ATM Market To exceed USD 26 billion by 2024A Chapter by David JonesATM Market Share, Size, Analysis, Growth, Trends and Forecasts to 2024 | Hexa Research
The ATM Market (Automated Teller
Machines Market) is estimated over USD 26 billion by 2024, growing at nearly
10% CAGR during the forecast period (2016-2024). It was valued about USD 12.5
billion in 2015. Technological breakthroughs and improved safety amid rising
wireless devices will drive the ATM market in the next eight years. This can
result in lessened frauds and safe consumer financial transactions.
ATMs find active encouragement from banks and other financial institutions. They help reduce bank queues. These machines benefit customers by assisting them make cash withdrawals, transfers, and deposits. They are adopted widely since they provide a multitude of options for fiscal transactions.
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Online cash transfers and other transaction modes
hinder the ATM market. Introduction of solar & smart ATMs across India and
China is expected to provide industry opportunities. Rising competition among
banks to expand their customer base should give the market a fillip.
The ATM industry, divided on the basis of solutions,
includes managed services and deployment. Deployment has enabled customers to
avail banking services 24/7. It accounted for 70% revenues in 2014. This was
attributed to growing IT companies worldwide. Worksite, offsite, onsite, and
mobile ATMs constitute deployment solutions. Worksite is expected to generate
over USD 2.6 billion by 2024.
Onsite machines are installed within bank premises.
They reduce staff-pressure and error-probability. These factors would drive
sub-segment demand in the near future. Mobile ATMs decrease customers at trade
fairs and sports events. They may grow at a CAGR close to 13% till 2024. These
machines give banks the chance to lessen the traffic at populated places and
extend their reach.
Managed services allow banks to move their non-core
activities to trained service providers & concentrate on their core
business. They are involved in retaining customers & offering cross-selling
opportunities. Managed services will grow at a CAGR above 11% from 2016 to
2024. Their outsourcing can bring good returns, complying with regulatory
policies. Firms such as Diebold Inc. and Wincor Nixdorf AG provide such
services at low costs.
In view of regions, the ATM market consists of North
America, Asia Pacific, Europe, and the MEA (the Middle East & Africa).
North America dominated in 2014 but will face a decline till 2022. Its trend of
trading in digital currency has encouraged the adoption of Bitcoin ATMs in the
region. The U.S. is the best market (in terms of performance), bound at over
USD 9 billion by 2024. Its integration of biometrics, remote assistance, &
video conferencing can drive regional sales. U.S. banks have implemented
Europay/Visa/MasterCard IC encryption to ensure added security.
Europe is predicted to experience a similar trend on
account of saturation and rising operational costs. Asia Pacific will grow at a
CAGR above 12% during the forecast period due to its self-service machines and
ever-increasing customer base.
Increased IT dependence has led players of the global
market to create devices with multiplatform compatibility. Notable players are
GRG Banking, Nautilus Hyosung, Euronet Worldwide, and NCR Corporation. Mergers
and acquisitions are one of the strategies adopted by companies to maintain
industry hold. For instance, Euronet acquired Pure Commerce in 2013 to broaden
its global reach.
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Added on August 24, 2017 Last Updated on August 24, 2017 Tags: ATM Market, ATM Industry, ATM Market application AuthorDavid Jonescalifornia, CAAboutResearch Analyst At Hexa Research Which Provides Research Content For All Types Of Domains do check my Articles more..Writing
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