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Major Growth Driver Identified in 2025 Contactless Automated Teller Machine (ATM) And Cardless Automated Teller Machine (ATM) Market: Rising Demand For Contactless Transactions Fueling The Growth Of The Market Due To Increasing Preference For Speed, Hygie
Contactless Automated Teller Machine ATM And Cardless Automated Teller Machine ATM Market
Contactless Automated Teller Machine (ATM) And Cardless Automated Teller Machine (ATM) Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of contactless and cardless automated teller machines (ATMs) has seen a significant increase in recent years. There will be an increase from $2.64 billion in 2024 to $3.02 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.3%. This growth in the previous periods can be explained by several factors such as the surge in smartphone usage, higher usage of mobile banking applications, increased concerns about card fraud, customer demand for quick transactions, the proliferation of NFC technology, and the move towards cashless and digital transaction ecosystems.
Contactless Automated Teller Machine (ATM) And Cardless Automated Teller Machine (ATM) Market Size Forecast: What's the Projected Valuation by 2029?
Growth in the market size of cardless and contactless automated teller machines (ATM) is set to accelerate in the near future, estimating to soar to $5.09 billion by 2029, with a compound annual growth rate (CAGR) of 13.9%. This expansion during the forecast period is primarily driven by the escalating demand for non-contact banking services, a rise in mobile wallet usage, digital banking infrastructure development, increasing alertness regarding card skimming and fraudulent activities, and governmental measures encouraging cashless transactions. The projected period will also witness key trends such as the incorporation of biometric validation, adoption of NFC and QR code mechanisms, improved compatibility with mobile applications, artificial intelligence (AI)-enabled sca*m detection, transaction processing via the cloud, and multi-language and voice-supported user interfaces' implementation.
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What Are the Drivers Transforming the Contactless Automated Teller Machine (ATM) And Cardless Automated Teller Machine (ATM) Market?
The increasing preference for transactions that do not require physical contact is anticipated to fuel the expansion of the contactless and cardless automated teller machine (ATM) market. Contactless transactions, which involve just tapping a card or device near a compatible terminal without any physical contact or PIN input, are gaining popularity because they offer quicker checkout times, minimize physical contact at payment points, and meet the growing consumer demand for smooth digital payments. Contactless and cardless ATMs promote safe and clean transactions by allowing cash withdrawals or banking operations to be carried out using smartphones, QR codes, or contactless cards, without the need for a physical card insertion. For example, data from UK Finance, a financial services trade association located in the UK, noted that in 2022, contactless payments carried out via both credit and debit cards hit 17 billion, signifying a 30% rise from the 13.1 billion deals made in 2021. Moreover, the typical value of contactless payments also experienced an upward trend, escalating to nearly $19.10 (£15.10) in 2022 from about $16.00 (£12.66) in the previous year. Thus, the burgeoning demand for contactless transactions is serving as a catalyst for the growth of the contactless and cardless ATM market.
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What Long-Term Trends Will Define the Future of the Contactless Automated Teller Machine (ATM) And Cardless Automated Teller Machine (ATM) Market?
Key businesses in the contactless and cardless automated teller machine (ATM) market are prioritizing the development of high-tech solutions like contactless ATM access. The aim is to boost user comfort, lower transaction durations, and upgrade safety. Contactless ATM access means executing ATM operations by simply touching a contactless-supported card or gadget on the ATM, eradication the need for a physical card. For example, Co-op Solutions, a financial services firm based in the United States, initiated contactless ATM access for all NCR Atleos ATMs in November 2023. They aim to incorporate Diebold Nixdorf and Hyosung Innovue machines by 2024. This technology allows credit union members to utilize their debit cards for expedited transactions, averaging a mere 15 seconds, over 50% faster than a traditional magnetic stripe card transaction. The system avoids the need for API integration with credit unions or suppliers. Co-op underscores the speed, security, and contemporary appeal of this solution as a means to enrich customer engagements and solidify the role of credit unions in members' day-to-day financial activities.
Which Segments in the Contactless Automated Teller Machine (ATM) And Cardless Automated Teller Machine (ATM) Market Offer the Most Profit Potential?
The contactless automated teller machine (atm) and cardless automated teller machine (atm) market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Deployment: On-Premise, Cloud-Based
3) By Technology: Near Field Communication, Bluetooth, Magnetic Stripe, Quick Response Code Scanning
4) By End User: Retail Customers, Corporate Clients, Banking Institutions, Financial Service Providers
Subsegments:
1) By Hardware: Near-Field Communication Readers, Biometric Scanners, Card Dispensing Units, Cash Dispensers, Receipt Printers, PIN Pads And Touchscreens, Contactless Sensors, Connectivity Modules
2) By Software: Transaction Management Software, Security And Encryption Software, Mobile Banking Integration Software, ATM Operating Systems, Analytics And Reporting Software, Remote Monitoring And Maintenance Software, User Interface (UI) Software
3) By Services: Installation And Integration Services, Maintenance And Support Services, Managed Services, Consulting And Training Services, Security Auditing Services, Software Upgradation Services
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Which Firms Dominate the Contactless Automated Teller Machine (ATM) And Cardless Automated Teller Machine (ATM) Market by Market Share and Revenue in 2025?
Major companies operating in the contactless automated teller machine (atm) and cardless automated teller machine (atm) market are Banco Santander S.A., Wells Fargo & Company, Hitachi Ltd., HSBC Holdings plc, Barclays PLC, Fujitsu Limited, Fiserv Inc., Samsung SDS Co. Ltd., Fidelity National Information Services Inc. (FIS), NCR Corporation, Conduent Incorporated, Diebold Nixdorf Incorporated, Euronet Worldwide Inc., OKI Electric Industry Co. Ltd., ACI Worldwide Inc., GRG Banking Equipment Co. Ltd., NoteMachine Limited, KEBA AG, Nautilus Hyosung Inc., Hyosung TNS Inc.
Which Regions Offer the Highest Growth Potential in the Contactless Automated Teller Machine (ATM) And Cardless Automated Teller Machine (ATM) Market?
North America was the largest region in the contactless automated teller machine (ATM) and cardless automated teller machine (ATM) market in 2024. The regions covered in the contactless automated teller machine (atm) and cardless automated teller machine (atm) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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