Global ATM Services Market: Analysis and Forecast 2022-2027
Regional Category Spend, Primary Demand, Price Analysis and Indicators, and Best Buying Practices of the ATM Services Market
The global ATM Services industry was valued to be worth USD 20.51 billion in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 7.9 percent, achieving a value of around USD 32.37 billion by 2027.
The ATM Services industry report broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features. The smooth and hassle-free features of the machine, such as cash withdrawal, cash deposit, and fund transfer, are propelling the sector. Asia Pacific is the biggest category spender by region which is impelling the demand for the ATM Services industry.
ATM Services: Industry Definition and Segmentation
Customers can use ATM Services to do simple financial transactions such as cash withdrawals, deposits, balance inquiries, funds transfers, and account information requests without having to go to a teller or branch.
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Global ATM services Report comprises segments:
- By region: Europe, North America, Asia Pacific, the Middle East, South America, and Africa
Snapshot of the Report
The regional markets for the industry can be divided into North America, Europe, Asia Pacific, the Middle East, Africa, and South America.
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Consumers want speedy and innovative ATM services for cash withdrawals and other services; therefore, the sector is being driven by an increase in debit cardholders. The industry’s growth is being fueled by the adoption of low-cost ATMs and more cost-effective IP-based connection, which decreases the initial investment costs.
ATMs are less expensive to set up than bank branches, and they provide a considerable boost to the industry’s growth. Cash deposit, cash recycling, withdrawal, check deposit, internet banking, coin dispensing, banking goods and solutions such as loans and credit cards, and the opening and changing of bank accounts are all elements of the self-service ATM that are helping the sector grow. Other factors, such as greater urbanization and more digitization, are likely to promote market expansion.
Banks, financial organizations, and others are using digital technology to boost revenue, improve convenience and efficiency, and reduce running costs for ATMs they have installed. Self-service software, EVM chip cards, mobile-based technology, Internet of things (IoT), and other digitalized technologies provide for simple access to a variety of sophisticated services.
Furthermore, ATM managed service providers will be able to implement strict security and, as a result, meet the expectations of ATM customers in the market by merging technologies such as blockchain, artificial intelligence, the Internet of things (IoT), and others.
Category Insight by region
Due to significant mergers and acquisitions, notably in the banking industry, in these developing countries, the Asia Pacific region retains the greatest share of the market. The market in the area is rapidly increasing, with China and India leading the way in terms of installations.
Best Procurement Practices
The global ATM Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major ATM Services products across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Category Management Studies
The magnetic stripe on the back of the card or the chip on the front is read by the card reader. The customer enters their personal identification number (PIN), the kind of transaction requested, and the transaction amount using the keypad. Bills are dispensed through a slot in the machine that is attached to a safe at the bottom of the machine.
If necessary, customers can have receipts produced here. On the ticket, the kind of transaction, the amount, and the account balance are all listed. The ATM sends out instructions to assist the customer in completing the transaction. Account information and credit balances are also shown on the screen.
Key Supplier Profiles included in the ATM Services industry Report
The key market players are NCR Corporation, Cardtronics, Inc., Euronet Worldwide, and Diebold Nixdorf Incorporated.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments in the market.
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