The overwhelming expansion of ATM Market across the globe has been unparalleled. With the advent of next-gen technologies such as internet of things and massive proliferation of smartphones across major geographies of the world, the financial institutions have been compelled to redefine the banking experience and significantly alter the way customers interact with the ATM. Consequentially, in a bid to remain competitive in the ATM market, the leading manufacturers have been unveiling highly-evolved smart ATMs in the recent times.
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.
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Analysts claim ATM industry to have a considerably strong presence across major geographies. The necessity to set up effective cash cycle management processes has led to the business sphere observing immense growth across the globe. The rapidly rising population and the popularity of self-serving machines in countries such as Indonesia, China, Vietnam, and India have contributed toward generating high growth potential for APAC ATM market. India in fact, has been forecast to be an attractive business destination for the ATM industry in Asia Pacific with the launch of schemes such as Pradhan Mantri Jan Dhan Yojana by the Indian government.
With rapid innovations witnessed in the EMV and NFC card technologies, North America ATM market is forecast to observe a profitable expansion. Most of the banks in the region have made large-scale investments in paperless transactions. Companies partaking in North America ATM industry share, in particular, have been involved in product differentiation, which has significantly aided the transformation of the regional ATM market outlook.
Companies today aim to develop ATM technologies that would conveniently process end-user cash transactions effectively & securely. ATM market players such as GRG Banking, NCR Corporation, and Triton Systems have apparently inculcated new features such as automatic cash checking, mobile bill payments, and automated cash deposits at ATMs, which would most certainly augment ATM industry share. The rising percentage of consumers utilizing these systems would also contribute substantially toward the business expansion. The prevalence of contemporary trends witnessed across this business sphere validate the growth potential of ATM market, anticipated to cross a revenue of over USD 25 billion by 2024.