ATM Global Market Report 2024

The ATM market size has grown steadily in recent years, growing from $36.97 billion in 2023 to $38.39 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth observed in the historical period can be attributed to factors such as the increase in cash transactions, the expansion of banking networks, the rise in population and urbanization, the growing emphasis on consumer convenience, and initiatives promoting financial inclusion.

The primary types of ATMs include location-based ATMs and operation-based ATMs. ATMs offer various solutions, including on-site, off-site, work site, and mobile options, and they are classified as white-label, green label, and yellow label. On-site ATMs are situated either within the branch or near the bank's premises, providing customers with the advantage of bypassing long lines and saving time during transactions. ATMs are utilized for different banking applications, including the withdrawal, transfer, and deposit of funds.

The increasing number of small businesses is expected to further drive the growth of the ATM market. Small businesses, characterized by their relatively modest size in terms of employees, revenue, and assets, utilize ATMs to offer convenient cash access for customers. Having on-site ATMs helps attract foot traffic, enhance customer service, and allows businesses to efficiently manage cash flow while reducing reliance on traditional banks. A report from the United States Small Business Administration in August 2022 indicated that approximately 1.1 million new small businesses were established between March 2020 and March 2021, underscoring the role of small businesses in propelling the growth of the ATM market.

A recent trend gaining popularity in the ATM market is the introduction of Smart ATMs. These automated teller machines go beyond cash disbursement, incorporating cutting-edge technologies to enhance the customer experience and minimize fraud. An example is Nations Trust Bank in Sri Lanka launching the first Smart ATM in October 2021, powered by technology and innovation to provide a unique banking experience. This Smart ATM enables users to withdraw a preferred mix of currency notes for various transactions, showcasing the evolving capabilities of Smart ATMs.

Major companies in the ATM market are forming partnerships to develop new products and strengthen their market positions. These collaborations enhance innovation, expand service offerings, and improve accessibility by leveraging the strengths of different stakeholders. For instance, in September 2023, Hitachi Payment Services Private Limited partnered with the National Payments Corporation of India to introduce India's first UPI-ATM, named Hitachi Money Spot UPI ATM. Operating on Android OS, this White Label ATM offers cardless cash withdrawals through the UPI app, focusing on promoting financial inclusion in areas with limited traditional banking infrastructure. This collaboration emphasizes the seamless integration of UPI convenience into traditional ATMs, providing quick access to cash without the need for a physical card.

In August 2021, NCR Corporation announced the acquisition of LibertyX, a move expected to enable NCR to offer digital currency solutions such as buying and selling cryptocurrencies, cross-border remittances, and accepting digital currency payments via digital and physical channels. This acquisition further expands NCR Corporation's capabilities in the evolving landscape of digital currencies. LibertyX, a U.S.-based software company, specializes in business-related products such as ATMs, sale terminals, and scanners.

Major companies operating in the atm market report are IBM Corporation, Tata Consultancy Services Limited, Atlas ATM, NCR Corporation, Diebold Nixdorf, Wincor Nixdorf, Euronet Worldwide Inc., Hyosung Corporation, BancTec Corporation, GRG Banking Equipment Co. Ltd., Fujitsu Frontech Ltd., Eastcompeace, Nautilus Hyosung Corporation, Oki Electric Industry Co. Ltd., United Security Financial LLC, Forbes Technosys Ltd., KingTeller, Hantle, Triton Systems of Delaware LLC, HCL Infosystems Ltd., EFT Networks Inc., RapidCash ATM Ltd., Hitachi-Omron Terminal Solutions Corporation, riton Systems of Delaware LLC, G4S PLC, Lipi Data Systems Ltd., Itautec, Acentic Innovative Technologies, Shenzhen Yihua Computer, HESS Cash Systems GmbH & Co KG.

Asia-Pacific was the largest region in the ATM market in 2023. The regions covered in the ATM market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ATM market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The ATM market consists of revenues earned by entities by providing services such as balance enquiry, cheque deposit, updating PIN, and money transfer. The market value includes the value of related goods sold by the service provider or included within the service offering. The ATM market also includes sales of card reader, display screen, receipt printer, and cash dispenser. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.