ATM market revenue to exceed $ 25 billion by 2027: Global Market Insights Inc.
ATM managed services help financial institutions keep their programs running smoothly. This enables increased operational efficiency, allows staff to focus on productive activities and improves cardholder satisfaction. Managed services allow financial institutions to transfer non-core functions to a specialized service provider, thereby increasing their core financial operations capabilities. Managed services help financial institutions improve their multi-channel distribution network and improve cross-selling prospects. Outsourcing managed services to a service provider has several benefits, including reduced infrastructure capital expenditure, increased operational profitability, compliance with new regulatory standards, and disaster recovery.
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Residential locations are seeing an increase in the deployment of ATMs as they help reduce travel costs by offering banking solutions close to the user’s home. The versatile capabilities of ATMs help customers pay bills, transfer money, and apply for personal loans. Users can avail these services without operator intervention in their preferred languages, thus stimulating the expansion of the ATM market. Residential ATMs reduce the workload of bank staff and minimize queues at bank premises.
The growing deployment of ATMs, particularly in emerging countries, such as Mexico and Brazil, is credited with the progress of the market in Latin America. In this region, the lack of understanding of digital payment alternatives in most economies will reinforce the importance of ATMs for cash and other financial activities. Due to the increased need for dynamic machines and managed services in the financial industry, the Latin America market offers growth prospects. This region is growing rapidly due to its cash-based economy and government support for electronic banking. Implementing biometric technology in ATMs with intuitive touch screens to enable 24/7 cash availability will increase industry revenues.
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Some of the key findings of the Automated Banking Machines (ATM) Market report are:
- Demand in the ATM market is attributed to the integration of biometric technologies that enable a multilingual touchscreen interface for easy interaction. This authentication mechanism provides a high level of security, allowing customers to make withdrawals without manually entering a PIN, resulting in a frictionless transaction experience.
- The growing demand for currency exchange by international travelers is driving the adoption of ATMs. These devices offer convenient solutions to travelers thanks to their advanced capabilities such as dynamic currency conversion (DCC). They speed up the transparency of transactions and customers can see the exact amount of their withdrawal in their national currency.
- Mobile ATMs provide easy access to banking services in high traffic and densely populated areas, thus boosting industry growth. The mobility of the ATM is beneficial for the owners and helps to reduce the additional expenses required for the installation and maintenance of the machine. It will help in the advancement of the industry as it helps in attracting customers through a full range of banking services.
- The growing acceptance of white label ATMs that allow customers to withdraw cash at various locations will help the industry expand. These machines facilitate personal banking operations by providing facilities for withdrawing cash in close proximity to a large number of bank customers. Banks are increasing the deployment of white label ATMs as they reduce pre-transaction costs.
- The increasing installation of ATMs in commercial locations with good visibility with uninterrupted power supply contributes to the market value of ATMs. These sites have high customer traffic due to which the total number of transactions is high, providing an optimal return on investment for banks.
Table of contents (ToC) of the report:
Chapter 3 Automated Banking Machines (ATM) Market Overview
3.1 Industry segmentation
3.2 Impact of the coronavirus pandemic (COVID-19)
3.2.1 Global Outlook
3.2.2 Regional perspectives
3.2.3 Industry value chain
220.127.116.11 Raw material suppliers
18.104.22.168 Component suppliers
22.214.171.124 Technology providers
3.2.4 Competitive landscape
126.96.36.199 Distribution channel
188.8.131.52 Business growth
3.3 Industry Ecosystem Analysis
3.3.1 Raw material suppliers
3.3.2 Component suppliers
3.3.5 Technology providers
3.3.6 Financial institutions
3.3.7 Supplier matrix
3.4 Technology and innovation landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Pitfalls and challenges of the industry
3.7 Analysis of growth potential
3.8 Porter’s analysis
3.9 PESTEL analysis
Browse the full table of contents (ToC) @ https://www.gminsights.com/toc/detail/ATM-market-report
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, United States, is a global provider of market research and consulting services, providing syndicated and personalized research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid in strategic decision making. These comprehensive reports are designed through a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights Inc.