ATM MARKET EXPECTED TO GROW STRONGLY BY 2023
According to the latest report published by Global Market Insights, the ATM market is forecast to continue expanding by 2023 and should grow from $12.7 billion in 2015 to $26.1 billion in 2023, representing a CAGR of 9.9%.
Banks and financial institutions are actively encouraging the use of ATM services as they enable customers to save a lot of time when withdrawing cash or making deposits. In addition, the use of cash helps banks minimize the cost per transaction and allows them to focus on their core activities. ATMs are highly accepted by clients across the world as they offer a quick and easy access to their money.
The most significant growth is expected in the US as a result of the deployment of new ATMs, the replacement of obsolete equipment and the implementation of new functionalities such as biometrics, video conferencing and remote assistance. Besides, the rising demand for cash in Indonesia, China, Vietnam and India will also support the industry’s expansion.
To read Global Market Insights’ report, please click here.