This report provides Transforma Insights’ view on the IoT market relating to Automated Teller Machines (ATMs). This segment comprises the details on the evolution of ATMs not only as a mode of payment but also as processing, collecting, and transmitting important consumer data faster, offering services such as scheduling appointments and interactions with bank employees, delivering personalised offers and service messages, and supporting digital signage capabilities for advertising.
ATMs have become a permanent fixture on high streets for decades and their nature requires them to be connected. The availability of various cashless payment modes has further reduced the need for cash, and therefore ATMs, in many countries. Yet ATMs continue to hold a potential for growth, albeit in developing countries. In developed markets such as the US and Europe, the number of ATMs per capita is higher, but gradually declining. Connectivity is one of the key requirements for ATMs to enable video interaction, faster data processing, security, software updates, advertisements, processing loans and mortgages, and other financial service activities.
The report provides a detailed definition of the sector, analysis of market development and profiles of the key vendors in the space. It also provides a summary of the current status of adoption and Transforma Insights’ ten-year forecasts for the market. The forecasts include analysis of the number of IoT connections by geography, the technologies used, and revenue.
A full set of forecast data, including country-level forecasts, sector breakdowns and public/private network splits, is available through the IoT Forecast tool.
The report examines key factors that are influencing the development of the ATMs market, including:
This section of the report discusses how some of the major challenges of ATMs (such as the high cost of initial setup and difficulty of relocation) have resulted in the demand for cellular connectivity. It also discusses other advantages of cellular connectivity, how it is suitable for ATMs (since it can better ensure security for ATM machines), and how it will fare in the upcoming time period.
This section discusses how traditional ATMs can be expensive for banks to maintain and monitor, and how smart ATMs (which have features like remote management) can deal with issues such as system crashes, corrupted operating systems, and reinstallation or upgradation of software.
This section of the report discusses in detail the main challenges in the ATMs market, such as the emergence of a cashless society (as proven by the developed countries of North America and Europe) and many others.
In the market forecasts section, we provide a summary of the ATM market forecasts from the Transforma Insights IoT Forecast Database:
The report charts the growth in the number of connected ATMs, which will reduce from 4.3 million in 2022 to 4.01 million in 2032. Transforma Insights forecasts are compiled on a country-by-country basis. This report includes a regional summary, showing splits between Australasia, Greater China, North America, Europe, Japan, Latin America, MENA, Russia & Central Asia, South East Asia, South Korea, India & South Asia, and Sub-Saharan Africa.
Transforma Insights’ IoT forecasts include splits between the various connectivity technologies as follows: 2G, 3G, 4G, 5G mMTC, 5G non-mMTC, LPWA (non-mMTC), Satellite, Short Range, and Other. This section discusses which technologies will be used in the ATM application group.
This part of the report discusses the market growth in terms of revenue (module revenue, service wrap revenue, and VAC revenue). Transforma Insights estimates that the revenue in the ATMs Application Group will grow at a CAGR of 0.03%.
