ATM Market to garner remarkable proceeds in APAC belt, global installation base to cross 4 million units by 2024
Publisher : Fractovia | Published Date : 2017-01-31Request Sample
The overwhelming expansion of ATM market across the globe has been unparalleled. With the advent of next-gen technologies such as internet of things and massive proliferation of smartphones across major geographies of the world, the financial institutions have been compelled to redefine the banking experience and significantly alter the way customers interact with the ATM. Consequentially, in a bid to remain competitive in the ATM market, the leading manufacturers have been unveiling highly-evolved smart ATMs in the recent times. In early 2017, NCR Corporation launched its SelfServ 80 ATM series, which comes equipped with inbuilt video banking fully integrated into a single ATM platform. This capability allows the financial institutions to provide highly personalized service to its customers who would be assisted by a live teller at the ATM and in addition, the platform would streamline the way branch staff serves them with credit cards, deposits, mortgages, auto loans among others.
China ATM market size, by deployment, 2016 & 2024 (Thousand Units)
Furthermore, the SelfServ 80 series is configured with NCR’s CxBanking software suite which ensures amazing consumer experience across physical and digital banking infrastructures. Such innovative, cost-effective, highly-efficient and user-friendly solutions released by ATM industry players, have been complemented with enthusiastic efforts by a large number of financial institutions who appear keen to replace the existing aging machines with the latest multifunctional ATMs. All the aforementioned factors have been instrumental in the rapid expansion of the ATM market size, which was estimated to have surpassed USD 14 billion in 2016, with the total installed base of over 3 million units.
Meanwhile, the ATM industry has been witnessing a revolution of sorts as the emergence of decentralized digital cryptocurrencies has drastically transformed the global currency landscape. Bitcoin ATMs, cite experts, would prove to be a godsend to those who lack the technical know-how and struggle to obtain the complex documentation procedure to complete the lengthy KYC norms of banks. To cite an instance to demonstrate the interesting phenomenon of ATM and bitcoins, Nautilus Hyosung, the global leader partaking in ATM market, has teamed up with a U.S. based mobile payments provider Just.Cash, allowing the transaction of cryptocurrency through the regular ATMs in South Korea. This service would operate in the similar fashion as the conventional ATM works, however, the digital currency would be dispatched to the customer’s wallet using a QR code scan. Apparently, cryptocurrency-enabled ATM’s would be an invaluable addition to the whole ecosystem of the fast-evolving ATM market.
With the rising digitization initiatives and financial inclusion schemes commenced by various governments across the Asia Pacific region, coupled with the massive customer base and increasing demand for self-serving multifunctional machines in countries such as India, China, Indonesia and Vietnam, the ATM market has tremendous potential to garner sizeable revenue in the forthcoming years.
India ATM market is anticipated to lead the Asia Pacific growth story as the government measures such as Pradhan Mantri Jan Dhan Yojana and Demonetization have necessitated large-scale ATM deployment in the nation, especially in the remote areas. Meanwhile, it would be prudent to note that the banks in India are likely to replace the existing machines with multifunction ATMs having high-end features such as biometrics recognition and never exhausting its cash dispensing ability. To execute this humongous task, NCR Corporation, world’s foremost omnichannel solutions provider, has recently set up the largest R&D center in India. The company would be focusing on developing top-notch ATM software by targeting innovations in emerging technologies such as data analytics, cloud, virtual reality, and augmented reality, with the R&D facility housing an ATM lab consisting of almost 700 ATMs. Undoubtedly, the Asia Pacific region would dominate the ATM industry progression landscape owing to the aforementioned factors. In addition, the growing tendency of outsourcing ATM managed services by western financial institutions is forecast to favorably influence the ATM market growth across the region.
Speaking of the competitive hierarchy, the key ATM industry players including GRG Banking, Triton Systems Inc., Fujitsu, Hitachi-Omron Terminal Solutions, Diebold Nixdorf, and Euronet are aiming to capitalize the wide-ranging opportunities by offering managed services for ATMs which would lower the operational costs of banks and allow them to focus on their principal business propositions. The prevailing contemporary trends observed across the ATM market are substantiating the growth potential of the industry, forecast to surpass a revenue of USD 25 billion by 2024.
