Global Automated Teller Machines (ATMs) Market to Reach US$34.8 Billion by 2030

The global market for Automated Teller Machines (ATMs) estimated at US$24.3 Billion in the year 2023, is expected to reach US$34.8 Billion by 2030, growing at a CAGR of 5.2% over the analysis period 2023-2030. 15" & Below, one of the segments analyzed in the report, is expected to record a 4.7% CAGR and reach US$23.1 Billion by the end of the analysis period. Growth in the Above 15" segment is estimated at 6.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$6.4 Billion While China is Forecast to Grow at 8.0% CAGR

The Automated Teller Machines (ATMs) market in the U.S. is estimated at US$6.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.8 Billion by the year 2030 trailing a CAGR of 8.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.2% and 4.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.8% CAGR.

Automated Teller Machines (ATMs) are electronic banking outlets that allow customers to complete basic transactions without the need for a branch representative or teller. Introduced in the 1960s, ATMs revolutionized the banking industry by providing round-the-clock access to cash withdrawals, deposits, fund transfers, and account information. Over the decades, the functionality of ATMs has expanded significantly, incorporating advanced features like bill payments, mobile top-ups, and even remote video banking. Today, ATMs are ubiquitous in urban and rural areas worldwide, serving as a critical touchpoint in the financial ecosystem for both banks and their customers.

The evolution of ATMs has been marked by technological advancements aimed at enhancing security, user experience, and operational efficiency. Modern ATMs are equipped with sophisticated software that supports biometrics, contactless transactions, and integration with mobile banking apps. Enhanced security features, such as EMV chip technology, encryption, and anti-skimming devices, have been pivotal in safeguarding against fraud and theft. Additionally, the deployment of cash recycling ATMs, which can both dispense and accept cash, has improved the cash management process, reducing operational costs for banks. The introduction of multi-functional ATMs, which offer a broader range of services, has also helped banks manage the declining number of branch visits while maintaining high customer service levels.

The growth in the ATM market is driven by several factors. Technological advancements, such as the integration of artificial intelligence and machine learning, are enabling more personalized and efficient customer interactions. The increasing demand for financial inclusion in developing regions is spurring the installation of ATMs in remote and underserved areas, bridging the gap between rural populations and banking services. Consumer behavior is also a key driver, with a sustained preference for cash transactions in many parts of the world despite the rise of digital payment methods. Furthermore, the expanding functionalities of ATMs, including services like biometric authentication and QR code payments, cater to the evolving needs of tech-savvy consumers. Lastly, regulatory support for ATM deployment and upgrades, particularly in emerging markets, is fostering a favorable environment for market expansion. As a result, the global ATM market is expected to continue its robust growth trajectory in the coming years.