The world of banking and finance has changed dramatically in recent years, thanks to advances in technology. Automated teller machines (ATMs) are widely used by consumers around the world and have become a key element of the banking system. As ATM usage grows, understanding the market research of the industry is becoming increasingly important. In this article, we will be exploring the market research that has been conducted in the ATM industry and the insights it offers. Introduction
The global automated teller machine (ATM) market is one of the most dynamic and rapidly growing sectors in the world of finance. In 2020, the global ATM market size had grown to USD 20.18 billion and, according to The Business Research Company, is expected to reach a market size of USD 42.44 billion by 2027. This growth is mainly attributed to the increasing prevalence of cashless transactions and the growing demand for convenient payment solutions. As the world adapts to the changing landscape, ATM industry market research reports have become increasingly important for investors and businesses in order to keep up with developments and make informed decisions.
ATM Market Growth
The global market size of ATMs is projected to reach $30.42 Bn by 2030, according to The Business Research Company. This growth rate reflects an estimated compound annual growth rate (CAGR) of 5.17%, from 2023 to 2030. This growth is being driven by the proliferation of cashless payments, such as mobile payments, e-commerce, contactless cards, and online banking. Additionally, the growing need for convenience has increased the demand for ATMs, as they allow customers easy access to their funds without the need to visit a bank. Businesses have also embraced the technology in order to provide customers with more efficient ways to conduct transactions.
Alliance for the Proliferation of ATMs & Cash
The ATM industry has come together to form an alliance, known as the Global ATM Alliance (GAA), to promote the proliferation of ATMs and cash in many markets throughout the world. This alliance works hard to foster collaborative partnerships between banks, payment and service providers, ATM manufacturers, and application developers in order to create innovative and more convenient payment solutions. These partnerships have lead to the development of cash recycling technology, automated deposit machines, and biometric authentication systems. Furthermore, GAA is also focused on providing members with access to industry research, best practices, and customer engagement solutions.
ATMs Market Segment Analysis
The global ATM market is comprised of four main sectors: remote cash withdrawal, payment acceptance, cash-in-transit (CIT) and cash-on-site services (COS). Banks account for the largest share of global ATM installations, with the focus mainly on remote cash withdrawal. Meanwhile, merchants and payment processors are making up for the majority of the demand for payments acceptance. The United States and Europe are the two biggest regions for ATM installations, while Asia-Pacific is the fastest-growing region. The research report by The Business Research Company includes specific segments by region (country), by manufacturer, by type and by application.
The need for convenient payment solutions has made the global automated teller machine (ATM) market one of the most dynamic sectors in the world of finance. The industry is expected to reach a market size of USD 42.44 billion by 2027 at a CAGR of 3.4%. Organizations have come together to create the Global ATM Alliance to promote the use of ATMs and cash in many markets throughout the world. Additionally, industry analysis and reports have become increasingly important for investors and businesses in order to keep up with ongoing developments and make informed decisions.