The Global Installed Base of ATMs is Projected to Exceed 4.3 Million Units by 2024

Convenience of Anytime Cash Withdrawals Together with the Ability to Conduct Non-Cash Banking Transactions to Drive the Global Market for Automated Teller Machines (ATMs), According to New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Automated Teller Machines (ATMs) market. The global installed base of ATMs is projected to exceed 4.3 million units by 2024, driven by technological advancements, unchallenged dominance of cash, and revolution in ATM functionality due to mobile technology.

Globally, the need for cash withdrawals is expected to outpace installations of ATMs, driven by high volume of withdrawals in emerging markets. Despite the trend of cashless transactions in major societies, developing markets are expected to register a rise in ATM usage generating high volume of cash withdrawals. The ATM ecosystem comprises a large number of business entities that function in unison to develop and expand the concept of 24/7 banking. This includes ATM manufacturers; software companies that develop ATM software; servicing companies for regular maintenance of ATM’s; and independent service operators (ISO), among others. The pressure to innovate, modernize and reinvent is driving banks to continue focusing on ATMs that remain the primary self-service channel as well as interaction option with financial institutions, even for smartphone users. ATMs are an efficient channel for banks to extend their service offerings, deliver added value to customers and cut operational costs. The increasing sophistication of ATMs requires channel management solutions to deliver more. Despite the threat to the ATM/debit card market from smart cards, POS, and other new payment methods, ATMs will continue to be a trusted standard in banking operations.

The future of the ATM industry is likely to be heavily influenced by software revolution. While the cloud holds potential to revolutionize ATM hardware, banking apps are gaining increasing significance in the banking space. Ongoing efforts by leading vendors to develop these apps are expected to help the ATM industry in seamlessly migrating towards the software-centric future. Next-gen ATMs are expected to be faster as well as more standardized and commoditized. Some of the systems are likely to feature a software component based in the cloud, whereas others are expected to offer diverse range of mobile and cardless services to redefine the baking experience. While technological advances are expected to significantly drive ATM adoption worldwide, the machines also face the challenge of rising global attacks, card/PIN theft as well as data theft, among others. In response, the industry has witnessed a range of security technologies such as anti-skimming technologies that identify and jam skimming devices; foreign object detectors; and video surveillance to detect PIN capture, among others.

As stated by the new market research report on Automated Teller Machines (ATMs), Asia-Pacific represents the largest as well as the fastest growing market worldwide with a projected CAGR of 5.4% over the analysis period. Growth in Asia-Pacific is estimated to be driven by India and China, fueled by rising middle class, growing income levels and the presence of a large unbanked or under-banked population. The Asia-Pacific market is likely to gain from increasing focus of financial institutions to outsource ATM managed services. The ATM market in Middle-East and Africa region is expected to post a noteworthy growth on account of its cash-based economy as well as government support and consumer demand for e-banking.

Key players in the market include Diebold Nixdorf, Inc., Euronet Worldwide, Inc., FUJITSU, GRG Banking Equipment Co. Ltd., Guangzhou KingTeller Technology Co., Ltd., Hantle, Inc., Hitachi-Omron Terminal Solutions, Corp., Itautec, Nautilus Hyosung America, Inc., NCR Corp., Renome-Smart LLC, among others.

The research report titled “Automated Teller Machines (ATMs): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, innovations and launches, mergers & acquisitions, and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, and Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil, Mexico, and Rest of Latin America).

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