ATM Market Size to Reach USD 24010 Million by 2027 at a CAGR 9.8% | Valuates Reports

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BANGALORE, India, June 22, 2021 /PRNewswire/ -- The ATM (Automated Teller Machine) Market is Segmented by Type (On Site, Off Site), by Application (Withdrawals, Transfers, Deposits). The report covers global opportunity analysis and industry forecasts from 2021 to 2026. It is published on Valuates Reports in the Banking Category.

The global ATM Market size is projected to reach USD 24010 Million by 2027, from USD 12350 Million in 2020, at a CAGR of 9.8% during 2021-2027.

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Major factors driving the growth of the ATM market are:

• The surge in need of automation in the banking sector in the emerging as well as the developed countries is expected to drive the growth of the ATM market.
• Customers preference for faster, reliable, secure, and convenient means of accessing cash, is contributing toward the growth of the global ATM market.

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TRENDS INFLUENCING THE GROWTH OF ATM MARKET

One of the primary reasons driving the worldwide Automated Teller Machine (ATM) market is Several governments' financial inclusion policies continue to push cash as a necessary payment medium for day-to-day transactions.

By implementing cardless ATM transactional functions such as a one-time access code and biometric verification, financial institutions and individual ATM vendors are working on modernizing their ATM infrastructure to improve security and convenience, as well as to give a personalized smooth banking experience to clients. This in turn is expected to increase the growth of ATM market size.

Customers' mobile transactions will increase as fundamental financial activities are automated and technological improvements continue to accelerate at an alarming rate. Customers would be able to perform transactions more securely if ATMs were linked to wireless devices. Furthermore, increased rivalry among banks to boost penetration would result in a large installed ATM base, thereby driving the growth of the ATM market.

However, the development in digitization in developing countries is likely to have a negative impact on the automated teller machine (ATM) market income. This is due to consumers' growing demand for digital payment alternatives including online and mobile banking, digital wallets, and Bitcoin transactions. These internet banking channels offer convenient, quick, and secure transactions, limiting the worldwide ATM market's growth.

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ATM MARKET SEGMENTATION

Market Segment by Type

• On site
• Off site.

Market Segment by Application

• Withdrawals
• Transfers
• deposits.

Key Companies

• GRG Banking
• Nautilus Hyosung
• Euronet Worldwide
• NCR
• Diebold.

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