Global ATM market to be worth nearly $25B by 2022
The global ATM market is projected to reach a value of $24.92 billion by 2022, according to “ATM Market Analysis by Solution (Managed Services, Deployment) and Segment Forecasts to 2022,” a new study by Grand View Research Inc.
Demand for automated wireless communication devices and rising security standards are expected to drive growth, a company press release said.
The automation of basic financial transactions and fast-paced technological advancements will promote greater use of mobile transactions — particularly ATM transaction prestaging.
Rising competition among banks is expected to provide a huge base for installations, offering lucrative growth opportunities, Grand View said.
In order to reduce fraud, manufacturers and financial institutions will opt to use anti-skimming, biometric and voice recognition solutions.
Additional findings from the study:
- Deployment accounted for more than 70 percent of industry revenue in 2014 (the study divides the ATM market into two segments: deployment solutions and managed services). Grand View predicted that expansion of the installation base and increasing maintenance activities will continue to drive segment growth.
- The ATM managed services market is expected to swell, with a compound annual growth rate of more than 11 percent from 2015 to 2022. This will contribute significantly to a stronger infrastructure for multichannel delivery, according to the release.
- The North American ATM market dominated in terms of revenue in 2014, but is expected to lose share by 2022. Adoption of smart machines is expected to drive growth.
- The ATM industry in Asia Pacific is expected to grow at a substantial growth rate of more than 12 percent from 2015 to 2022, Grand View said. Rising demand for self-service machines and an increasing customer base across China and India are predicted to drive the regional demand over the next seven years.
Further information about the study is available at grandviewresearch.com