LONDON–(BUSINESS WIRE)–#AutomatedTellerMachineMarket–The automated teller machine market is expected to grow by USD 7.55 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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An ATM enables customers to easily withdraw cash at their convenience instead of having to visit the bank. It also enables users to perform a multitude of other tasks like making bill payments and interbank and intrabank fund transfers. It also offers several banking services including balance inquiry, PIN change, requests for check-books, and others. Many such functionalities have increased the use of ATMs among consumers. This is increasing the installation of ATMs in various places such as hospitals, malls, airports, and other places, which is driving the growth of the global automatic teller machine market.
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As per Technavio, the increase in the number of mobile ATMs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automated Teller Machine Market: Increase in the Number of Mobile ATMs
The COVID-19 outbreak and the imposition of social distancing measures have limited the movement of people. Also, the growing consumer demand for cash has compelled many banks to launch mobile ATMs to meet the banking needs of customers. For instance, in March 2020, Indian Bank launched a mobile ATM initiative in Chennai to help people who were facing difficulties in withdrawing money due to the COVID-19 outbreak. Similarly, in April 2020, the Federal Bank in India launched mobile ATMs in various cities such as Chennai, Mumbai, and Bangalore. Such initiatives are fueling the growth of the global ATM market during the forecast period.
“Increasing deployment of ATMs in off-site terminals and the growing prominence of remote teller technology in ATMs will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Automated Teller Machine Market: Segmentation Analysis
This market research report segments the automated teller machine market by deployment (Offsite ATM, Onsite ATM, and Others) and geography (North America, APAC, Europe, South America, and MEA).
The North America region led the automated teller machine market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, APAC is expected to register the highest incremental growth due to the increasing ATM installations in rural areas of the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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