Next-generation Automated Teller Machines (ATMs) With App-based Platforms Trending the Global Market
NEW YORK, November 27, 2018 /PRNewswire/ --
Revolutionary ATM Technology Promises Superior User Experience, Enhanced Security, and Greater Interoperability
Automated Teller Machines or ATMs have changed the face of monetary transactions across the globe. The ability to have 24X7 access to cash has pushed global demand for ATMs, taking revenues in the global ATM market to hitherto unimaginable heights (an estimated US$ 18 Billion by 2018 end). A growing consumer preference for cardless ATM transactions is one of the prominent factors boosting demand in the ATM market, according to a new research published by top market research firm Persistence Market Research (PMR). According to the report, manufacturers of automated teller machines are beefing up their ATM infrastructure to provide increased convenience and security to customers and create a more unified and seamless banking experience.
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"The introduction of cardless functionalities in automated teller machines such as one-time accessibility with biometric authentication is pushing the sales of technologically advanced ATMs. A case in point is the initiative by leading U.S based banking and financial services company Wells Fargo Bank to upgrade close to 3000 of their ATMs with cardless access through a single mobile access code. We anticipate that technological advances will redefine the global ATM market landscape in the coming years." --- Senior Consultant - Electronics & Smart Devices, Persistence Market Research
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Key Drivers Pushing Revenue Growth in the Global ATM Market, According to PMR Forecasts
The report on the ATM market identifies certain key factors likely to influence sales of ATMs in the near future.
Increasing preference of cash for day-to-day transactions. Consumers largely prefer paying in cash for simple day-to-day transactions, despite the current e-commerce boom in the global retail and consumer goods sector. Besides, the high rate of instances of fraud and data breach in online payment transactions is pushing people towards cash transactions. The high security offered by physical currency is the primary driver for an exponential rise in demand for automated teller machines, thereby boosting revenues in the global ATM market.
Significant rise in consumer banking. The banking and financial services industry is witnessing significant growth given the increasing number of people with bank accounts, leading to a growth in sectoral investments. This factor is expected to contribute towards revenue growth of the global market for ATM.
Automated Teller Machine (ATM) Market Research Report Overview @ https://www.persistencemarketresearch.com/market-research/atm-market.asp
Growth in multi-functional automated teller machines. Manufacturers are introducing new-age ATMs with enhanced functionalities to cater to the growing needs of consumers.
"Automated deposit ATMs with intelligent deposit functionality and cash recycling technology is trending the global ATM market. Optimizing the ATM network through increased technological capabilities will enable banks and financial institutions to efficiently handle cash management and augment operational efficiencies. Multi-functional ATMs will soon become the norm in the global banking industry."
Increase in rural banking networks across the world. Rural banking is becoming a key focus area for financial institutions with banks opening new branches in semi-urban and rural areas. With financial inclusion fast gaining momentum, banks are installing ATMs in remote rural areas especially in developing countries to ensure a wider customer outreach. There is a growing opportunity for key players in the global ATM market from countries in the Asia Pacific where the people-to-ATM ratio is relatively low. A greater demand for ATMs is being observed in the Asia Pacific region and this will present lucrative growth opportunities for the ATM market.
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ATM Market Opportunity Analysis: Multi-vendor ATM Software to Dictate Growth
There is a growing leverage by banks and financial institutions on multiple vendors for the provision of automated teller machines owing to the current demand-supply imbalance in the global ATM market. The ATM ecosystem is fast moving towards a multi-vendor software environment, with vendors building ATM hardware compatible with multiple software systems. This is creating very high monetary opportunities in developed as well as emerging economies. Some of the benefits of multi-vendor ATM software include -
- Singular, integrated applications for easy maintenance
- Reduced development, testing, and deployment costs
- Flexibility to extend functionality at optimal costs
- Reduced time to market
A rapid increase in the number of ATMs across both rural and urban areas, coupled with the growing cost and deployment complexities associated with the efficient running of an ATM is pushing banks and financial institutions to deploy a managed services model to better manage their ATM networks. Banks are moving ATM back office functionalities to an outsourced model to mitigate risks, increase business profitability, reduce ATM downtime, and enhance transaction flexibility, thereby enabling banks to focus on their core business competencies.
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