsite solutions.
Deployment solutions segment contributed significantly to the global revenue share of ATM market for 2015. Worksite ATM market share is projected to surpass $2.6 billion by end of 2023. They provide quick and improved services to users by enabling flexible money deposits and withdrawals. Increase in proportion of IT firms all across the globe is predicted to provide lucrative growth avenues for the sub-segment.
Mobile segment is projected to record CAGR of 12.9% during forecast timeframe. These kinds of ATMs are installed by banks to reduce customer traffic at high volume bank locations.
Financial institutions like banks can move secondary functions to professional service providers with help of managed services. In this way the segment helps the institutions like banks to focus on their core activities and functions. Outsourcing of managed services also offers advantages like low functional costs & investments, enhanced profits and compliance with regulations.
Regional Trends
Global ATM market is segmented into various geographical regions like APAC, LATAM, Europe, MEA and North America.
U.S. ATM industry is predicted to drive revenue growth of North American industry by more than $9.1 billion by end of 2023. Factors like fleet growth, substitution of aging equipments by monetary firms and integration abilities like remote assistance, biometrics and video conferencing has promoted revenue growth in the region.
Rising demand for fulfilling the need for fast cash withdrawal of the people in countries like Indonesia, China, Vietnam and India is projected to promote APAC ATM industry growth.
Competitive Trends
Key industry players include Triton Systems, GRG Banking, Diebold Incorporation, Nautilus Hyosung, Wincor Nixdorf, Fujitsu, Hess Cash Systems, Euronet, Hitachi-Omron and NCR.
Smart ATM industry is predicted to acquire significance in future owing to growing need for controlling fraud menace. Today, firms are investing substantially in research & development and product innovation activities to expand their business and increase their global reach.
Source: https://www.gminsights.com/industry-analysis/ATM-market-report
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