Forecast: Number of ATMs in Saudi Arabia

In 2023, the number of ATMs in Saudi Arabia stood at 21.81 thousand units. Over the last decade, the ATM market in Saudi Arabia has experienced a steady, yet decelerating growth trend. Year-on-year variations indicate a strong double-digit growth of over 9% in the early 2010s, tapering down to around 2-3% by the early 2020s. From 2018 to 2023, the CAGR has shown a moderate increase of around 2.97% to 3.14%. Projecting into the future, from 2023 to 2028, the forecasted 5-year CAGR is estimated to be around 1.86%, indicating further deceleration in growth with an overall increase of 9.65% over five years.

Future trends to watch for:

• Increased adoption of digital banking services that might slow down the demand for physical ATMs.
• Innovations in ATM functionalities, providing more services to address consumer needs.
• Government policies and initiatives aimed at financial inclusion could impact ATM installation rates positively.
• Advancements in fintech and mobile payments may significantly impact the usage and growth of ATMs.