San Francisco, 14 March 2024: The Report ATM Market Size, Share & Trends Analysis Report By Solution (Deployment, Managed Service), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2023 - 2030

The global ATM market size is expected to reach USD 31.64 billion by 2030 and is projected to register a CAGR of 4.0% from 2023 to 2030, according to a study conducted by Grand View Research, Inc. An Automated Teller Machine (ATM) is a specialized computer that acts as a digital banking outlet for customers to make basic banking transactions using debit and credit cards. An ATM typically comprises a keypad, dispenser, printer, card reader, and display screen to prompt the user through each step of the transaction. Some ATMs handle money and act solely as cash dispensers while some execute various tasks as fund transfer, check and cash deposit, and bill payment.

These machines also allow users to change card passwords and view their bank account balances. Increasing demand for automated systems in developing countries is expected to positively influence the global ATM installed base over the forecast period. However, the market is projected to lose momentum due to a significant increase in the adoption of mobile and internet banking applications.

The rising demand for automation in the banking sector in several developed and emerging countries is expected to fuel the demand for ATMs in the near future. Increased adoption of advanced technologies and digital infrastructure in the banking sector, coupled with the rising demand for quick cash withdrawal by the user, is a major factor expected to drive the market growth. The increasing deployment of ATMs in organizations and financial institutions in developing economies is also anticipated to boost the demand for ATMs over the forecast period.

Onsite ATMs are being deployed in the bank premises to help customers avoid long queues for cash deposits, withdrawals, and cash transfers. The evolving banking infrastructure and an increasing number of onsite ATMs to enhance customer satisfaction are also expected to provide growth opportunities to the growth of the market.

Asia Pacific accounted for the largest share of the market in 2020. The radical economic and industrial development witnessed in recent years has attracted several global banks to developing economies such as India, China, South Korea, and Taiwan. This has helped boost the regional market growth.

The market for ATM is expected to witness a boost after the COVID-19 pandemic is over. The introduction of smart ATMs in developing countries such as India, China, and Japan is expected to augment growth opportunities for the market. Furthermore, cash continues to be the first choice of customers to make payments owing to the convenience involved. The evolution of digital payment solutions such as bitcoin transactions and mobile banking will hamper the market growth in the long run.

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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.

ATM Market Report Highlights

• In terms of solution, the deployment segment dominated the market in 2022. The segment accounted for over 53.9% of the overall industry in 2022
• The thriving tourism industry plays a vital role in assisting the market growth. ATMs allow foreign tourists to easily exchange currency through the Dynamic Currency Conversion feature
• In terms of region, the Asia Pacific market is expected to be a fast-mover, with the rapidly developing Chinese and Indian economies spearheading market growth

The COVID-19 pandemic had 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 affected 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.

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.

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.

ATM Market Report Scope

Key Companies & Market Share Insights

Companies offer ATMs with various deposit, withdrawal, and recycling options. These vendors also provide system reconstruction, repair & maintenance, and upgrading services to financial organizations, retailers, and independent deployers.

Key players are adopting strategies such as mergers and acquisitions, product portfolio expansion, contracts, and geographical expansion to increase their market penetration and strengthen their position in the industry. For instance, In October 2020, NCR Corporation announced the launch of the NCR Activate Enterprise NextGen, NCR’s next-generation ATM software platform that enables banks to deploy customer experiences such as contactless technology and video teller collaboration in a simple manner.

Companies are entering into collaborations with banks to expand their presence in untapped markets. For instance, in 2020, Diebold Nixdorf signed a contract to provide 1,800 ATMs to the largest bank in Saudi Arabia and 500 ATMs to a new customer in Egypt. The companies are also paying attention to fortifying their machines against any possible threat of fraud or break-ins. The industry is expected to grow significantly in emerging economies with high adoption of machines within the retail banking sector.

Key ATM Companies:

• Diebold Nixdorf, Incorporated.
• Fujitsu
• G4S Limited
• GRGBanking.
• Hitachi Channel Solutions, Corp.
• NCR Corporation.
• OKI Electric Industry Co., Ltd.
• Guangzhou KingTeller Technology Co. Ltd.