ATM Market size to grow at 9.8% CAGR to reach $26.3bn by 2023
ATM Market size is set to reach USD 26.3 billion by 2023; according to a new research report by Global Market Insights, Inc.
Considerable need for financial inclusion, particularly in emerging economies, is set to drive revenue over the next few years. Continued efforts to reduce the percentage of the underbanked and unbanked population will also favorably impact global ATM market size.
Use of voice recognition systems, biometrics, and other security devices help the customers to perform safe and secure financial transactions (cash withdrawal, transfer, deposits, bank account details, etc.). Enhanced security standards for safer, online, and physical financial transactions lead to a rise in the use of ATM services by the customers. Therefore, safer modes of financial transactions are majorly influencing growth. Continuation of the strict security standards could affect the ATM market size.
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To reduce frauds, manufacturers and financial institutions have introduced anti-skimming, biometric devices and voice recognition systems. In the current business scenario, increasing use of automated systems primarily drives usage. Consumers are narrowing their technology interest to devices that offer multiple functions, ease-of-use, and privacy offers. Linkage of ATM with wireless devices would facilitate the customers to complete the transactions securely and increase product usage. Development of enhanced security features is estimated to shift focus of managing these transactions through smartphones.
In order to provide seamless service to customer, continued availability of cash is essential. In case of brown ATMs, where banks outsource the operations and management activities, the third party in collaboration with financial institutions manages the cash for the bank ATM (onsite or offsite).
Browse key industry insights spread across 70 pages with 31 market data tables & 28 figures& charts from the report, “ATM Market Size By Solution (Deployment [Onsite, Offsite, Worksite, Mobile], Managed Services), Industry Analysis Report, Regional Trends, Application Potential, Competitive Market Share & Forecast, 2012 – 2023” in detail along with the table of contents:
Key insights from the report include:
- Europe ATM market size will exceed USD 4.8 billion by 2023, at 8.9% CAGR estimation from 2016 to 2023.
- Managed services are set to witness high growth in the coming years, with offsite ATM market share expected to remain dominant over the forecast timeline.
- The result of a survey in 27 European countries indicated that card skimming was the most prevalent crime; however, 61% of European countries reported a reduction in fraud due to the use of anti-fraud devices and the implementation of ‘Europay’ EMV technology that is embedded in automated teller machines.
- Technology standards are devised by International Organization for Standardization (ISO), Scrutiny Standards Council (SSC), American National Standards Institute (ANSI), European payment council (EPC), and Payment Card Industry (PCI) or are issued by vendors themselves. In addition to this, the current versions of PCI PTS POI Security Requirements and PCI PIN Security Requirements are the most needed standards.
- Reserve banks, Federal Reserve systems, and European Unions are deploying security standards and devices to reduce the number of frauds, due to which global the ATM market size will witness rapid growth.
- Companies accounting for ATM market share include NCR, Diebold, Wincor Nixdorf, GRG Banking, Euronet Worldwide, etc. The industry witnesses considerable R&D activities for new product development and innovation. The fixed cost involved in manufacturing is high and requires production in bulk amounts to achieve economy of scale benefits.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.