ATM is the abbreviation used for “Automatic Teller Machine”, which is a product of technological advancement developed to enhance the financial services such as cash withdrawals, funds transfer, cash deposit, transactions as payment of bills by credit card or debit card, mini statements and other financial enquiries.
New York, NY -- (SBWIRE) -- 09/18/2017 -- ATM does all these processes by an accessing personal identification number (PIN) & a plastic card having a magnetic strip over it containing the customer identity. A decade ago, ATM were used only as a cash dispenser machines, means were used only to withdraw cash and for balance enquiry. Now days every financial institution is using this system to attract their customers & to serve them even outside the banking hall.
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Before some years banking processes and transaction was very easy tasks of walk in the bank venue & deposit or withdraw the cash through a manual counter without much congestion and queues by cheque books or cash books, but in recent time it is becoming tedious and time consuming process as the complexity of human demand & business demand force customers to go in and out of banking halls frequently & hence ATM is becoming a good substitution for it.
The global ATM market is progressively growing in a developing regions and with addition of smart ATM s, Solar ATM s enhancing the market size of Global ATM market.
The key trends responsible for the growth of the Global ATM market are the transition of a class banking to mass banking as well as customers have been more interested in the self-service channels for last some years. The key drivers of ATM market driving its market are tremendous growth of retail automation for last some years, robust security standards, Banks are focusing on increasing the number of ATM s globally, advancement in the wireless communication. On the flip side, the key restraints inhibit the growth of global ATM market which are mentioned below; some security threats, major risk linked with the ATM machines as theft, rise in skimming activities, hacking of customer's personal information and transactional details, connectivity and operational issues are limiting global ATM market.
The segmentation of Global ATM market is done on the basis of; solution or service type, product type & Geography. On the basis of solution type or service type, Global ATM market is segmented into following types as; installation solution, Managed services & ATM card solution. Installation solution is further segmented into On-site ATM, Off-site ATM, mobile ATM & worksite ATM . Managed service is sub segmented as cash management, network management, currency management, security management and retail & enterprise solution.
Segmentation of Global ATM market by its product type is done as; Conventional/Bank ATM, Solar Powered ATM, self-cashed or fully serviced ATM, smart ATM, cash dispenser ATM, free standing ATM, through-the-wall ATM, brown label ATM & others. With the addition of Smart ATM and white label ATM the growth of Global ATM market has been increasing tremendously.
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Geographical segmentation of ATM market is done into seven regions which are; North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East and Africa (MEA). Presently North America is a global leader of ATM market and is expected to maintain the leadership throughout forecasting period.
The key players of global ATM market are GRGBanking, Hitachi Payment Services Pvt. Ltd, DIEBOLD INC., NCR Corporation, Triton Systems of Delaware LLC, Wincor Nixdorf AG & others.