The conventional bank ATM market is expected to register a CAGR of 4.1% in 2023-2031. Technological integration and the rise of smart ATMs are likely to remain key conventional bank ATM market trends.
A few of the major factors driving the conventional bank ATM market include the increase in demand for automation in the banking sector and significant demand for cash transactions. Advancements in technologies, such as AI, machine learning, and blockchain, are expected to offer lucrative opportunities for market growth during the forecast period.
A Conventional ATM System ATM first came into use in December 1972 in the UK. An ATM (Automated Teller Machine) is an electronic self-service banking machine used for financial transactions such as withdrawing money, checking balance, or even transferring funds. Different banks provide their ATM services by installing these machines in different parts of the country. Users can withdraw money from any of these machines irrespective of whether they are an account holder or not in the same bank. Conventional ATMs are typically placed in bank branches or at carefully selected off-site locations such as business complexes, shopping centers, and transit hubs.
Digitization is changing the way of payment. Technological innovations have enabled new access payment modes. Despite the trend of digital payments, cash transactions are witnessing significant demand. Many individuals and businesses still rely on cash for various transactions, including retail purchases, bill payments, and small-scale transactions. As cash transactions continue to play a significant role in everyday transactions, the demand for automated teller machines (ATMs) remains robust as they provide cash to users.
Artificial intelligence, machine learning, and blockchain technologies are rapidly growing in the banking sector. Banks that use AI to control how their ATMs operate are outperforming. ATMs now have AI built in to help them do tasks more efficiently. In order to prevent customers from returning because there isn't enough cash in the ATM, these devices can more accurately predict demand and notify the banks when to replenish the machines. An ATM driven by artificial intelligence makes sure that money moves through a bank's ATM network efficiently. Thus, advancements in technologies such as AI, machine learning, and blockchain are anticipated to offer opportunities for the conventional bank ATM market growth during the forecast period.
Key segments that contributed to the derivation of the conventional bank ATM market analysis are the product type and application.
The conventional bank ATM market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively.
The conventional bank ATM market in North America has experienced substantial growth. Despite the trend towards cashless payments, 56% of Americans like having cash with them outside of their home, and 73% of those who are 65 and older like having cash at all times, according to a Gallup survey in 2022. Further, according to the ATM Industry Association (ATMIA), the US ATM population grew by about 21,000 terminals from 2021 to the end of 2022, and the total number of active ATMs is between 520,000 and 540,000 in 2022.
The regional trends and factors influencing the Conventional Bank ATM Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Conventional Bank ATM Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ XX million |
| Market Size by 2031 | US$ XX Million |
| Global CAGR (2025 - 2031) | 4.1% |
| Historical Data | 2021-2023 |
| Forecast period | 2025-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Conventional Bank ATM Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Conventional Bank ATM Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The conventional bank ATM market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the conventional bank ATM market:
In January 2024, Grow Financial Federal Credit Union tapped NCR Atleos to enhance its self-service banking offerings. By choosing Atleos as its vendor partner, Grow Financial aims to simplify the management and maintenance of its ATM and ITM channels, consolidating a previously complex operating environment
(Source: Grow Financial Federal Credit Union, Press Release)
The "Conventional Bank ATM Market Size and Forecast (2021-2031)" provides a detailed analysis of the market covering the areas mentioned below:
North America is anticipated to grow with a high growth rate during the forecast period.
An increase in demand for automation in the banking sector and significant demand for cash transactions are the major factors that propel the global conventional bank ATM market.
The key players holding majority shares in the global conventional bank ATM market are Diebold Nixdorf, Incorporated.; Fujitsu; Hitachi Channel Solutions, Corp.; NCR Corporation.; and GRGBanking.
Advancements in technologies such as AI, machine learning, and blockchain are anticipated to offer opportunities for the conventional bank ATM market growth during the forecast period.
The global conventional bank ATM market is expected to grow at a CAGR of 4.1% during 2023 - 2031.