ATM Market Size Worth is expected to reach US$ 44.18 Billion by 2027

According to the new research report published by “ATM Market - Global Analysis and Forecast to 2027”, the global ATM market is expected to reach US$ 44.18 Bn by 2027, registering a CAGR of 10.4% during the forecast period 2019-2027.

ATMs play a vital role in the relationship between customers and financial institutes. ATM solution providers are upgrading their solutions to have the edge over their competitors. Integrating new technologies with ATM channels enables the financial institutes to enhance their interaction with customers and offer a wide range of value-added services at the ATM. The deployment of advanced technologies such as mobile integration, cybersecurity, EVM adoption, ATM data analytics, and check-imaging is the critical factor driving the entire ATM industry growth.

Mobile integration is one of the key platforms where financial institutes get customer loyalty by offering the seamless experience of accessing cash. ATM-mobile integration presents financial institutions with significant opportunities to offer enhanced services to their customers, such as mobile cardless ATM access. In addition, banks are looking for more innovative ways to retain consumers and focus on them to provide a more personalized experience through increased integration of all channels used by consumers, with a particular focus on mobile-ATM integration

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ATM transactions have been card-based since the inception of ATMs. Consumers have to verify themselves with the help of debit cards, without which debit card transactions are incomplete. The traditional approach for using the machine mandates the involvement of a debit card. Now, the integration of mobile services with the ATMs presents an effective and simple approach to withdraw money without the involvement of the debit card.

The cardless ATMs are accomplished through Short Message Services (SMS), and the use of mobile phones ensures timely service for the target beneficiary. Cardless ATM transactions involve the use of mobile phones and the bank’s app to generate a one-time code to withdraw money. The transactions are safe, reliable, and inevitable for fulfilling financial commitments.

The global ATM market is experiencing rapid growth with regards to investments and technological integrations in the product and their adoptions. The latest and advanced technologies have paved the way for drastic transformations in the ATM service arena, with the machines transforming from being a simple cash dispensing machine to a more personalized facility offering the best banking user-experience.

The richer communication channel infrastructure today has enabled financial institutions achieve high operational efficiencies, building customer loyalties, and further encouraged integration of value added services. Companies operating in the ATM market today have focused on enhancing the customer experience and increasing the customer convenience which has been a major factor contributing to the rapid growth of ATM installations

Key findings of the study:

Asia Pacific region holds the largest share in the ATM market for the current year. Further Asia Pacific region is projected to witness the highest growth rate over the forecast period 2019 to 2027. The Asia Pacific region has become hub of developing economies experiencing rapid urbanization.

Various types of ATMs deployed include brown label ATM, white label ATM, and bank-owned ATM. The brown label ATM segment accounts for the largest market share in the current year, and is also expected to hold the maximum share throughout the forecast period.

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