ATM Market Size to Reach USD 24010 Million by 2027 at a CAGR 9.8% | Valuates Reports
BANGALORE, India, June 22, 2021 /PRNewswire/ -- The ATM (Automated Teller Machine) Market is Segmented by Type (On Site, Off Site), by Application (Withdrawals, Transfers, Deposits). The report covers global opportunity analysis and industry forecasts from 2021 to 2026. It is published on Valuates Reports in the Banking Category.
The global ATM Market size is projected to reach USD 24010 Million by 2027, from USD 12350 Million in 2020, at a CAGR of 9.8% during 2021-2027.
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Major factors driving the growth of the ATM market are:
- The surge in need of automation in the banking sector in the emerging as well as the developed countries is expected to drive the growth of the ATM market.
- Customers preference for faster, reliable, secure, and convenient means of accessing cash, is contributing toward the growth of the global ATM market.
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TRENDS INFLUENCING THE GROWTH OF ATM MARKET
One of the primary reasons driving the worldwide Automated Teller Machine (ATM) market is Several governments' financial inclusion policies continue to push cash as a necessary payment medium for day-to-day transactions.
By implementing cardless ATM transactional functions such as a one-time access code and biometric verification, financial institutions and individual ATM vendors are working on modernizing their ATM infrastructure to improve security and convenience, as well as to give a personalized smooth banking experience to clients. This in turn is expected to increase the growth of ATM market size.
Customers' mobile transactions will increase as fundamental financial activities are automated and technological improvements continue to accelerate at an alarming rate. Customers would be able to perform transactions more securely if ATMs were linked to wireless devices. Furthermore, increased rivalry among banks to boost penetration would result in a large installed ATM base, thereby driving the growth of the ATM market.
However, the development in digitization in developing countries is likely to have a negative impact on the automated teller machine (ATM) market income. This is due to consumers' growing demand for digital payment alternatives including online and mobile banking, digital wallets, and Bitcoin transactions. These internet banking channels offer convenient, quick, and secure transactions, limiting the worldwide ATM market's growth.
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ATM MARKET SEGMENTATION
Market Segment by Type
- On site
- Off site.
Market Segment by Application
- Withdrawals
- Transfers
- deposits.
Key Companies
- GRG Banking
- Nautilus Hyosung
- Euronet Worldwide
- NCR
- Diebold.
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SIMILAR REPORTS
- The ATM managed services market was valued at USD 6.1 Billion in 2019 and is projected to reach USD 9.9 Billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027. Mobile ATMs would exhibit the highest CAGR of 8.1% during 2020-2027.
- The multivendor ATM software market was valued at USD 1,139 Million in 2018, and is projected to reach USD 6,234 Million by 2026, growing at a CAGR of 23.6% from 2019 to 2026. CASH/CHEQUE DISPENSER holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
- Crypto ATM Market is projected to reach USD 91800 Million by 2027, from USD 13690 Million in 2020, at a CAGR of 31.0% during 2021-2027.
- ATM Outsourcing Market is projected to reach USD 23220 Million by 2027, from USD 21870 Million in 2020, at a CAGR of 1.0% during 2021-2027.
- Next-Gen ATM Market is segmented by Type Managed Services, Deployment, by Application Bank Service Agent, Bank and by various regions.
- Cash Recycling ATM Market is segmented by Type Independent Cash Recycling Module, Embedded Cash Recycling Module, by Application ATM, Self-Check-out, Bill Payment, Retail Cash Management, Teller Assist and by various regions.
- Conventional/Bank ATM Market using different methodologies and analyzes to provide accurate and in-depth information about the market. For a clearer understanding, it is divided into several parts to cover different aspects of the market. Each area is then elaborated to help the reader comprehend the growth potential of each region and its contribution to the global market.
- Solar Powered ATM Market - The solar powered ATMs are designed and developed to deliver back-up solutions during power failure especially in rural areas.
- Self-Cashed or Fully Serviced ATM Market - The market for self-cashed or fully serviced ATMs is divided into four categories: company, region (country), type, and application. Players, stakeholders, and other market participants in the global Self-Cashed or Fully Serviced ATM market would get an advantage by utilising the research as a valuable resource.
- The research report studies the Smart ATM Market using different methodologies and analyzes to provide accurate and in-depth information about the market.
- Brown Label ATM Market uses different methodologies and analyzes to provide accurate and in-depth information about the market.
- White Label ATM Market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global White Label ATM market will be able to gain the upper hand as they use the report as a powerful resource.
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