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ATM (Automated Teller Machine) Market Size, Share, Analysis Report, 2024 | Hexa Research
ATMs find active encouragement from banks and other financial institutions. They help reduce bank queues. These machines benefit customers by assisting them make cash withdrawals, transfers, and deposits. They are adopted widely since they provide a multitude of options for fiscal transactions.
Online cash transfers and other transaction modes hinder the ATM market. Introduction of solar & smart ATMs across India and China is expected to provide industry opportunities. Rising competition among banks to expand their customer base should give the market a fillip.
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The ATM industry, divided on the basis of solutions, includes managed services and deployment. Deployment has enabled customers to avail banking services 24/7. It accounted for 70% revenues in 2014. This was attributed to growing IT companies worldwide. Worksite, offsite, onsite, and mobile ATMs constitute deployment solutions. Worksite is expected to generate over USD 2.6 billion by 2024.
Onsite machines are installed within bank premises. They reduce staff-pressure and error-probability. These factors would drive sub-segment demand in the near future. Mobile ATMs decrease customers at trade fairs and sports events. They may grow at a CAGR close to 13% till 2024. These machines give banks the chance to lessen the traffic at populated places and extend their reach.
Managed services allow banks to move their non-core activities to trained service providers & concentrate on their core business. They are involved in retaining customers & offering cross-selling opportunities. Managed services will grow at a CAGR above 11% from 2016 to 2024. Their outsourcing can bring good returns, complying with regulatory policies. Firms such as Diebold Inc. and Wincor Nixdorf AG provide such services at low costs.
In view of regions, the ATM market consists of North America, Asia Pacific, Europe, and the MEA (the Middle East & Africa). North America dominated in 2014 but will face a decline till 2022. Its trend of trading in digital currency has encouraged the adoption of Bitcoin ATMs in the region. The U.S. is the best market (in terms of performance), bound at over USD 9 billion by 2024. Its integration of biometrics, remote assistance, & video conferencing can drive regional sales. U.S. banks have implemented Europay/Visa/MasterCard IC encryption to ensure added security.
Europe is predicted to experience a similar trend on account of saturation and rising operational costs. Asia Pacific will grow at a CAGR above 12% during the forecast period due to its self-service machines and ever-increasing customer base.
Increased IT dependence has led players of the global market to create devices with multiplatform compatibility. Notable players are GRG Banking, Nautilus Hyosung, Euronet Worldwide, and NCR Corporation. Mergers and acquisitions are one of the strategies adopted by companies to maintain industry hold. For instance, Euronet acquired Pure Commerce in 2013 to broaden its global reach.
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