Global ATM Market Expected to Approach $22Bn by 2020

A new report by Allied Market Research predicts that the global ATM market will expand at a compound annual growth rate of 7.6 percent between 2014 and 2020, to a total of $21.9 billion, according to a press release.

The report, "Global ATM Market — Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013-2020," correlates the integration of wireless communicating devices (i.e., smart phones) with ATMs globally as a growth driver, according to the report.

Diverse services and offerings in financial transactions also are major drivers for the global ATM market, the study's authors said.

Deployment of ATMs onsite, offsite, and at the worksite, as well as the accessibility to mobile ATMs has facilitated 24/7 availability of banking services to customers and created an avenue for promotional activities to the banks concerned, the report said.

Additionally, "brown label" (i.e., cobranded) ATMs have allowed banks to focus on their core business and reduce the operational cost of the ATM channel.

The introduction of white label ATMs in developing countries will propel the ATM markets in the years ahead, the study predicted. And this widespread installation of ATMs around the globe will create a need for managed services from vendors.