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ATM Global Market Report 2024 Market Growth, Growth Demand, Key Drivers, Forecast To 2033
ATM Global Market Report
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According to The Business Research Company's, The atm market size has grown steadily in recent years. It will grow from $36.97 billion in 2023 to $38.39 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to rise in cash transactions, expansion of banking networks, growing population and urbanization, increasing consumer convenience, financial inclusion initiatives.
The atm market size is expected to see steady growth in the next few years. It will grow to $44.5 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to growing cash usage trends, global economic growth, evolution of banking services, government initiatives and policies, adaptation to changing consumer behaviors. Major trends in the forecast period include focus on accessibility and inclusion features, cash recycling and deposit automation, remote atm management and monitoring, enhanced user experience with interactive interfaces, sustainability initiatives in atm design and operation.
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Market Drivers and Trends:
The increasing consumer usage of ATMs is expected to drive the growth of the ATM market going forward. Customers in many countries select cash as their preferred method of payment due to its convenience. As technology evolves, customers are looking for ways to access cash that are faster, more dependable, safe, and convenient. Customers can bank anywhere, at any time, using ATMs, which are self-service vending devices. ATMs help users save time, money, and effort by lowering transaction costs and increasing accuracy and speed. For instance, according to the National Cash Systems report published in 2021, 40% of the population in the United States uses an ATM 8-10 times per month, with an average of 300 times per month. In addition, every year, around 10 billion transactions are performed at ATMs in the US. Thus, the growing usage of ATMs by consumers will contribute to the growth of the ATM market.
The introduction of Smart ATMs is a recent trend gaining popularity in the ATM market. Smart ATMs are automated teller machines (ATMs) that can do more than just disburse money. Smart ATMs allow for the implementation of cutting-edge technologies that improve the customer experience while also minimizing fraud. For example, in October 2021, Nations Trust Bank, a Sri-Lankan-based Bank, launched the first Smart ATM in Sri Lanka. The new machine is powered by technology and innovation to deliver a unique banking experience, allowing users to withdraw their preferred mix of currency notes to pay for bus or train tickets or eat at the MMC's restaurants. Commuters on the go will be able to save regularly used operations such as withdrawals, bill payments, and cash transfers as favorites, saving time and unnecessary annoyance, owing to capabilities supplied by smart ATMs.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
IBM Corporation, Tata Consultancy Services Limited, Atlas ATM, NCR Corporation, Diebold Nixdorf, Wincor Nixdorf, Euronet Worldwide Inc., Hyosung Corporation, BancTec Corporation, GRG Banking Equipment Co. Ltd., Fujitsu Frontech Ltd., Eastcompeace, Nautilus Hyosung Corporation, Oki Electric Industry Co. Ltd., United Security Financial LLC, Forbes Technosys Ltd., KingTeller, Hantle, Triton Systems of Delaware LLC, HCL Infosystems Ltd., EFT Networks Inc., RapidCash ATM Ltd., Hitachi-Omron Terminal Solutions Corporation, riton Systems of Delaware LLC, G4S plc, Lipi Data Systems Ltd., Itautec, Acentic Innovative Technologies, Shenzhen Yihua Computer, HESS Cash Systems GmbH & Co KG
ATM Market 2024 Key Insights:
• The atm market size is expected to see steady growth in the next few years. It will grow to $44.5 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%.
• Rising Usage Of Atms To Drive Market Growth
• Smart Atms Enhanced Features And Innovative Services In Atm Market
• Asia-Pacific was the largest region in the ATM market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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