ATM Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 24.16 Billion |
| Market Size (2029) | USD 28.14 Billion |
| CAGR (2024 - 2029) | 3.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
ATM Market Analysis
The ATM Market size is estimated at USD 24.16 billion in 2024, and is expected to reach USD 28.14 billion by 2029, at a CAGR of 3.10% during the forecast period (2024-2029).
- With the surge in digital payments, cash continues to play a vital role in the global economy. ATMs serve as a swift, convenient, and dependable means for individuals to withdraw cash, particularly in areas with limited access to banks and financial institutions. In emerging markets such as India, China, and certain regions of Africa, the uptake of ATMs is on the rise, paralleling the expansion of banking penetration and financial inclusion, thereby granting financial service access to previously underserved communities.
- ATMs serve as a budget-friendly means to broaden access to banking services, allowing users to conduct essential transactions like cash withdrawals, balance inquiries, and bill payments, all without stepping into a bank branch.
- Advancements in ATM technology are significantly propelling market growth. Innovations such as contactless banking, biometric authentication, and the emergence of smart ATMs capable of performing a broader range of functions than their traditional counterparts are reshaping ATM usage and boosting their capabilities.
- Banks and financial institutions are increasingly adopting self-service kiosks and ATMs to meet the growing demand for faster and more convenient banking options. This trend towards self-service not only enhances customer convenience but also helps banks reduce labor costs. The widespread implementation of ATM networks and self-service kiosks enables customers to access their accounts, withdraw funds, transfer money, and even purchase goods and services without needing assistance from bank tellers.
- ATM fraud poses a major challenge for the ATM industry. With ATMs increasingly linked to digital banking networks, their vulnerability to attacks like skimming, card cloning, phishing, and hacking has grown. Cybercriminals employ advanced techniques to extract sensitive information and breach ATM security.
- Inflation increases the costs of goods and services, impacting energy prices, equipment parts, and labor expenses tied to the maintenance and replenishment of ATMs. Consequently, banks and financial institutions face elevated operating costs related to cash replenishment, ATM servicing, hardware upgrades, and security measures.
ATM Market Trends
Mobile ATM is Expected to Witness Significant Growth
- Mobile ATMs are essential in areas hit by disasters where traditional banking infrastructure is damaged or unavailable. They provide emergency cash access to affected populations when banks or ATMs are down due to earthquakes, floods, or other natural disasters. Mobile ATMs emerge as a vital lifeline in disaster-stricken areas where traditional banking infrastructure is compromised. They ensure that affected populations have emergency access to cash, especially when banks or conventional ATMs become inoperable due to natural calamities like earthquakes or floods.
- Recently, in December 2023, the State Bank of India announced the deployment of seven mobile ATM vans in inundated regions, including Velachery, Pallikaranai, Tiruvottiyur, Kasimedu, Royapuram, Ambattur, Avadi, and Red Hills. Furthermore, the bank's internet banking services and the SBI Yono app operate seamlessly.
- Mobile ATMs can be deployed in locations experiencing temporary demand spikes, including shopping malls, pop-up markets, and tourist hotspots, thereby easing congestion at existing machines. In countries with low banking penetration, mobile ATMs extend financial services to unbanked populations. These ATMs can move to different rural locations, providing greater access to financial services without the need for permanent infrastructure.
- Mobile ATMs offer a cost-effective solution for cash access in areas where traditional ATMs are not financially viable. They can be deployed temporarily and removed when not needed, minimizing long-term infrastructure costs. Mobile ATMs are commonly set up at major events like music festivals, sports competitions, concerts, fairs, and other public gatherings. These events often draw large crowds that need easy access to cash. Given the limited nearby banking services at many of these venues, mobile ATMs serve as a practical solution for both event attendees and organizers.
- The synergy between Mobile ATMs and 5G technology offers significant opportunities to improve the efficiency, security, and flexibility of mobile banking services. 5G's high bandwidth allows mobile ATMs to process numerous simultaneous transactions efficiently, without significant slowdowns.
Asia Pacific is Expected to Witness a High Market Growth Rate
- Rapid economic growth in emerging markets such as China, India, Indonesia, and Vietnam is driving increased demand for financial services, including ATMs. As the middle class grows and disposable incomes improve, more individuals are opening bank accounts and engaging in financial transactions. Urbanization, particularly in China, India, and Southeast Asia, has led to higher demand for automated banking services in urban centers, shopping malls, transportation hubs, and densely populated areas.
- Governments in Asia-Pacific countries are increasingly focusing on financial inclusion. For example, India has made significant strides in ensuring that even remote and underserved populations have access to banking and financial services by deploying ATMs in rural areas. The Pradhan Mantri Jan Dhan Yojana (PMJDY) program in India, aimed at expanding financial inclusion, has significantly increased the number of ATMs and banking kiosks in rural and semi-urban regions.
- In the Asia-Pacific region, numerous governments are championing cashless and digital payments, aiming to curtail cash dependency. This push is accelerating the installation of ATMs, facilitating the shift towards digital banking and mobile payments. For instance, Singapore's Smart Nation initiative not only promotes cashless transactions but also incentivizes both consumers and businesses to adopt digital payment methods. Concurrently, the ATM network is expanding to accommodate both cash and digital requirements.
- In August 2024, the National Payments Corporation of India (NPCI) introduced new products designed to revolutionize the country's ATM infrastructure. At the Global Fintech Fest, NPCI unveiled the UPI Interoperable Cash Deposit alongside banks presenting their digital banking units. With the launch of UPI's interoperable cash deposit service, customers can now deposit cash at ATMs operated by both banks and white-label operators using UPI. This means they can deposit cash into their own bank accounts or any other bank account, all without needing a physical card. These ATMs, known as cash recycler machines, facilitate both cash deposits and withdrawals.
ATM Industry Overview
The ATM market is moderately fragmented, with global and local conglomerates and specialized players operating across various segments. While several large multinational companies dominate specific high-value segments, numerous regional and niche players contribute to the overall competition, making the market highly diverse. This fragmentation is driven by the demand for the ATM market across a wide range of end-user verticals, allowing both large and small companies to coexist and thrive in the market.
Leading companies in the ATM market include. These companies have established strong brand recognition and extensive global operations, enabling them to command significant market share. Their strengths lie in innovation, broad product portfolios, and strong distribution networks. These leaders often engage in strategic acquisitions and partnerships to maintain their competitive edge and expand their market reach.
Continuous innovation in the ATM market is driven by the need to stand out through product features, user-friendliness, and seamless integration with other devices. ATM vendors are developing solutions that can predict maintenance needs, detect fraud in real-time, and optimize cash management.The market vendors are focusing on research and development and business expansion.
ATM Market Leaders
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Diebold Nixdorf Incorporated
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NCR Corporation
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Fujitsu
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Hitachi Channel Solutions Corp.
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Triton Systems LLC
*Disclaimer: Major Players sorted in no particular order
ATM Market News
- October 2024: NCR Corporation has unveiled two innovative products: an ATM that dispenses cash through facial recognition and a 'branch-in-a-box' composite hardware system designed for self-service branch transactions.
- April 2024: Hitachi Payment Services has unveiled an innovative upgradable ATM machine in India. These ATMs possess the capability to be transformed into Cash Recycling Machines (CRMs) at any given moment. Proudly produced under the 'Make in India' initiative, these ATMs are designed to provide banks with enhanced flexibility and efficiency. According to Hitachi Payment Services, this marks the debut of India's first upgradable ATM.
ATM Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Advent of Smart ATMs
5.1.2 Growing Urbanization in Both Developed and Emerging Economies
5.2 Market Restraints
5.2.1 Security Concerns and Cyber Threats
5.2.2
6. MARKET SEGMENTATION
6.1 By Deployment
6.1.1 Onsite ATMs
6.1.2 Offsite ATMs
6.1.3 Worksite ATMs
6.1.4 Mobile ATMs
6.2 By Type
6.2.1 Brown ATMs
6.2.2 White ATMs
6.2.3 Cash dispenser ATM
6.2.4 Smart ATMs
6.2.5 Conventional/banks ATMs
6.3 By Geography***
6.3.1 North America
6.3.2 Europe
6.3.3 Asia
6.3.4 Australia and New Zealand
6.3.5 Middle East and Africa
6.3.6 Latin America
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Diebold Nixdorf Incorporated
7.1.2 NCR Corporation
7.1.3 HESS Cash Systems GmbH
7.1.4 Hitachi Channel Solutions Corp.
7.1.5 Fujitsu
7.1.6 GRG Banking
7.1.7 Source Technologies
7.1.8 Euronet Worldwide Inc.
7.1.9 Hyosung TNS Inc.
7.1.10 Triton Systems LLC
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
ATM Industry Segmentation
ATM, short for "Automated Teller Machine," is a computerized device that allows individuals to perform a range of banking transactions without the assistance of a human teller. ATMs offer a convenient means to access and manage bank accounts, even beyond regular banking hours.
The study tracks the revenue accrued through the sale of ATMs by various players across the globe. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.
The ATM market is segmented by deployment (onsite ATMs, offsite ATMs, worksite ATMs, and mobile ATMs), type (brown ATMs, white ATMs, cash dispenser ATMs, smart ATMs, and conventional/banks ATMs), and geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The market sizes and forecasts regarding value (USD) for all the above segments are provided.
| By Deployment | |
| Onsite ATMs | |
| Offsite ATMs | |
| Worksite ATMs | |
| Mobile ATMs |
| By Type | |
| Brown ATMs | |
| White ATMs | |
| Cash dispenser ATM | |
| Smart ATMs | |
| Conventional/banks ATMs |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Middle East and Africa | |
| Latin America |
ATM Market Research Faqs
How big is the ATM Market?
The ATM Market size is expected to reach USD 24.16 billion in 2024 and grow at a CAGR of 3.10% to reach USD 28.14 billion by 2029.
What is the current ATM Market size?
In 2024, the ATM Market size is expected to reach USD 24.16 billion.
Who are the key players in ATM Market?
Diebold Nixdorf Incorporated, NCR Corporation, Fujitsu, Hitachi Channel Solutions Corp. and Triton Systems LLC are the major companies operating in the ATM Market.
Which is the fastest growing region in ATM Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in ATM Market?
In 2024, the Asia Pacific accounts for the largest market share in ATM Market.
What years does this ATM Market cover, and what was the market size in 2023?
In 2023, the ATM Market size was estimated at USD 23.41 billion. The report covers the ATM Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the ATM Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
ATM Industry Report
Statistics for the 2024 ATM market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ATM analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
