Portland, May 12, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automated teller machine market generated $20.58 billion in 2019, and is estimated to reach $30.50 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing need for automation in the banking sector and various technological advancements such as integration of IoT data analysis drive the growth of the global automated teller machine market. However, surge in consumers preference toward digital payment solutions hinder the market growth. On the other hand, improvement in security mechanisms such as fingerprints, biometrics, and two-factor authentication services to avoid fraudulent transactions create new opportunities in the coming years.
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Covid-19 scenario:
- Due to lockdown in several countries, industries that manufactures automated teller machine and its equipment have shut down their operations. Therefore, it is likely to affect the growing demand for ATMs and the banking operations.
- The revenue generated from mobile ATMs segment is likely to increase significantly for few months of coronavirus pandemic as it eliminates the need of consumers to move out of their locality for withdrawal of their cash.
- Due to COVID-19, the consumers are now preferring digital payment platforms to avoid physical contact with individual to prevent transmission of COVID-19.
- The COVID-19 pandemic is receding slowly in countries such as China and India and governments are now lifting the lockdown to start the industrial and construction activities.
The report offers a detailed segmentation of the global automated teller machine market based on solution, deployment solution, type, and region.
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Based on type, the conventional/Bank ATMs segment contributed to the largest share in 2019, accounting for more than one-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, the smart ATMs segment is estimated to portray the highest CAGR of 9.7% during the forecast period.
Based on deployment solutions, the offsite ATMs segment accounted for the largest share in 2019, holding nearly two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the mobile ATMs segment is expected to register the highest CAGR of 6.3% from 2020 to 2027.
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Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, the LAMEA is expected to grow at the highest CAGR of 6.8% from 2020 to 2027.
Leading market players analyzed in the research include NCR Corporation, Diebold Nixdorf, Inc., Fujitsu Ltd, Euronet Worldwide Incorporation, Hess Cash Systems GmbH, GRG Banking Equipment Co. Ltd., Source Technologies, NHAUSA, and Triton Systems of Delaware LLC.
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