Financial Services & Insurance Research News

Global ATM market to experience a 9.8% CAGR growth till 2023

Financial Services Market Research

The ATM Market 2017 research report offers a feasibility analysis of the market for investment and returns. It is supported with data on development trend analysis across important regions of the world.

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Increasing involvement of customers with the banking and financial organizations will drive automated teller machine market size over the forecast timeline. Consistent government and institutional efforts to reduce the underbanked and unbanked population in the emerging economies will favor industry growth.

ATM Market size is estimated to exceed USD 26 billion by 2023; according to a new research report by Global Market Insights, Inc.

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Shift from class banking to mass banking through inclusive finance, owing to increased user interest for self-service channels is likely to provide significant growth opportunities over the forecast period.

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Rising need to provide convenient banking for consumers to gain competitive edge over other financing institutes will drive the ATM market share.

Increasing penetration in the economically stabilizing economies specifically in the BRIC nations is expected to present potential growth avenues over the forecast timeline. The requirement to cater to growing cash demand in these regions, banks and financing organizations is expected to increase investment.

Small value businesses functioning on cash payments, managing low valued transactions through personal budgeting or cash will also catapult the ATM market size.

Technological standards are formulated by Scrutiny Standards Council (SSC), International Organization for Standardization (ISO), European payment council (EPC), American National Standards Institute (ANSI), and Payment Card Industry (PCI). Moreover, the current versions of PCI PIN Security Requirements and PCI PTS POI Security Requirements are the most accepted standards.

Card skimming, card trapping, online frauds, and inappropriate network connectivity are the major factors hindering the ATM market share growth. With growing technological advancements, financing organizations have managed to curb these potential threats from malpractices.

Next generation technologies that feature anti skimming, voice recognition systems, biometric devices and ease of use will facilitate the consumers to complete businesses safely and increase product usage.

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Global regulatory authorities are organizing security standards and systems to reduce fraud prevalence, owing to which the global ATM market size is expected to witness escalation over the coming years.

Deployment solution is estimated to witness gains at over 9% CAGR with offsite ATM market dominating the overall industry. The segment is expected to garner high usability owing to its installations in public places, and feasibility in accessing cash and other banking services.

North America is estimated to account for over 35% of the revenue by 2023 on account of attractive U.S. ATM market share. Substitution of maturing machines by banks and other machine coordination capacities, such as, video conferencing, biometrics and remote will favor industry growth.

Asia Pacific automated teller machine market size is expected to witness significant gains owing to large untapped population base and increasing financial institute presence across the region. Demonetization initiative in India will support the industry demand over the forecast timeline.

Key players in the industry include Fujitsu, NCR, Euronet, GRG Banking, Diebold, and Hitachi.

Manufacturers are spending heavily in R&D for the development of more secured transaction methods, with increased ease of usability. Manufacturing costs of these machines is high and requires production in bulk to achieve better gains. 

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