Summary
Major players in the ATM market are NCR Corporation, Diebold Nixdorf, Hitachi-Omron Terminal Solutions Corporation, GRG Banking Equipment Co. Ltd., Fujitsu Frontech Ltd., Hyosung Corporation, Forbes Technosys Ltd, Triton Systems of Delaware LLC, HESS Cash Systems GmbH & Co KG, Euronet Worldwide Inc, Oki Electric Industry Co. Ltd., G4S plc, Nautilus Hyosung Corporation, RapidCash ATM Ltd., and Lipi Data Systems Ltd.
The global ATM market is expected to grow from $19.94 billion in 2021 to $22.08 billion in 2022 at a compound annual growth rate (CAGR) of 10.7%. The market is expected to grow to $28.82 billion in 2026 at a compound annual growth rate (CAGR) of 6.9%.
The ATM market consists of sales of ATM services and solutions by entities (organizations, sole traders, and partnerships) that is a specialized computer that makes it convenient to manage a bank account holder’s funds.An automated teller machine (ATM) is a type of computerized banking terminal that allows consumers to conduct simple transactions without the assistance of a branch operator or teller.
ATMs are convenient as they allow customers to do quick self-service operations such as deposits, cash withdrawals, bill payments, and account transfers. Customers can access banking 24/7 through ATMs.
The main types of ATMs are location-based ATMs and operation-based ATMs.The various solution provided by ATMs includes on-site, off-site, work site, mobile and are classified as white-label, green label, and yellow label.
On-site ATMs are located either within the branch or near the bank’s premises, allowing customers to bypass long lines at the branch and save time when completing transactions. ATMs are used for different banking applications such as withdrawal, transfer, and deposits of funds.
Asia Pacific was the largest region in the ATM market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing consumer usage of ATMs is expected to drive the growth of the ATM market going forward.Customers in many countries select cash as their preferred method of payment due to its convenience.
As technology evolves, customers are looking for ways to access cash that are faster, more dependable, safe, and convenient.Customers can bank anywhere, at any time, using ATMs, which are self-service vending devices.
ATMs help users save time, money, and effort by lowering transaction costs and increasing accuracy and speed.For instance, according to the National Cash Systems report published in 2021, 40% of the population in the United States uses an ATM 8-10 times per month, with an average of 300 times per month.
In addition, every year, around 10 billion transactions are performed at ATMs in the US. Thus, the growing usage of ATMs by consumers will contribute to the ATM market growth.
The introduction of Smart ATMs is a recent trend gaining popularity in the ATM market.Smart ATMs are automated teller machines (ATMs) that can do more than just disburse money.
Smart ATMs allow for the implementation of cutting-edge technologies that improve the customer experience while also minimizing fraud.For example, in October 2021, Nations Trust Bank, a Sri-Lankan-based Bank, launched the first Smart ATM in Sri Lanka.
The new machine is powered by technology and innovation to deliver a unique banking experience, allowing users to withdraw their preferred mix of currency notes to pay for bus or train tickets or eat at the MMC’s restaurants. Commuters on the go will be able to save regularly used operations such as withdrawals, bill payments, and cash transfers as favorites, saving time and unnecessary annoyance, owing to capabilities supplied by smart ATMs.
In August 2021, NCR Corporation, a US-based software company has announced the acquisition of LibertyX for an undisclosed amount.This acquisition will enable NCR Corporation to provide digital currency solutions to its customer, such as the ability to buy and sell cryptocurrencies, perform cross-border remittances, and accept digital currency payments via digital and physical channels.
LibertyX is a US-based software company that offers business-related products such as ATMs, sale terminals, and scanners.
The countries covered in the ATM market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
