ATM’s have been a part of our lives for the last 50 years but will the demand for automatic teller machines continue or decline as consumers opt for other currencies?
In this article we will provide you with a breakdown of the state of the global ATM market and what you can expect to see over the next 4 years.
Global ATM market Projected to Grow At 6.9% Over Next 4 Years
Thanks to recent data, we know that the global ATM market is projected to grow at a compound annual growth rate (CAGR) of 6.9% over the next 4 years.
This means that the ATM market is going to grow from $22.08 billion in 2022, $28.82 billion by 2026 and $30 billion by 2027; steady growth, and another clear sign that the demand for ATM’s isn’t going away anytime soon despite the push towards adopting digital currency.
ATM Security Continues to Aid Market Growth
As the demand for cash doesn’t show any sign of slowing, the need for security becomes even more important as ATM’s are also targets of choice by criminals worldwide.
The good news is that ATM security has continued to adapt and change with the times as new counter measures are always being implemented to prevent fraudulent transactions.
Security measures like biometrics, EMV adoption, smart ATM’s, anti-skimming devices, video banking, and cash recycling are just some of the changes in ATM security that were seeing advanced and improved each year.
ATM’s have also offered more than just currency in recent years, especially in countries like Italy, Canada, and China where consumers can pay phone bills, income tax, apply for personal loans and more from ATM’s.
What Will The 2030’s Hold for The ATM Market?
Will consumers continue using ATMs in the 2030’s and beyond? The answer to this question is likely yes as most economists are predicting that the global ATM market will be valued at $12.48 billion in 2030 alone.
This makes automatic teller machines an investment that will continue to produce ROI for years to come despite changing technology and the demand for faster ATM’s that offer more managed services.
Article by Jeremy Raglin