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Next-Gen ATM Market Growth Analysis, Size, Key Insights And Outlook To 2033
Next-Gen ATM Market Growth
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According to The Business Research Company's, The next-gen atm market size has grown strongly in recent years. It will grow from $3.04 billion in 2023 to $3.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increased demand for digital banking solutions, increasing cardless transactions, increased adoption of mobile wallets, increased spending power, increasing disposable income.
The next-gen atm market size is expected to see strong growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing demand for tailored services and experiences for customers, increasing efficiency and reduced costs for financial institutions, increasing adoption of smartphones, growing adoption of internet services. Major trends in the forecast period include integration with mobile banking apps, personalized and user-customized experience, api-based architecture, product innovations, and market expansion.
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Market Drivers and Trends:
The rise in the value of consumers' purchasing power parity (PPP) is expected to propel the growth of the next-gen ATM market going forward. Purchasing power parity (PPP) represents a prominent macroeconomic statistic that compares various nations' currencies using a basket of goods method. PPP exchange rates are relatively stable over time, unlike market rates which are more volatile and provide a more accurate measure of the relative economic productivity and standards of living between countries than market exchange rates that can help next-gen ATMs make more informed decisions about where to expand their operations. For instance, according to the Energy Information Administration, a US-based primary federal statistical system organization, the purchasing power annual average index value in 2021 is 270.97, while for the year 2022 found to be 292.66. Therefore, the rise in the value of consumers' purchasing power parity (PPP) is driving the next-gen ATM market.
Major players in the next-gen ATM market are creating revolutionary method like strategic collaborations to improve their market share. Strategic collaborations play a pivotal role in advancing the next-gen ATM market by fostering innovation, expanding capabilities, and addressing emerging challenges. For instance, in February 2021, ACI Worldwide Inc., a US-based payment systems company, and auriga spa, a Italy-based software solutions company, Partner to Launch Next-Generation ATM Acquiring and Self-Service Banking Platform. The collaboration integrates ACI's Enterprise Payments Platform with Auriga's Win Webserver, offering improved customer service, centralized ATM security operations, and a consistent consumer experience across channels. The partnership addresses changing consumer demands in the wake of the pandemic, optimizing branch and ATM estates while meeting the growing global demand for advanced ATM capabilities.
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Major Key Players of the Market:
Fujitsu Limited, NCR Corporation, AIB Group plc, Diebold Nixdorf Inc., Euronet Worldwide Inc., OKI Electric Industry Co. Ltd., Hyosung Corporation, ACI Worldwide Inc., EZ Energy USA Inc., GRG Banking Equipment Co. Ltd., Bancsource, Hitachi Payment Services Pvt. Ltd., Nautilus Hyosung America Inc., Monex Financial Services Ltd., Invenco Group Ltd., Aevi International GmbH, HESS Cash Systems GmbH, Puloon Technology Inc., Triton Systems of Delaware LLC, Spinnaker International Ltd., Ark Technologies Group, Citywide ATM Inc., Unified Payments Services Ltd., Genmega Inc., Sharenet Inc., Cypress Advantage, TEKchand Pty Ltd.
Next-Gen ATM Market 2024 Key Insights:
• The next-gen atm market size is expected to see strong growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Growing Purchasing Power Parity Drives Advancements In Next-Gen Atm Market
• Strategic Collaborations To Transform Next-Gen Atms
• North America was the largest region in the next-gen ATM market in 2023
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