Forecast: Number of ATMs in Canada

The number of ATMs in Canada has shown a general upward trend from 2013 to 2023. In 2023, the number stood at 72.85 thousand units. The year-on-year growth rate has varied over this period with notable fluctuations, such as an increase of 9.98% in 2013 and a decline of 2.33% in 2018. Over the last two years, the year-on-year growth stood at 1.00% and 0.97% respectively, indicating a stabilization in growth rates.

From 2024 onwards, we observe forecasted growth, with the number of ATMs expected to reach 76.15 thousand units by 2028, reflecting a forecasted average annual growth rate (CAGR) of 0.70%. The overall forecasted growth rate for the next five years is expected to be around 3.55% indicating a steady, albeit slow, increase.

Future trends to monitor:

• Potential impacts of digital banking and mobile payment technologies reducing the demand for physical ATMs.
• Regulatory changes or policies affecting the financial sector and consequently the deployment of ATMs.
• Adoption of multi-functional ATMs that provide enhanced banking services beyond cash withdrawals and deposits.
• Consumer behavior shifts and preferences in accessing banking services.
• Technological advancements such as enhanced security measures in ATM networks.