Portland, OR, March 02, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global cardless atm market garnered $2.0 billion in 2021, and is estimated to generate $5.2 billion by 2031, manifesting a CAGR of 10.6% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $2.0 billion |
| Market Size in 2031 | $5.2 billion |
| CAGR | 10.6% |
| No. of Pages in Report | 379 |
| Segments covered | Type, Technology, End User, and Region. |
| Drivers | Increased penetration of smartphones Security and convenience offered by cardless ATMs |
| Opportunities | Increase in adoption of artificial intelligence and machine learning Surge in integration of next-generation smart ATMs that can be remotely maintained |
| Restraints | Increase in data breaches and rise in concerns regarding data security |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global cardless atm market, owing to implementation of global lockdown which resulted to temporary closure of many bank ATMs.
- The governments of every country in the world stopped new ATM installations, thereby hindering the market growth.
- As individuals opted for UPI and other cellular transactions during the pandemic, the number of ATM transactions decreased considerable. This factor hampered the market growth.
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The research provides detailed segmentation of the global cardless atm market based on Type, Technology, End User, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the off-site ATM segment held the highest share in 2021, accounting for around half of the global cardless atm market, and is expected to continue its leadership status during the forecast period. However, the others segment is expected to register the highest CAGR of 13.2% from 2022 to 2031.
Based on technology, the near-field communication (NFC) segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global cardless atm market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the Quick Response (QR) Codes segment is expected to manifest the highest CAGR of 13.1% from 2022 to 2031.
Based on end user, the bank and financial institutions segment accounted for the highest share in 2021, holding nearly three-fourths of the global cardless atm market, and is expected to continue its leadership status during the forecast period. However, the independent ATM deployer segment is estimated to grow at the highest CAGR of 13.3% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to nearly two-fifths of the global cardless atm market share. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 14.3% during the forecast period, and is projected to maintain its dominant share in terms of revenue in 2031.
Leading market players of the global cardless atm market analyzed in the research include Citigroup Inc., JPMorgan Chase & Co., Fujitsu, Santander Group, GRG Banking, NCR Corporation, HSBC Bank A.S., Wells Fargo, Barclays Bank PLC, ICICI Bank Ltd.
The report provides a detailed analysis of these key players of the global cardless atm market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cardless ATM market forecast from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities of cardless ATM market overview.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cardless ATM market segmentation assists to determine the prevailing cardless ATM market opportunity.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cardless ATM market trends, key players, market segments, application areas, and market growth strategies.
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Cardless ATM Market Key Segments:
Type
- On-site ATM
- Off-site ATM
- Others
Technology
- Near-field Communication (NFC)
- Quick Response (QR) Codes
- Biometric Verification
End User
- Bank and Financial Institutions
- Independent ATM Deployer
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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