Conventional Bank ATM Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

Coverage: Conventional Bank ATM Market covers analysis By Component (Hardware, Software, Services), Application (Bank Service Agent, Bank), and Geography

  • Report Code : TIPRE00039208
  • Category : Banking, Financial Services, and Insurance
  • No. of Pages : 150
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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.

REGIONAL FRAMEWORK

Conventional Bank ATM Market Report Analysis

Conventional Bank ATM Market

  • CAGR (2023 - 2031)
    4.1%
  • Market Size 2023
    US$ XX Million
  • Market Size 2031
    US$ XX Million

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Diebold Nixdorf, Incorporated.
  • Fujitsu
  • G4S Limited.
  • GRGBanking.
  • Hitachi Channel Solutions, Corp.
  • NCR Corporation.
  • OKI Electric Industry Co., Ltd.
  • Hyosung TNS Inc
  • Euronet Worldwide, Inc
  • Triton Systems of Delaware, LLC

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Component
  • Hardware
  • Software
  • Services
By Application
  • Bank Service Agent
  • Bank
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

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 Report Scope

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

Conventional Bank ATM Market Report Scope

Report Attribute Details
Market size in 2023 US$ XX Million
Market Size by 2031 US$ XX Million
Global CAGR (2023 - 2031) 4.1%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Component
  • Hardware
  • Software
  • Services
By Application
  • Bank Service Agent
  • Bank
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Diebold Nixdorf, Incorporated.
  • Fujitsu
  • G4S Limited.
  • GRGBanking.
  • Hitachi Channel Solutions, Corp.
  • NCR Corporation.
  • OKI Electric Industry Co., Ltd.
  • Hyosung TNS Inc
  • Euronet Worldwide, Inc
  • Triton Systems of Delaware, LLC
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    Frequently Asked Questions


    Which region is expected to register a high growth rate during the forecast period?

    North America is anticipated to grow with a high growth rate during the forecast period.

    Which are the key players holding the major market share of the 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.

    What are the opportunities of the global conventional bank ATM market?

    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.

    What are the driving factors impacting the global conventional bank ATM market?

    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.

    What is the growth rate of the global conventional bank ATM market over the forecast period?

    The global conventional bank ATM market is expected to grow at a CAGR of 4.1% during 2023 - 2031.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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