ATM Market Report, Trends, Size, Share, Analysis, Estimations and Forecasts to 2024
Posted: Jan 10, 2018
ATM is the abbreviated name for automated teller machine. It is prevalently referred to by many names, such as, automated banking machine, cash machine, cash point, and cash line. The global market for ATM has been on the rise over the last few years. Regardless of time and region, an ATM enables clients to make money exchanges utilizing a card. The money exchanges can be performed by entering the individual ID number of the card, the expiry date of the card, or at the time of an online exchange, a 3D security number or pin. All the numeric permutations are one of a kind for each card and its client.
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Since the introduction of automated teller machines in the banking systems across the globe, the international market for the same has been growing since then. The prime factors that are projected to drive the demand for ATM in the coming years are the transactional advantages, easy flow of cash, fast withdrawal of money, feasibility of online and offline shopping among others. It is also very convenient for foreign travelers as it permits them to convert their money into desired regional currency. An ATM card is considered to be the safest and secure way of carrying money while travelling as it offers the facility of cashless transactions. Onsite ATMs are installed in banks areas where both machines and physical bank facilities can be used by the customers. These machines also aid in cutting down the load of work on bank officials and also help in avoiding long queues for depositing cash, transfer or cash or withdrawal of the same. By cutting down the frequency of mistakes, it helps the banking system to have smooth financial transactions.
Global ATM Market: Brief Description
ATM is the abbreviated form of automated teller machine. It is popularly known by many names such as automated banking machine, cash line, cash machine, and cash point. The global market for ATM has been significantly growing over the last couple of years. Irrespective of time and geography, an ATM allows users to make cash transactions using a card. The transactions can be performed entering the personal identification number of the card, the expiry date of the card, or in the case of any online transaction, a 3D security pin. All the numeric combinations are unique for every respective card and its user.
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This industry research report is a brief review of the growth trail in terms of current, historical, and future scenarios of the global ATM market. It offers an evaluation of the aspects that are expected to influence the development of the market and the primary trends have also been specified in the research study. The research study also offers a broad lookout on the vendor landscape of the market through Porter’s five forces analysis. The research publication provides references of mergers and acquisitions, the research and development activities, specifics on licensing and collaborations. The report probes into the strategies related to marketing, shares, and product portfolio of the key participants in the global ATM market.
Global ATM Market: Trends and Prospects
Since the advent of automated teller machines in the banking system, the global market for it has been incessantly growing. The prime aspects that are expected to drive the demand of ATM in the near future are the easy flow of cash, transactional benefits, quick withdrawals, and feasibility of offline and online shopping. It is also convenient for foreign travelers as it allows them in converting foreign money into the desired local currency. An ATM is the most secure and safe way of travelling as it provides cashless facility. Onsite ATMs are set up in bank premises where both the physical bank and machines can be used by customers. These machines also help in reducing the workload of the bank staffs and also aid in avoiding long queues for cash deposits, withdrawals, and cash transfer. By reducing the frequency of errors, it helps the banks in having smooth financial transactions.
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However, the market is expected to be hindered by factors such as misuse of the ATM pin, dispense of extra cash which causes a loss to the bank, and tampering which makes room for theft, fraud, and scams.
Global ATM Market: Regional Outlook
The market for ATM is expected to have high potential in North America and Europe over the next couple of years and is also expected to soon reach saturation. The Middle East and Africa and Asia Pacific is also likely to exhibit significant growth capacity in the near future owing to the rising demand for advanced interactive machines. The cash based economy of the Middle East and Africa region is anticipated to bode well for the market in the region.
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