The global ATM market accounted for US$ 18.44 Bn in 2018 and is expected to grow at a CAGR of 10.4% over the forecast period 2019-2027, to account for US$ 44.18 Mn by 2027
NEW YORK, Nov. 27, 2019 /PRNewswire/ --
The global ATM market accounted for US$ 18.44 Bn in 2018 and is expected to grow at a CAGR of 10.4% over the forecast period 2019-2027, to account for US$ 44.18 Mn by 2027. During the forecast period of 2019 to 2027, the availability of integrated and enhanced services at ATM devices enable the financial institutions for enhancing the customer experience and improve a bank's revenue thereby further driving the ATM market growth.
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The global ATM market is experiencing rapid growth with regards to investments and technological integrations in the product and their adoptions.The latest and advanced technologies have paved the way for drastic transformations in the ATM service arena, with the machines transforming from being a simple cash dispensing machine to a more personalized facility offering the best banking user-experience.
The richer communication channel infrastructure today has enabled financial institutions achieve high operational efficiencies, building customer loyalties, and further encouraged integration of value added services. Companies operating in the ATM market today have focused on enhancing the customer experience and increasing the customer convenience which has been a major factor contributing to the rapid growth of ATM market.
In North America the retail financial service sector is experiencing acute transformation owing to several underlying meta-trends that are intensely affecting the branch.Many of the bank branches in the country finding it difficult and unprofitable to operate.
The ATM channel has continued to play an extremely vital role in the retail banking industry throughout last few years as a part of wider digital transformation initiatives.Further, it is anticipated that most of the advanced countries of the world are focusing on integrating the ATMs with modern day analytics tools as well as technologies to be able to connect and process customer information more efficiently.
The data obtained from this touch point could be extracted and can be used for various marketing purposes.
The market for ATM has been segmented on the basis of deployment, type and geography.The deployment segment is segmented on basis of Brown Label ATM, White Label ATM, and Bank Owned ATM.
The Bank Owned ATM is further bifurcated into on-site and off-site.The type segment in ATM market is broken down as cash deposit, cash dispenser, smart ATM, and others.
Geographically, the ATM market is classified based on North America, Europe, Asia Pacific, Middle East, and Africa, and South America.
The major companies operating in the market include CMS Info systems Limited, Diebold Nicdorf, Incorporated, Euronet Worldwide, Inc., Fujitsu Limited, GRG Banking Equipment Co. Ltd., Guangzhou KingTeller Technology Co., Ltd., HESS Cash Systems GmbH & Co, Hitachi-Omron Terminal Solutions, Corp., NCR Corporation, and Triton Systems among others.
The overall global ATM market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global ATM market.
It also provides an overview and forecast for the ATM market based on all the segmentation provided for the global region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the ATM market.
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