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ATM Market will Generate Sizeable Revenue Form Offsite Deployment Segment by 2024

Author : Ronak Bora | Published Date : 2019-05-09 

Offsite deployment in ATM market is expected to gain significant share over the forecast timespan, owing to high degree of convenience offered. These machines reach out to large number of customers, as they are conveniently in places such as multiplexes, shopping malls, and entertainment centers.

Upgradation of simple cash dispensers to multifunctional machines is expected to propel ATM market growth. The ability of these upgraded machines to perform functions such as fund transfer, bill payment, and mini-statements, in addition to dispensing cash provides a one-point solution to the customers, thus adding up to the popularity. Furthermore, the proliferation of drive-thru machines is expected to accelerate the ATM market growth. Drive-thru machines are ideal for people who have difficulty in leaving car to visit cash machines, due to either difficulty in finding parking space or gave babies in their cars.

Technology is disrupting the trends with improvisation of basic cash dispensing machines to multi-functional machines. PCI compliance and other regulatory requirements, in addition to EMV upgrades, and new software & hardware functionalities are beginning to enter the industry. Growing trend of consolidation of ATM management through a single vendor to make it easier to implement new programs and processes is driving the ATM market growth. Many providers also offer regulatory compliance guarantees, releasing the financial institution of the cost and inconvenience associated with constantly changing regulations.

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Increasing threats to the security of the systems, due to increasing sophistication of the cyber-attacks is expected to pose a major threat to the ATM market. The companies are forced to upgrade the machine software to be equipped to tackle security breaches. In 2012, the operators in the industry were compelled to upgrade to Windows 7 from Windows XP before April 2014. Microsoft has now announced that the operators need to migrate from Windows 7 to Windows 10 by January 2020 to improve system performance and enhance security.

With rapid innovations witnessed in the EMV and NFC card technologies, North America ATM market is forecast to observe a profitable expansion. Most of the banks in the region have made large-scale investments in paperless transactions. Companies partaking in North America ATM industry share, in particular, have been involved in product differentiation, which has significantly aided the transformation of the regional ATM market outlook.

For instance, in 2015, NCR introduced a new ATM, referred as SelfServ 23, in the region to enhance the end-user experience along with cost-reduction related to ATM network operations. The new product offers protection to its consumers against cash trapping, dispenser manipulations, and card skimming activities. Given the technological advancements prevalent in the region, North America ATM market is likely to chart out a lucrative growth curve ahead.

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Companies today aim to develop ATM technologies that would conveniently process end-user cash transactions effectively & securely. ATM market players such as GRG Banking, NCR Corporation, and Triton Systems have apparently inculcated new features such as automatic cash checking, mobile bill payments, and automated cash deposits at ATMs, which would most certainly augment ATM industry share.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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