Ocean View, Delaware , Nov. 02, 2017 (GLOBE NEWSWIRE) --
ATM Market share is poised to surpass USD 25 billion by 2024; according to a new research report by Global Market Insights, Inc. The installed base is forecast to exceed 4 million units by 2024. Rising deployment of ATMs at several locations across the regions and the accessibility of mobile ATMs has facilitated 24*7 availability of banking services to the customers driving the overall ATM market growth.
The mobile ATMs are anticipated to grow as cash demand grows in remote and rural areas. These machines are secure, convenient and provide instant cash and are introduced in order to reduce the traffic at high-volume locations such as trade fair, social gathering, sports events. Moreover, it enhances branding & promotions and offer flexibility for the financial institutions. In India, after demonetization the mobile ATMs were rolled out in increased numbers by several banks to provide cash in remote areas, thereby fueling deployment in the country.
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Technology development and self-service functionality, particularly in developed markets such as Western Europe and the U.S., where the existing aging machines is fueling the replacement demand offering avenues for growth in the regions. Replacement demand of traditional machines by advanced systems such as biometrics, video conferencing and remote assistance by financial organizations will drive the revenue of the ATM market for the next seven years. Innovations such as video banking through the ATMs that brings several benefits for banks and their customers.
For financial organizations, the technology offers an efficient way of growing banking services into remote or rural areas. Moreover, it enhances efficiency and generate revenue streams by moving transactions away from the counter and delivers flexibility and choice for customers.
Offsite ATMs accounted for the majority share in the ATM market in 2016 and is anticipated to grow at a CAGR of over 8% as they are conveniently located in shopping malls, multiplexes, entertainment centers and make cash withdrawal easy and convenient. Ability of the offsite machines to reach more customers at a wide geographical base will drive the ATM market demand. It reduces probability causing errors allowing banks to have smooth financial transactions.
Browse key industry insights spread across 145 pages with 218 market data tables & 46 figures & charts from this 2017 report ATM Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/ATM-market-report
North America ATM market is characterized by the rapid advancements in the NFC and EMV card technologies. These technologies are helping save the costs associated with printing conventional receipts. Several banks in the region have invested in energy efficient ATMs and have taken important steps towards paperless transactions. In 2015, NCR launched a new ATM system in North America which is designed to enhance the customer experience and reduce costs associated with operating the network.
The BFSI sector in the U.S. has undergone several technological changes over the past few years. The sector is under constant pressure owing to growing consumer demands, rise in security threats and changing regulatory requirements. A significant driver in the U.S. ATM market is branch automation and modernization.
Key players in the ATM market include Euronet, Diebold, GRG Banking, Nautilus Hyosung, HessCash Systems, Hitachi-Omron Terminals Solutions, Fujitsu, NCR Corporation, Triton Systems and Tidel Engineering. Hitachi-Omron Terminal Solutions Corporation and China Electronics Corporation (CEC) announced an association in October 2016. This joint venture will provide manufacturing, development, maintenance sales and solution services for ATMs in the Chinese market. In addition, Hitachi-Omron Terminal Solutions announced Finger Vein Authentication Solution for the ATMs their products have been adopted by CTBC Bank Co., Ltd. (CTBC Bank) of Taiwan.
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