Expanding financial service industry along with growing transactional security concerns will stimulate ATM market share over the coming years of 2016 to 2023. The banking sector is significantly adopting ATM services to save transaction time during cash deposit/withdrawals, passbook printing, cash counter enquiries, etc. This, in turn, will generate escalating demand for ATM machines over the coming timeframe. According to Global Market Insights, Inc., “Global ATM market size worth USD 12.5 billion in 2015, is estimated to register a CAGR of 9.8% over the coming six years.”
Moreover, expanding smartphone industry will create a notable scope for global ATM market, owing to the rising adoption of mobile-based cash withdrawal. The developing economies will play a prominent role towards the industry growth over the coming years, attributed to the growing need for financial inclusion across countries such as India, etc. Some of the renowned global entities such as federal reserve system, reserve bank, and European Union are willing to install security devices and standards to reduce the number of frauds, which, in turn, will boost ATM industry size.
Europe ATM Market size, by application, 2012-2023 (USD Billion)
Banking and financial sector is expected to generate lucrative opportunity for ATM market over the coming years of 2016 to 2023
ATM solution market is mainly segmented into two types- deployment and managed services. Deployment solutions dominated the ATM industry share by accounting for 70% of the total industry volume in 2015 and is predicted to exhibit an annual growth rate of 9.4% over the period of 2016 to 2023. The growth can be attributed to its growing demand across the banking sector, owing to its flexibility and easiness while withdrawing cash. Additionally, expanding IT industry will further boost the deployment solutions market size. Managed services ATM market is anticipated to show an eye-catching growth over the coming years, driven by its increasing need for financial institutions. The benefit offered by managed services like low operational cost will increase profitability and reduce investment for financial institutes, thereby driving ATM market size noticeably.
Taking into account the geographical trends, North America ATM market share will dominate the global landscape, owing to the huge number of replacement of aging machines by financial institutions such as fleet expansion, banks as well as machine integration capabilities enlisted as biometrics, remote assistance, and video conferencing. The U.S. will contribute significantly towards the regional growth.
The growing number of installations of ATM machines across the globe will boost the worldwide ATM industry share over the coming time. Europe ATM market size is projected to register an annual growth rate of 8.9% over the coming six years. Furthermore, Asia Pacific ATM market is predicted to grow significantly, owing to the increasing demand for automated teller machines across this region. India will become a major revenue pocket for APAC ATM industry share, due to growing trends towards cashless India in the future.
Market participants are looking to invest heavily in R&D and new product development to expand their business over the coming years. NCR Corporation, Diebold Corporation, Fujitsu, Hitachi, Euronet Worldwide, and GRG Banking are some of the notable industry players.
Written By : Sunil Hebbalkar