World ATM Market is Expected to Reach $21.9 Billion by 2020

A new report published by Allied Market Research titled, “World ATM - Market Opportunities and Forecasts, 2014-2020”, forecasts that the world ATM market is expected to garner revenue of $21.9 billion by 2020, registering a CAGR of 7.7% from 2015 to 2020. Integration of wireless communicating devices (smart phones) with ATM machines has reduced ATM frauds arising due to card skimming. This factor has significantly fostered the adoption of smart ATMs, which has consequently fuelled the growth of the world ATM market. According to the Federal Reserve System, the ATM market in developed countries, such as the U.S., the U.K., Canada, and France has attained maturity, while the Reserve Bank of India forecasts a rapid growth of the ATM markets in the emerging countries.

Technological Innovations Drive the world ATM Market

Automated Teller Machine (ATM) enables users to do transactions at any time. It provides convenience users to withdraw money when banks are closed. Though banks provide pin and CVV, frauds and card skimming are creating problems in lives of users. But, ATM industry is moving toward more time efficient and secure way of transactions. A new service called contactless ATM has been introduced, which enables users to withdraw cash using smartphones. Contactless ATM, also known as eATM are paving way in the world. Contactless ATM services enable users to access without debit cards. The service has been put into practice in countries, such as Canada and Spain. Banks in U.S. are endeavoring to bring contactless ATM services with the help of mobile payment services, such as Apple Pay and Android Pay. Banks, such as Chase, Bank of America, and Wells Fargo are planning to create NFC-equipped ATMs. Chase is launching their program in two phases.