Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The "Global Automated Teller Machine Market 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The Automated Teller Machine (ATM) market is poised for substantial growth, with forecasts indicating a robust expansion of USD 5,641.95 million during the period from 2022 to 2027. This growth is expected to accelerate at an impressive Compound Annual Growth Rate (CAGR) of 4.56% throughout the forecast period.
Key Highlights
The projected growth of USD 5,641.95 million within the Automated Teller Machine (ATM) market from 2022 to 2027, coupled with a compelling CAGR of 4.56%, underscores the significant potential of the industry.
Market Drivers
The Automated Teller Machine (ATM) industry is being driven by a range of factors:
- Multifunctionality Features in ATMs: The incorporation of multifunctionality features in ATMs is a key driver of market growth. Modern ATMs offer a diverse range of services beyond cash withdrawal, enhancing user experience and convenience.
- Increase in Mobile ATMs: The growing number of mobile ATMs is contributing to market expansion. These mobile units offer flexibility and accessibility in remote locations, meeting the demand for convenient banking services.
- Growing Prominence of Remote Teller Technology: The adoption of remote teller technology in ATMs is gaining prominence. This technology enables remote assistance and support for users, enhancing customer service and expanding the reach of ATM networks.
Segmentation
The Automated Teller Machine (ATM) market is segmented based on type, deployment, and geographical landscape.
Type:
- Brown label
- White label
- Others
Deployment:
- Offsite ATM
- Onsite ATM
- Others
Geographical Landscape:
- North America
- APAC
- Europe
- South America
- Middle East and Africa
Rising Trends and Influences
The market's growth is influenced by emerging trends and industry dynamics:
- Growing Demand for Cash Recycling ATMs: The increasing demand for cash recycling ATMs is a significant driver of market growth. These ATMs facilitate the recycling of cash, reducing operational costs and enhancing efficiency.
- Deposit Automation in ATMs: Deposit automation in ATMs is contributing to substantial demand. Users can deposit funds directly into ATMs, enabling seamless transactions and reducing the need for in-branch visits.
- Increased Rate of EVM Adoption: The adoption of Europay, Mastercard, and Visa (EMV) technology in ATMs is contributing to market demand. EVM enhances security and reduces the risk of fraudulent transactions.
Vendor Analysis
The Automated Teller Machine (ATM) market features a robust vendor landscape, with around 25 vendors contributing to the industry's growth. Notable vendors include:
- Cashway Fintech Co. Ltd.
- Diebold Nixdorf Inc.
- Eastcompeace Technology Co. Ltd.
- Euronet 360 Finance Ltd.
- Fujitsu Ltd.
- G4S Ltd.
- Genmega Inc.
- GRGBanking
- HANTLE Inc.
- Hitachi Ltd.
- Lipi Data Systems Ltd.
- NCR Corp.
- Oki Electric Industry Co. Ltd.
- Paycorp Investments Proprietary Ltd.
- Source Technologies
- SPL Computer Trading GmbH
- The Brinks Co.
- Triton Systems
Conclusion
The Automated Teller Machine (ATM) market's remarkable growth prospects, driven by multifunctionality features, mobile ATMs, and remote teller technology, position it as a vital sector poised for transformative expansion.
For more information about this report visit https://www.researchandmarkets.com/r/wy20l7
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