Conventional Bank ATM Market Outlook, Dynamics and Strategic Insights by 2031

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.

Conventional Bank ATM Market Analysis

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.

Conventional Bank ATM Market Overview

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.

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Conventional Bank ATM Market: Strategic Insights

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Conventional Bank ATM Market Drivers and Opportunities 

Significant Demand For Cash Transactions to Favor Market

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.

Advancements in Technologies Such As AI, Machine Learning, And Blockchain - An Opportunity in the Conventional Bank ATM Market

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.

Conventional Bank ATM Market Report Segmentation Analysis

Key segments that contributed to the derivation of the conventional bank ATM market analysis are the product type and application.

• Based on the components, the conventional bank ATM market is bifurcated into hardware, software, and services.
• Based on application, the conventional bank ATM market is bifurcated into bank service agents and banks.

Conventional Bank ATM Market Share Analysis by Geography

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.

Conventional Bank ATM Market Regional Insights

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.

Conventional Bank ATM Market Report Scope

Conventional Bank ATM Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Diebold Nixdorf, Incorporated.
2. Fujitsu
3. G4S Limited.
4. GRGBanking.
5. Hitachi Channel Solutions, Corp.
6. NCR Corporation.

Disclaimer: The companies listed above are not ranked in any particular order.

Conventional Bank ATM Market News and Recent Developments

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)

Conventional Bank ATM Market Report Coverage and Deliverables

The "Conventional Bank ATM Market Size and Forecast (2021-2031)" provides a detailed analysis of the market covering the areas mentioned below:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles