Global ATM Market Size Projected to Grow USD 25,933 Million By 2026: Report by Facts & Factors

ATM Market

ATM Market

Global ATM market anticipated to reach around USD 25,933.14 Million by 2026. The anticipated CAGR for the ATM market is around 7% from 2020 to 2026.

NEW YORK, UNITED STATES, February 12, 2020 /EINPresswire.com/ -- Facts and Factors have authored “ATM Market By Type (Conventional/Bank ATMs, Brown Label ATMs, White Label ATMs, and Smart ATMs), By Application (Banking and Retail): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 – 2026”.

According to the research report, the global ATM market in 2019 was approximately USD 16,059 Million and is anticipated to reach around USD 25,933.14 Million by 2026. The anticipated CAGR for the ATM market is around 7% from 2020 to 2026.

Automatic Teller Machine abbreviated as ATM is a computerized machine that allows the bank account holder to withdraw money or manage his funds on his own just by having an authorized card of the banking institution where the person has a bank account. ATM also allows the account holder to perform various other transactions such as printing a statement, check balances, send money, and even deposit cash to the account. Customers can access ATM service at their choice of ATMs, irrespective of the fact that they have a bank account in some other bank. They are considered as a safe and convenient way to manage money. Today, onsite ATMs are being set up inside the bank premises, where consumers utilize both, the physical bank and ATM. Due to this, these machines are decreasing the workload of the bank staff and enables customers to neglect long queues for transfer of the cash and deposits and removals. In this way, ATMs are decreasing the frequency of errors, allowing the banks to carry transparent financial transactions.

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The growing trend of automation and reduction in the overall operations costs is the major factor driving the demand for the Automated Teller Machine (ATM). The banking sector has undergone various technological developments over the last few years. It is undergoing rising threats and rising consumer demands & regulatory requirements. The introduction of these machines enabled banks to serve customers 24*7 outside the bank institution. These machines reduced the workload of bank employees, and moreover reduced errors. Overall, ATMs are providing an enhanced experience for both the customers and bankers as well.

All these above advantageous factors are driving the growth of the ATM market. However, growing digitization in developing economies may adversely affect market revenue for the Automated Teller Machine (ATM) in the coming years. The evolution of digital payment solutions such as internet banking, mobile banking, and digital wallets is being witnessed by the payment industry. The shift in consumer preference towards online banking channels and the growing inclination and adoption of mobile payments across various regions is hampering the growth of the global ATM market.

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The global ATM market is segmented on the basis of type and application. On the basis of the type, the market is segregated into conventional/bank ATMs, brown label ATMs, white label ATMs, and smart ATMs. Further, on the basis of application, the market is bifurcated into banking and retail. The conventional/bank ATMs holds the largest market share world widely owing to its easy availability of machine infrastructure and facilitates simple handling operations. Smart ATMs holds the least market share as it is nascent among all the types of ATM. Smart ATMs offer the transfer of money between accounts through ATMs, clear cheques and receive cash deposits apart from cash withdrawal services. It is predicted that it has the potential to grow the market share of ATMs in the future ahead. Banks are the main installer of the ATMs and currently, it dominates the global ATM market.

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The global ATM market is evaluated into the five major regions including North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. North America and Europe are the two leading regional segments generating the major chunk of the market revenue. These regions are further analyzed into the major countries from the regions respectively. Major countries analyzed in this research report are the U.S., Canada, Mexico, UK, Germany, France, China, Japan, India, South Korea, Brazil, and Argentina among others.

Some of the major players analyzed and profiled in the market study are Nautilus Hyosung, Diebold Nixdorf, GRG Banking, Hitachi, ITM, Fujitsu, OKI, NCR, Keba, and Synkey Group amongst others.

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This report segments the Global ATM market as follows:

Global ATM Market: By Type Segment Analysis

Conventional/Bank ATMs
Brown Label ATMs
White Label ATMs
Smart ATMs

Global ATM Market: By Application Segment Analysis

Banking
Retail

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