Published By : 08 Sep 2016 | Published By : QYRESEARCH
The global ATM market is likely to exhibit strong growth between 2013 and 2019, states Transparency Market Research in a new study. Several factors have been fuelling demand for ATM installations, the expansion of the banking industry in the emerging nations being one of them. The global ATM market is also expected to gain impetus from the launch of solar powered ATM, which is expected to reduce the overall operational costs of ATM. Spurred by these factors, the global ATM market is expected to project positive CAGR in the forthcoming years.
Diverse Financial Services offered by ATM to Drive Global ATM Market
An ATM provides diverse financial services, which have been driving their installations worldwide. Despite the increasing use of smartphones, a majority of consumers are still unsure about using them for financial transactions considering network connectivity issues and the recent incidents of online frauds. This is expected to be a major driver of the global ATM market.
Developed Regions to Lead the Market, Developing Countries to Exhibit Higher Growth
Currently North America holds dominance in the global ATM market. The U.S., Canada, and Mexico have emerged as lucrative markets for ATM across the region. However, since North America has been at the fore of adopting the latest technologies, the ATM market in this region has already reached its maturity. So is the case with the ATM market in Europe. While these regions may continue holding strong position in the market, the rate of growth exhibited by them will diminish over time.
Nevertheless, the manufacturers of ATMs are likely to significantly gain from the rising opportunities in Asia Pacific. The rising installation of ATMs in countries such as India, China, and Korea will create lucrative opportunities for the market’s growth in the near future. As per the Federal Reserve System, the ATM markets in the U.S, Canada, France, and the U.K., have already reached their maturity. However, according to the Reserve Bank of India, the ATM market is expected to witness robust growth across emerging nations.