ATM Market Size, Share, Growth Analysis, By Type(White Label, Brown Label), By Solution(Deployment (Onsite, Offsite, Worksite, Mobile)), By Application(Commercial, Government), By Region - Industry Forecast 2024-2031

ATM Market Driver

• The major factor driving the industry is the competition among the banks to provide service to customers' convenience.
• In developing markets, such as India, China, and Brazil, there has been a significant surge in opening new bank accounts. 200 million plus new bank accounts were opened in India in the last three years.
• Creating presence around city is very important for banks to attract customers. But it is not possible nor cost-efficient to set up branches around all the locations. Hence, the ATM industry is driven by this factor, as it does not require heavy real-estates nor other related costs.
• Deployment of low-cost ATMs and cheaper IP-based communication by IADs push the initial investment costs down.
• Convenient location of ATMs ranks high among the needs of consumers and has propelled the growth of off-site ATMs.

ATM Market Restraint

• Including embedded cameras, GPS systems as well as seismic and heat sensors, leading to additional cost for banks. Moreover, cost of new technology for updating ATMs has become a huge issue. For instance, upgradation of operating systems from Windows XP to Windows 7 or 10 across all ATMs.
• The proliferation of payment options such as debit cards, credit cards, mobile payments, and online transactions, may result in reduced need for cash in the near future.