An automated teller machine (ATM) refers to an electronic banking machine that allows consumers to perform basic transactions using credit or debit cards. It is a specialized computer that manages money and performs numerous functions, including cash withdrawal, cash deposit, fund transfer, etc. An ATM generally consists of a card reader, keypad, cash dispenser, printer, display screen, etc. Unlike traditional bank tellers, ATMs serve as convenient, quick, and self-serving alternatives for smoother financial transactions.
According to the latest report by IMARC Group, titled “ATM Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global ATM market size reached US$ 21.00 Billion in 2020. Looking forward, the market value is expected to reach US$ 29.29 Billion by 2026, expanding at a CAGR of 5.70% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global ATM Trends:
The elevating levels of digitalization in the BFSI sector are among the primary factors driving the ATM market. In line with this, ATMs are gaining popularity across the globe due to several key features, such as 24×7 cash availability, provisions for fund transfer, facilities for bill payments, etc., which is further propelling the market growth. Moreover, the rising incorporation of various security mechanisms, including biometric authentication and One Time Password (OTP) services, to ensure improved protection from fraudulent transactions is also bolstering the product demand. In addition to this, the introduction of Talking ATMs for individuals with special needs is acting as another growth-inducing factor. Furthermore, the expanding tourism industry, where these machines are used by international tourists for quick and convenient currency exchange through Dynamic Currency Conversion (DCC) is expected to propel the ATM market over the forecasted period.
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Key Market Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Breakup by Application:
Breakup by Solution:
Breakup by Screen Size:
Breakup by Type:
Breakup by Region:
Key highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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