ATM Market size Forecast to exceed USD 26.3 billion by 2023: Global Market Insights Inc.
ATM Market size is set to reach USD 26.3 billion by 2023; according to a new research report by Global Market Insights, Inc. Considerable need for financial inclusion, particularly in emerging economies, is set to drive revenue over the next few years. Continued efforts to reduce the percentage of the underbanked and unbanked population will also favorably impact global ATM market size. Use of voice recognition systems, biometrics, and other security devices help the customers to perform safe and secure financial transactions (cash withdrawal, transfer, deposits, bank account details, etc.). Enhanced security standards for safer, online, and physical financial transactions lead to a rise in the use of ATM services by the customers. Therefore, safer modes of financial transactions are majorly influencing growth. Continuation of the strict security standards could affect the ATM market size.
To reduce frauds, manufacturers and financial institutions have introduced anti-skimming, biometric devices and voice recognition systems. In the current business scenario, increasing use of automated systems primarily drives usage. Consumers are narrowing their technology interest to devices that offer multiple functions, ease-of-use, and privacy offers. Linkage of ATM with wireless devices would facilitate the customers to complete the transactions securely and increase product usage. Development of enhanced security features is estimated to shift focus of managing these transactions through smartphones. In order to provide seamless service to customer, continued availability of cash is essential. In case of brown ATMs, where banks outsource the operations and management activities, the third party in collaboration with financial institutions manages the cash for the bank ATM (onsite or offsite).
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