Global ATM Market Size, Share, Growth Analysis, By Type(White Label, Brown Label), By Solution(Deployment (Onsite, Offsite), By Application(Commercial, Government) - Industry Forecast 2022-2028

ATM Market size is valued at USD 20.9 Billion in 2021, and it is anticipated to attain a value of USD 28.98 Billion by 2028, at a CAGR of 4.7% over the forecast period (2022-2028).

Automated teller machines (ATMs) provide a dependable, user-friendly interface for withdrawing cash as well as features that make it simple to deposit, withdraw, and access cash 24 hours a day. With technological advancements, customers are looking for safe, quick, convenient, and reliable ways to access cash, favouring the global adoption of ATMs. The demand for automated tellermachines is likely to increase as a result of the machinery's advancement in technology. Through secure passage, it enables users to complete various banking-related tasks.

The development of Smart ATMs for users with special needs and better security measures, such as biometric and one-time password authentication systems to prevent fraud, also support the expansion of the ATM market. The demand for ATMs is anticipated to rise along with the demand for automation in the banking sector in a number of developed and developing nations.

Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific ATM Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report:

The Global ATM Market is segmented based on Type, Solution, Application and Region. Based on Type ATM Market is categorized into White label and Brown label. The Solution segment is bifurcated into Deployment and Managed services. The Deployment is further segmented into Onsite, Offsite, Worksite and Mobile. Application segment is classified based on Commercial and Government banks. Based on the region ATM Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

The primary force propelling the industry is the competition between banks to offer services at the convenience of customers.

New bank account opening has increased significantly in developing nations like India, China, and Brazil. In India, more than 200 million new bank accounts have been opened in the last three years.

It's crucial for banks to establish a presence in the city to draw in customers. However, it would not be feasible or cost-effective to open branches near every location. This is why the ATM industry is driven by it since it doesn't need expensive real estate or other related expenses.

IADs deploy less expensive ATMs and use less expensive IP-based communication, which lowers the initial investment costs.

Consumers place a high value on convenience, which has fueled the expansion of off-site ATMs.

Restraint

Including GPS systems, seismic and heat sensors, embedded cameras, and more, adding to the cost for banks. The cost of new technology for updating ATMs has also grown to be a significant problem. For instance, all ATMs could have their operating systems upgraded from Windows XP to Windows 7 or 10.

In the near future, there might be less need for cash due to the proliferation of payment methods like debit cards, credit cards, mobile payments, and online transactions.

Market Trends

Self Service ATMs are a ground-breaking technology that incorporate numerous features into a single device. acts as a one-stop shop for tasks like cash deposit, withdrawal, recycling, check deposit, coin dispensing, internet banking, and purchasing of banking goods and services.

Major innovations are also anticipated to be driven by multi-functional ATMs with value-added services like bill payment, ticketing, mobile recharges, etc. Through their accessibility and convenience, these services are anticipated to improve the customer experience.