The global market for automated teller machines (ATMs) derives much of its growth from the progression in the banking industry. Since ATM cards, with their safe transaction features, have established their position as the most secure way to carry money when travelling, their demand has increased substantially.
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The easy flow of cash, increasing number of transactional benefits, quick withdrawals, and the viability of online as well as offline shopping have fueled the usage of ATMs across the world, which in turn, is reflecting positively on the growth of the global ATM market. Apart from this, the convenience, ATMs offer foreign travelers, by allowing them to convert foreign money into the required local currency, is also propelling this market substantially.
Nowadays, onsite ATMs are being set up in bank premises, where both, the ATM and the physical bank, are being utilized by consumers. With this, these machines are reducing the workload of the bank employees and also helping customers to avoid long queues for cash transfer and deposits and withdrawals. This way ATMs are reducing the frequency of errors, helping the banks in making smooth financial transactions.
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The market, however, is anticipated to be hampered in the near future by a number of factors such as the increasing misuse of ATM pin, tempering with ATM cards that makes room for fraud and theft, and dispensing of extra cash, causing a loss to the bank.
The market for ATMs is expected to be led by North America and Europe in the near future; however, these markets are also estimated to saturate soon. Currently, Asia Pacific and the Middle East and Africa are showcasing a healthy growth potential due to the presence of ample untapped opportunities. The economic development and the increasing demand for advanced interactive machines in these regions are also projected to support the market for ATMs in Asia Pacific and the Middle East and Africa.