Growth of ATM industry market: How is it Evolving?”
As banks become more reliant on technology, Automated Teller Machines (ATM) are enjoying increased growth in the industry. Installation of ATMs has been growing steadily over the years, and the growth rate is now promising to double by 2023. With more people relying on convenience and cashless methods of payment, the ATM industry market is set to benefit significantly, and this article will discuss the projected rise in the industry. The ATM industry has experienced rapid growth over the past few years, driven largely by the increased demand for cash services from financial institutions and businesses around the world. As more customers move online for their banking and payment needs, cash services provided by ATMs are becoming even more important and necessary in order to provide customers with convenient access to cash. In addition, the introduction of new ATM technology and services has given ATM vendors an opportunity to offer additional features and services to their customer base.
The global ATM industry is estimated to have grown by 8.3% from 2015 to 2020, to reach a total value of $25.2 billion. This growth has been driven by a combination of factors, including increased demand from financial services companies, an increase in cash payments, and increased demand for innovative ATM services.
In addition, the amount of money withdrawn from ATMs around the world has also grown significantly in recent years. In 2017, global ATM withdrawals totaled $6.9 trillion, up from $5.9 trillion in 2015. This growth is largely due to the increasing use of ATMs for payments and other financial transactions.
Finally, the ATM industry is also benefiting from the emergence of new ATM technologies and services. Companies such as NCR Corporation and Diebold Nixdorf are working to develop new ATM products and services that enable customers to use their ATMs to pay bills, check balances, and transfer funds. This helps to create new opportunities for financial institutions and banks as well as giving customers added convenience.