Automated Teller Machine (ATM) Market to Cross US$ 40.45 Billion at 4.4% CAGR by 2034: Fact.MR Analysis
ATM Manufacturers Focusing on Digital Banking Innovations to Provide Secure and Convenient Banking Services
Rockville , Jan. 15, 2024 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, a market research and competitive intelligence provider, the global *Automated Teller Machine (ATM) Market* is estimated at US$ 26.21 billion in 2024 and is forecasted to rise at a CAGR of 4.4% through 2034.
The market is being driven by advancements in technology and the growing acceptance of digital banking systems. Rising preference for contactless transactions, as well as the trend toward digital banking, are contributing to the increasing demand for ATMs with a variety of features, such as mobile integration and multi-language compatibility.
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*Key Segments of **Automated Teller Machine (ATM) **Industry Research Report *
*By Deployment* *By Screen Size* *By Type* *By Region*
· Off-site ATMs
· On-site ATMs
· Others
· 15" & Below
· Above 15"
· Conventional/Bank ATMs
· Brown Label ATMs
· White Label ATMs
· Smart ATMs
· Cash Dispenser ATMs
· Others
· North America
· Latin America
· Europe
· Asia Pacific
· Middle East & Africa (MEA)Financial inclusion policies, particularly in developing nations, have led to an increase in ATM installations, giving those with limited resources better access to financial services. For improved security and personalized client experiences, modern ATMs include advanced technologies such as biometric authentication. Biometric ATMs that use fingerprint or facial recognition are becoming more common, providing secure and convenient access to banking services.
*Key Takeaways from Market Study*
· Worldwide demand for automated teller machines is estimated at US$ 26.21 billion in 2024.
· The market is projected to reach US$ 40.45 billion by the end of 2034, expanding at a CAGR of 4.4% between 2024 and 2034.
· The above 15” screen size segment is predicted to expand at 4.9% CAGR through 2034.
· The market in East Asia is predicted to progress at 5% CAGR over the forecast period.
· The off-site ATM segment is forecasted to expand at a CAGR of 3.8% from 2024 to 2034.
· North America is set to account for a 28.6% share of the global market in 2024.
*“The ATM market continues to undergo a transformative journey, driven by technological innovations and changing consumer behaviors. As the financial ecosystem evolves, ATMs adapt to meet the diverse needs and preferences of consumers worldwide, offering secure, convenient, and personalized experiences,”* says a Fact.MR analyst.
*Changing Consumer Behavior Driving Demand for More Advanced ATM Functionalities*
Consumers are increasingly embracing convenience, immediacy, and personalized experiences in their financial transactions. The growing preference for digital banking solutions, contactless payments, and mobile-centric experiences has directly influenced the evolution of automated teller machines.
The demand for automated teller machines offering diverse functionalities has surged, aligning with consumer preferences for seamless, on-the-go banking experiences. Users now seek ATMs that integrate mobile app capabilities, enabling cardless transactions and providing enhanced security through biometric authentication.
Rise of multi-language support and accessibility features caters to the diverse needs of a global consumer base, ensuring inclusivity and ease of use. Changing consumer behavior has sparked a demand for ATMs that transcend traditional cash withdrawal and deposit functions. Consumers now expect these machines to provide additional services such as bill payments, fund transfers, and even digital wallet integrations. This demand for expanded services reflects a growing desire for comprehensive financial solutions accessible through a single, user-friendly interface.
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*Report Attribute* *Details*
Value Projection (2034) USD 40.45 Billion
Growth Rate (2024-2034) 4.4% CAGR
No. of pages 170 Pages
No. of Tables 84 Tables
No. of Figures 112 Figures
*
**Evolution of Automated Teller Machines: Regional Dynamics and Technological Advancements*
In North America, the automated teller machine (ATM) market showcases maturity and extensive utilization, spearheading technological progressions like the adoption of contactless transactions. Meanwhile, East Asia is experiencing a surge in ATM installations, aligning with the region's burgeoning banking sector and ongoing urbanization initiatives. Bank ATMs, constituting 30% of the global ATM market share, are instrumental in shaping the ATM landscape in each region, influenced by distinct economic, regulatory, and technological factors that impact the speed and nature of ATM proliferation.
China is witnessing a notable uptick in demand for banking services, primarily fueled by rapid urbanization. The nation's emphasis on financial inclusion, especially in rural areas, has prompted substantial investments in banking infrastructure, resulting in a notable increase in ATM installations nationwide.
Robust economic growth has led to an expanded middle class in China, creating a larger consumer base with heightened banking needs. This demographic shift has spurred the demand for convenient and accessible banking services, necessitating an increased deployment of ATMs in both urban and rural areas.
The United States, renowned for its technological leadership, manifests this prowess in the realm of ATM technology. Boasting a sophisticated financial ecosystem and a culture deeply rooted in convenience, the U.S. continually drives demand for cutting-edge innovations in banking services.
This relentless pursuit of innovation fuels the development of ATMs equipped with the latest features, including contactless transactions, biometric authentication, and advanced security measures, thereby fostering dynamic growth in the market.
*More Valuable Insights* *on Offer*
Fact.MR, in its new offering, presents an unbiased analysis of the automated teller machine (ATM) market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on deployment (off-site ATMs, on-site ATMs, others), screen size (15" & below, above 15"), and type (conventional/bank ATMs, brown label ATMs, white label ATMs, smart ATMs, cash dispenser ATMs, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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