ATM Industry Trends: What Forex Traders Need to Know
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Introduction to Automated Teller Machines (ATMs)
Automated Teller Machines (ATMs) are part of a large financial market network established to provide convenient and secure access to bank accounts and services. Bank customers rely on ATMs to provide cash on demand, and with recent advances in technology, ATMs are now capable of more than simply distributing cash. They can be used for mobile banking, account transfers, check deposits, loan applications and more. The ATM market is a billion-dollar industry, and the future of the sector is full of potential and opportunity.
Growth of the Automated Teller Machine Market
The global ATM industry has seen significant growth over the past few years, driven by technological advances and increased access to banking services. According to a report by The Business Research Company, the global ATM market size reached USD 22.80 billion in the year 2022 and is set to grow at a compound annual growth rate (CAGR) of 4.0% from 2023 to 2030. The report also indicates that the global market size is expected to reach USD 42.44 billion in 2027 and is expected to reach USD 33052.03 million by 2028, at a growth rate of 3.4%.
Promoting ATM Cash and Business Profitability
Alliance for Shared Value (ASV), an organization dedicated to the proliferation of automated teller machines (ATMs), has seen marked success in promoting cashless retail and advertising new ATM legislation. ASV believes that ATMs can be used not only for financial transactions, but as a powerful marketing tool to increase customer loyalty and business profitability.
ATM software can also be used by businesses to track customer transactions and create targeted marketing campaigns. ATM Marketplace released a 2016 ATM Software Trends report, based on input from more than 400 members of the global self-service market. This report highlighted cashless retail bans, banking fairness rules and new ATM legislation, using the software as a tool to combat fraud and create secure payment options.
Conclusion
Increased consumer trust in ATMs has helped drive the growth of the global market and a wide range of technological developments have enabled the ATM industry to innovate and expand. Reports are predicting a positive outlook for the market over the next decade. As ATMs become more secure and more accessible, opportunities are rising for ATM operators, financial institutions and other businesses. Moving forward, the ATM industry looks set to continue improving services and increasing consumer confidence, creating an ever more competitive and vibrant sector.