Automated Teller Machine Market size to grow by USD 5.64 billion from 2022 to 2027; Multifunctionality features of ATMs boosts the market growth - Technavio

NEW YORK, Feb. 6, 2024 /PRNewswire/ -- The automated teller machine market is estimated to grow by USD 5.64 billion from 2022 to 2027, growing at a CAGR of 4.56%. The automated teller machine market is fragmented owing to the presence of many global and regional companies. The multifunctionality features of ATMs drive the market growth. As the banking industry is rapidly growing and there is a rise in demand to deal with the growth in banking-related services and queries, and therefore, ATMs offer an alternative to such services.

A few prominent companies that offer automated teller machine market are Cashway Fintech Co. Ltd., Diebold Nixdorf Inc., Eastcompeace Technology Co. Ltd., Euronet 360 Finance Ltd., Fujitsu Ltd., G4S Ltd., Genmega Inc., GRGBanking, HANTLE Inc., Hitachi Ltd., Lipi Data Systems Ltd., NCR Corp., Oki Electric Industry Co. Ltd., Paycorp Investments Proprietary Ltd., Source Technologies, SPL Computer Trading GmbH, The Brinks Co., and Triton Systems. The market is segmented by type (brown label, white label, and others), deployment (offsite ATM, onsite ATM, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

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• Cashway Fintech Co. Ltd.: The company offers various ATMs such as CASH80AWI ALI and ATM dispensing systems with wireless POS payment technology.
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By Geography, the market is classified as North America, APAC, Europe, South America, and Middle East and Africa. APAC will have the largest share of the market.

North America is estimated to contribute 52% to the growth of the global market during the forecast period. The ATM market in North America is fuelled by the increasing need to reduce manual operations. 

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• Impactful driver- Multifunctionality features in ATMs
• Key Trend - Increased rate of EMV adoption 
• Major Challenges - High costs associated with ATMs

The market share growth by the brown label segment is significant during the forecast period. In brown label segment, governments across the world are becoming increasingly cognizant of the potential of brown-label ATMs to broaden financial inclusion, particularly in rural areas.

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Automated Teller Machines (ATMs) Applications

Automated Teller Machines (ATMs) have revolutionized the banking landscape, offering various applications beyond traditional cash withdrawals. The ATM industry has evolved to encompass self-service banking kiosks and digital banking solutions, contributing to financial technology advancements. ATM manufacturers continually innovate, integrating features such as contactless payments, biometric authentication, and cardless transactions. Trends in the ATM market reflect the deployment of sophisticated banking automation, electronic funds transfer capabilities, and enhanced security systems.

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TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Segmentation by Type

7 Segmentation by Deployment

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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