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ATM Global Market Report 2024: A Forecasted $44.5 Billion Market by 2028

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Global ATM Market

Global ATM Market
Global ATM Market

Dublin, May 16, 2024 (GLOBE NEWSWIRE) -- The "ATM Global Market Report 2024" has been added to's offering.

The ATM market size has grown steadily in recent years, growing from $36.97 billion in 2023 to $38.39 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth observed in the historical period can be attributed to factors such as the increase in cash transactions, the expansion of banking networks, the rise in population and urbanization, the growing emphasis on consumer convenience, and initiatives promoting financial inclusion.

The ATM market size is expected to see steady growth in the next few years. It will grow to $44.5 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The anticipated growth in the forecast period can be attributed to trends such as the increasing use of cash, global economic growth, the evolution of banking services, government initiatives and policies, and the adaptation to changing consumer behaviors. Noteworthy trends expected in the forecast period encompass a focus on accessibility and inclusion features, the implementation of cash recycling and deposit automation, remote ATM management and monitoring, the enhancement of user experience through interactive interfaces, and sustainability initiatives in ATM design and operation.

The anticipated growth of the ATM market is driven by the increasing consumer usage of ATMs. Many customers across various countries prefer cash as their primary payment method due to its convenience. With technological advancements, customers seek faster, more reliable, secure, and convenient ways to access cash. ATMs, as self-service vending devices, enable users to conduct banking transactions anytime and anywhere, saving time, money, and effort by reducing transaction costs and improving accuracy and speed. For example, the National Cash Systems report from 2021 revealed that 40% of the U.S. population uses an ATM 8-10 times per month, totaling an average of 300 transactions per month, contributing to the growth of the ATM market.


The increasing number of small businesses is expected to further drive the growth of the ATM market. Small businesses, characterized by their relatively modest size in terms of employees, revenue, and assets, utilize ATMs to offer convenient cash access for customers. Having on-site ATMs helps attract foot traffic, enhance customer service, and allows businesses to efficiently manage cash flow while reducing reliance on traditional banks. A report from the United States Small Business Administration in August 2022 indicated that approximately 1.1 million new small businesses were established between March 2020 and March 2021, underscoring the role of small businesses in propelling the growth of the ATM market.

A recent trend gaining popularity in the ATM market is the introduction of Smart ATMs. These automated teller machines go beyond cash disbursement, incorporating cutting-edge technologies to enhance the customer experience and minimize fraud. An example is Nations Trust Bank in Sri Lanka launching the first Smart ATM in October 2021, powered by technology and innovation to provide a unique banking experience. This Smart ATM enables users to withdraw a preferred mix of currency notes for various transactions, showcasing the evolving capabilities of Smart ATMs.

Major companies in the ATM market are forming partnerships to develop new products and strengthen their market positions. These collaborations enhance innovation, expand service offerings, and improve accessibility by leveraging the strengths of different stakeholders. For instance, in September 2023, Hitachi Payment Services Private Limited partnered with the National Payments Corporation of India to introduce India's first UPI-ATM, named Hitachi Money Spot UPI ATM. Operating on Android OS, this White Label ATM offers cardless cash withdrawals through the UPI app, focusing on promoting financial inclusion in areas with limited traditional banking infrastructure. This collaboration emphasizes the seamless integration of UPI convenience into traditional ATMs, providing quick access to cash without the need for a physical card.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Report Scope

Markets Covered:

  • By ATM Type: Location Based ATM; Operation Based ATM

  • By Solution: On Site; Off Site; Work Site; Mobile

  • By Operation: White Label; Green Label; Yellow Label

  • By Application: Withdrawal; Transfer; Deposits

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time Series: Five years historic and ten years forecast

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita

Key Attributes:

Report Attribute


No. of Pages


Forecast Period

2024 - 2028

Estimated Market Value (USD) in 2024

$38.39 Billion

Forecasted Market Value (USD) by 2028

$44.5 Billion

Compound Annual Growth Rate


Regions Covered


Companies Profiled:

  • IBM

  • Tata Consultancy Services Limited

  • Atlas ATM

  • NCR Corporation

  • Diebold Nixdorf

  • Wincor Nixdorf

  • Euronet Worldwide Inc.

  • Hyosung Corporation

  • BancTec Corporation

  • GRG Banking Equipment Co. Ltd.

  • Fujitsu Frontech Ltd.

  • Eastcompeace

  • Nautilus Hyosung Corporation

  • Oki Electric Industry Co. Ltd.

  • United Security Financial

  • Forbes Technosys Ltd.

  • KingTeller

  • Hantle

  • Triton Systems of Delaware

  • HCL Infosystems Ltd.

  • EFT Networks Inc.

  • RapidCash ATM Ltd.

  • Hitachi-Omron Terminal Solutions Corporation

  • riton Systems of Delaware LLC

  • G4S plc

  • Lipi Data Systems Ltd.

  • Itautec

  • Acentic Innovative Technologies

  • Shenzhen Yihua Computer

  • HESS Cash Systems GmbH & Co KG

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