Visiongain Publishes Automated Teller Machine (ATM) Market Report to 2031
13 May 2021
Visiongain has published a new report on Automated Teller Machine (ATM) Market Report to 2031: Forecasts by solution (Deployment, Managed Services), by type (Conventional ATMs, Brown Label ATMs, White Label ATMs, Others). PLUS Profiles of Leading ATM Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
ATM market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. An automated teller machine (ATM) is an electronic telecommunications device which allow consumers to perform basic transactions via credit or debit cards. Moreover, it comprises of a keypad, cash dispenser, card reader, printer and a display screen and performs functions such as cash withdrawal, cash deposit and fund transfer. With conveying relevant account balance information to the user, ATMs serve as an instant, convenient and self-serving alternative for a smooth financial transaction.
Increased demand for cardless ATM transactions and massive benefits provided by ATM machines are some of the major factors driving the market growth. On the contrary, increased adoption of advance technologies primarily among the developing economies and advent of the smart and solar ATMs are some of the major factors expected to provide lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on ATM Market
With this communal spread of COVID-19, the ATM market has a severe impact and is expected to recover in the third quarter of 2022. As governments & regulatory across respective countries have imposed strict lockdowns & maintaining social distancing. Therefore, the usage of cash has decline tremendously, as consumers have largely adopted towards online payments & transactions. However, the ATM market is anticipated to grow by implementing advance technologies in the market.
Massive benefits provided by ATM machines
Benefits such as ability to access ATM 24/7 at multiple locations, convenience, quick withdrawals, convert foreign money into the required local currency, and others are accelerating the growth of ATM market.
Increased demand for cardless ATM transactions
Due to increased demand for cardless transactions & instant secured withdrawal services are accelerating the growth of ATM market. Therefore, this increased change in consumer’s behaviour & adoption of online service, ATM key players are developing their existing ATM solutions which is propelling the market growth during the forecast period.
Advent of the smart & solar ATMs
The advancements in the ATM market with an advent of smart & solar ATM, which is designed to ensure the comprehensive & uninterrupted operation of a banking self-service device. These growing developments in the ATMs are expected to provide an immense opportunities to the market in the upcoming years.
Surge in adoption of advance technologies primarily among the developing economies
The adoption & implementation of technologies which enables financial transactions over wireless network and provides convenience for executing transactions among customers. Therefore, with these numerous benefits of advance technologies, the key players have an opportunity to escalate the solutions & product offerings primarily among the developing economies in the market.
Some of the companies profiled in the report include Diebold Nixdorf, Incorporated, Euronet Worldwide Incorporation, Fujitsu Ltd, GRG Banking Equipment Co. Ltd., Hitachi-Omron Terminal Solutions Corporation, Hess Cash Systems GmbH, NCR Corporation, NHAUSA, Tidel Engineering, L.P., and Triton Systems of Delaware LLC.
In February 2019, CaixaBank, which is a Spanish financial services company collaborated with technology partners FacePhi & Fujitsu and has introduced ATM withdrawals using facial recognition. In addition, this new biometric system has progressively expanded face recognition across the total branch network.
In September 2019, Canara Bank, which is a leading public sector lender partnered with ACI Worldwide, Inc. which powers electronic payments globally and together launched India's First OTP-Based ATM cash withdrawal facility. In addition, this new launch enables additional security features for real-time authentication of ATM cash withdrawals in the country.
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