The global ATM market is expected to reach $24.92 billion by 2022, according to a new study by Grand View Research.
In a press release highlighting the report, Grand View Research said rising demand for automated wireless communication devices, along with growing security standards, are estimated to drive the industry. Enhanced security standards for safer online and physical financial transactions have led to a significant rise in use of these services. Further, continuation of strict security standards and safer modes of financial transactions are expected to have a substantial impact on the industry growth.
Automation of the basic financial transactions and technological advancements increasing at an alarming rate would increase mobile transactions among the customers. Linkage of ATMs with wireless devices would facilitate the customers to complete the transactions securely, Grand View Research said.
What’s more, the researcher said rising competition amongst the banks to increase the penetration would lead to its huge installation base, thus offering lucrative growth opportunities for the industry. In order to reduce the fraud, manufacturers and financial institutions are opting for anti-skimming, biometric devices and voice recognition systems.
According to Grand View Research, other findings from the new report include that the ATM deployment solutions industry accounted for over 70 percent of the overall revenue in 2014. The ATM managed services market is estimated to exhibit considerable growth, growing at a CAGR of over 11 percent from 2015 to 2022. It contributes significantly towards strengthening the infrastructure for multichannel delivery for better customer retention, acquisition and cross-selling opportunities. In North America, the ATM market dominated in terms of revenue in 2014 and is expected to significantly lose share by 2022. Adoption of smart machines across countries such as the U.S. is estimated to impel growth across this region. The increasing trend of trading in digital currency is driving demand for bitcoin ATMs across the region.