Increasing investments for process automation and favorable government policies have fostered the growth of the market. In addition, the growing competition among financial institutions to magnify their reach has also accelerated the rate of ATM deployment in Asia-Pacific. The growing trend of outsourcing ATM services due to cost effectiveness and ease of maintenance, has led to increased adoption of Brown label and White label ATMs by financial institutions.
Portland, OR -- (SBWIRE) -- 06/08/2017 -- ATM Market Report, published by Allied Market Research, forecasts that the Asia-Pacific market is expected to garner $7.9 billion by 2020, registering a CAGR of 10.7% during the period 2015 - 2020.
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China dominates the market for ATM market owing to growing customer base, rising urbanization and large untapped rural areas that showcase greater potency. However, India is expected to grow rapidly during the forecast period owing to favorable government initiatives for improving the banking services.
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The ATM industry in the region has undergone significant technological transformations over the past few years. Unlike conventional ATMs, which only provide cash withdrawal facility, new ATMs such as Smart ATMs, are equipped with a number of advanced features which include fund transfer facility, bill payment and smart phone connectivity among others. Further, the integration of latest technologies in ATMs have reduced cases of ATM frauds in the past few years. Equipment such as anti-skimming devices and use of wireless communicating devices could further benefit the ATM market in Asia-Pacific. For instance, Smart ATMs enable consumers to complete transactions via smart phones that prove to be extremely effective in reducing the card skimming frauds.
Key findings of ATM Market
Smart ATMs is anticipated to be the most lucrative segment & is expected to grow at the fastest CAGR of 27.0% during the forecast period
Increase in the demand of offsite ATMs in Asia- Pacific region would foster the overall Asia-Pacific ATM market over the forecast period
China dominates the Asia-Pacific ATM market & would continue to lead the market by 2020
The prominent companies profiled in this report include, NCR Corporation, Diebold INC., Hitachi-Omron Terminal Solutions Corporation, Fujitsu, Wincor Nixdorf AG among others. Several companies have focused on innovative product development to cater to the growing needs of the industry. Market players have adopted product launch, partnership, and acquisitions as their key strategies to enhance their product portfolio and improve their market foothold.
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