The global ATM market, valued at $12.5 billion in 2015, will register compound annual growth of 9.8 percent over the next half-dozen years to top $26 billion by 2023, according to research by Global Market Insights Inc.
Developing economies will play a prominent role in growth, thanks to the drive toward financial inclusion in nations such as India.
Additionally, entities such as the U.S. Federal Reserve, reserve banks and the European Union will create standards to reduce fraud, which will boost ATM industry size, according to the report, "ATM Market Size By Solution: Industry Analysis Report, Regional Trends, Application."
In 2015, deployment solutions dominated ATM industry share, accounting for 70 percent of total industry volume, and is expected to exhibit an annual growth rate of 9.4 percent between 2016 and 2023.
This growth can be attributed to demand across the banking sector, owing to the flexibility and ease of withdrawing cash.
According to the report, the managed services will also show strong growth over, driven by the increasing desire of financial institutions to reduce operational and investment costs.
The North America ATM market share will dominate the global landscape, due to the need to replace a huge number of aging machines and integrate new capabilities such as biometrics, remote assistance and video conferencing.
The European ATM market is projected to register annual growth rate of 8.9 percent through 2023.
The Asia-Pacific ATM market will grow significantly due to increasing demand for capacity, according to the report.