For anyone trying to stay up-to-date on where the market share for the ATM industry rests, the following article will explore the current landscape of the industry. We will analyze the various aspects of market share, such as ownership, regional development, and more.
Overview of Global Automated Teller Machine Market
According to a report by The Business Research Company, the global ATM market size was valued at $20.39 billion in 2021 and is estimated to reach $50 billion by 2032, registering a Compound Annual Growth Rate (CAGR) of 8.6%. The increasing demand for cashless payment facilities, especially in major markets like the US and Japan, is driving the growth of the Automated Teller Machine (ATM) market. The integration of advanced technologies like biometrics is further propelling the market growth. Additionally, the emergence of bigger banks and financial institutions, along with increasing consumer preference for ATMs for cash transactions, is driving the demand for the market.
Key Drivers of the Global ATM Market
The rising disposable income and technological advancements in the ATM industry are driving the growth of the market. Moreover, the growing demand for efficient payment services is also contributing to the market growth. Customers are increasingly utilizing ATMs for cash transactions, which is propelling the demand for the market. For instance, according to the Federal Reserve System’s (FRS) survey of consumer payment choice, the usage of cash increased from 13.1% in 2012 to 17.7% in 2015. The banks have invested in ATM developments and advancements to reduce the cost of cash transactions and offer value-added functions, which are expected to drive the growth of the market. Furthermore, the increasing customer preference for ATM and cashless payments are expected to drive the demand for the market.
Geographically, the market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is anticipated to dominate the market during the forecast period, owing to the increasing rate of digital transformation and frequent deployments of ATM solutions in the region. Asia Pacific is expected to be the fastest-growing region due to the presence of many high-population countries like India and China. Furthermore, the region is witnessing a huge shift from manual to automated systems, which is further propelling the market growth in the region. Other regions like Europe and the Rest of the World are also expected to show significant market growth in the upcoming years due to the increasing demand for cashless payment facilities.
The competitive landscape of the market has also been studied with some of the key players being Diebold Nixdorf, NCR Corporation, Triton Systems of Delaware LLC, Hitachi, Channel Commercial LLC, Tidel, Nautilus Hyosung, GRG Banking Equipment Co. Ltd., Glory Global Solutions, RBR, and Toshiba Tec. These companies are constantly investing in the research and development of ATM technologies for offering advanced solutions to their customers. Additionally, the market players are also indulging in strategic acquisitions and mergers, which is expected to create new opportunities in the market.