Increased Use of ATMs for Cash Withdrawals Drives the Automated Teller Machines (ATMs) Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) July 09, 2014 -- Follow us on LinkedIn – Automated Teller Machines (ATMs) represent one of the most flexible banking products in use today. ATMs, developed primarily to cut operational costs, have become one of the most significant technological investments made by commercial banks. The ATM ecosystem comprises a large number of business entities that function in unison to develop and expand the concept of 24/7 banking. This includes ATM manufacturers; software companies that develop ATM software; companies manufacturing stationery products to print receipts; and lock manufacturers developing latest locking systems for security. Despite the threat to the ATM/debit card market from smart cards, POS, and other new payment methods, ATMs will continue to be a trusted standard in banking operations. The ever-growing need for speed and convenience and the unchallenged dominance of cash as a mode of payment supported by its attributes of universality, trust and anonymity represent primary factors for the market’s strong evolution over the years.
Future growth in the market will be driven by robust installations in emerging markets and replacement demand in developed countries where older ATMs will be replaced with advanced machines. In addition, the steady political thrust in the form of EMV (Europay-MasterCard-Visa) and 3-DES (triple data encryption standard) specifications, technical innovations, rapid advances in the form of intelligent deposit, and solutions that integrate mobile-banking with the self-service ATM channel will also drive significant market gains in the next few years.
Technological advancements poised to benefit the market in the near term include full service ATMs that can dispense various products such as stamps, movie tickets, store coupons, and travelers’ checks, make international wire transfers and check deposits without envelopes; feature-rich ATMs with touch screens, video conferencing, and security mechanisms such as thumbprint and retinal scanners; self-contained mobile ATMs; and smart ATMs that enable customers to use contactless cards for withdrawals; among others. While technological advances are expected to significantly drive ATM adoption worldwide, the machines also face the challenge of rising global attacks, card/PIN theft as well as data theft, among others. In response, the industry has witnessed a range of security technologies such as anti-skimming technologies that identify and jam skimming devices; foreign object detectors; and video surveillance to detect PIN capture, among others.
As stated by the new market research report on Automated Teller Machines (ATMs), Asia-Pacific represents the largest as well as the fastest growing market worldwide with a projected CAGR of 9.0% over the analysis period. Low ATM density and explosive demand for ATM cash withdrawals supported by rising population, steady economic development, expanding middle class population, increasing income levels, and a huge unbanked and underbanked population represent key growth drivers in the region.
Key players covered in the report include Diebold, Inc., Euronet Worldwide, Inc., Fujitsu Frontech Limited, GRG Banking Equipment Co. Ltd., Guangzhou KingTeller Technology Co., Ltd., Hantle USA, Hitachi-Omron Terminal Solutions, Corp., Itautec, NCR Corporation, Nautilus Hyosung America, Inc., Renome-Smart LLC, VeriFone Systems Inc., Wellington Technologies Inc., and Wincor Nixdorf International GmbH, among others.
The research report titled “Automated Teller Machines (ATMs): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, and Rest of Asia-Pacific), Middle East, and Latin America (Brazil, Mexico, and Rest of Latin America).
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Automated_Teller_Machines_ATMs_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/
###
Raghu Gopal, Global Industry Analysts Inc, +1 408-528-9966, [email protected]
Share this article