Forecast: Number of ATMs (Automated Teller Machines) in Saudi Arabia

The number of ATMs in Saudi Arabia, expressed in units per hundred thousand persons, demonstrates a significant declining trend. Starting from a high of 74.1 units per hundred thousand persons in 2017, the figure steadily decreased reaching 48.16 in 2023. This represents a sharp cumulative decline from 2022 to 2023, exceeding 12% year-on-year, with a five-year compound annual growth rate (CAGR) of -8.22%. Future projections predict a continuing decline, reaching 21.35 ATMs per hundred thousand persons by 2028, guided by a forecasted five-year CAGR of -12.64%.

Notable upcoming trends worth monitoring include the rise of digital banking platforms, increased penetration of mobile banking applications, and enhanced fintech advancements which are anticipated to further reduce the reliance on traditional ATMs. Additionally, the ongoing shift in consumer behavior towards cashless transactions is likely to accelerate this downward trend in the number of ATMs in Saudi Arabia.