NEW YORK, Nov. 10, 2016 /PRNewswire/ -- An ATM is one of the most important self-service channel of the retail banking sector that connect the banks or financial institutions and its customers. Over a long period of time, the services offered by ATM have evolved tremendously from a role of just being a cash dispenser to a multi-utility service provider. ATM serves as a key element in branch transformation of the banks with continuous innovation in line with internet and mobile banking channel.
As per the "Global ATM Market Report", the market growth potential lies majorly in Asia-Pacific region with China and India being the most potential targets for the industry due to growing banking population and demand for cash. Moreover, despite the considerate decline in ATM installed base in Europe, Middle East and Africa (EMEA) region, worldwide ATM market is expected to escalate.
The key factors driving the market growth apart from generic macro-economic factors include ATM growth in developing nations and increase in issuance of banknotes. Some of the noteworthy trends observed in the industry are rise of electronic transactions, technological advancements in ATMs, entrepreneurs investing in Bitcoin ATMs and branch transformation and developments such as Bitcoin ATMs, solar ATMs and mobile ATMs. However, the industry remain exposed to certain challenges such as increase of non-cash transactions, high costs of operating a retail ATM business and significant breaches associated with it.