ATM Industry News – Huge Growth Predicted For 2020-2027
Are you thinking about starting an ATM business but you’re not sure if there will continue to be a demand for cash in the years to come? Especially following the COVID-19 pandemic?
The good news is that thanks to recent data from The Insight Partners, we know that the ATM industry is poised for record growth between 2020-2027.
This will come as a “shocker” to some people since many economists were predicting the use of cash to decline following COVID-19.
Yes, there were some concerns about Coronavirus being spread via cash, but the good news is that most consumers still prefer to use cash and ATMs in 2020. Why? ATM’s are a convenient way to access cash and conduct banking transactions easily.
Global ATM Market Is Expected to Grow By $18.44 Billion (US) By 2027
With 10.4% CAGR from 2019, and $18.44 billion in growth predicted by 2027, it’s easy to see that the demand for Automatic Tell Machines isn’t going away any time soon.
One of the biggest reasons why analysts are predicting growth for the ATM industry is because ATMs have transformed from being machines that simply disperse cash, to machines that can offer their users the very best experience for their banking needs.
Another reason to expect huge growth in the global ATM market is that modern ATMs are becoming more advanced and now many ATMs offer more security features including biometrics and other forms of touchless technology so that people don’t have to enter a pin code or password before using them.
Modern ATMs are also “smarter” than machines that were manufactured in years past and they are coming with a host of sensors that enable them to monitor customer usage, predict possible downtime, and so much more!
Today’s ATMs are also safer than they were just one year ago thanks to recent Windows 10 updates in the ATM industry which make machines safer while offering consumers a seamless ATM experience.
Why Are the Top Companies in The ATM Industry?
Besides Diebold Nixdorf, Genmega, Hantle, NCR, and Triton, some of the other big companies that are predicted to lead the ATM industry in the coming years include Mobile Money, Sharent, Avery Scott and King Teller.
Even though there’s been an increased emphasis on improving how ATMs communicate with smartphones, biometrics, and card reading security over the last several years, more ATM companies have been focusing on improving the dispensing methods of their machines.
In 2020, most modern ATMs can dispense not just cash, they can also dispense coin and other items as well including jewelry or gold.
It’s possible that we could see ATM’s that are manufactured between 2020-2027 enable consumers to accomplish all of their banking goals while meeting other personal needs as well. This is another reason why the ATM industry is poised for $18.44 billion by 2027 despite recent challenges to the industry like remote banking and COVID-19.
If anything, the recent challenges to the global ATM industry have only made the industry stronger and they’ve shown why the industry will continue to grow and be profitable from 2020 to 2027 and beyond!