ATM stands for automated teller machine. It is an electronic telecommunications device that enables the customers to perform financial transactions, especially cash withdrawal, without any human interference such as a cashier, clerk, or bank teller. ATM is popular by different names in different countries such as cash machine, automated banking machine, cashpoint, mini bank, cashline, bankomat, and so on. In the majority of the ATMs, the customer is been identified by inserting a plastic ATM card which consists of a magnetic strip or a smart card with a chip. This chip contains unique card number and security information, which is used for the identification purpose and to avoid fraud cases. The authentication process is done by asking the customer to enter a personal identification number (PIN). Customers are able to access their bank deposit or credit accounts through which they are able to carry out a number of transactions such as cash withdrawals, credit mobile phones, check balances, and so on.
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Changing lifestyles and high standard of people is the major factor boosting the growth of the global ATM market. The introduction of niche types of ATMs such as solar ATMs and smart ATMs in the emerging markets is also another key factor boosting the growth of the global ATM market. Moreover, new innovations in the ATM technology are also influencing the growth of the market owing to the increasing demand from consumers. Furthermore, advantages provided by ATM cards such as no hassles of bank transactions, banking hour constraints, personal attendance of the customers, and paper-based validations is also attributed to increasing demand of ATMs by consumers. On the other hand, some of the major risks associated with ATM machines such as online frauds, thefts, connectivity, and operational issues may hamper the growth of the global ATM market to some extent.
On the basis of solutions, the global ATM market is segmented as deployment solutions and managed services. The deployment solutions segment is further sub-segmented as onsite ATMs, work site ATMs, offsite ATMs, mobile ATMs, and. Based on the type, the global market is segmented as conventional/bank ATMs, white label ATMs, brown label ATMs, cash dispensers, and smart ATMs.
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Geographically, the global ATM market is segmented as Europe, Latin America, the Middle East and Asia, North America, and Asia Pacific.
Asia-Pacific region is anticipated to witness the highest growth owing to new technological advancements in the ATMs. Singapore is one of the Asian countries who offer smart gold ATMs dispensing gold bars, coins, and ingots. In addition, North America is the biggest market for ATM, followed by Europe.
Some major players dominating the global ATM market are Diebold Inc., Wincor Nixdorf AG, NCR Corp., and Triton Systems of Delaware LLC. These major players are anticipated to dominate the global market in the near future.
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ATM Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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