A press release by SkyQuest Technology Consulting Pvt. Ltd. states that they expect the global ATM market to grow to $28.98 billion by 2028.
ATMs are Popular
The report’s press release states that, “the popularity of ATM usage is growing. In fact, JPMorgan Chase expects that global ATM transactions reached $12.6 trillion in 2021. While this number may seem modest at first, it is still a testament to how popular ATMs have become. Currently, there are over 3.1 million ATMs around the globe.”
ATM Drivers
A major factor driving the increase in the ATM industry is banks competing to provide comprehensive and quick customer service. Since it isn’t cost effective for banks to build brick and mortar banks all over a city, adding ATMs that can give positive customer experiences to account holders is one way to keep in customers’ good graces. Also, deployments of lower-cost ATMs by Independent ATM Deployers (IADs) helps keep initial investment costs down. ATMs that are deployed in high traffic areas often see more usage.
SkyQuest reports that, “Currently, there are over 2.1 million in-network machines and over 1 million out-of-network machines across the global ATM Market.”