Over the past years, the ATM market has become a commonly accepted way to carry out varying transactions including withdrawal of cash, account deposits, balance updates, bill payments and bookings.
An automated teller machine (ATM) is a computerised telecommunications device that enables the clients of a financial institution to perform financial transactions without the need for a cashier, human clerk or bank teller.
Using an ATM, customers can access their bank accounts in order to make cash withdrawals, debit card cash advances, and check their account balances as well as purchase pre-paid mobile phone credit.
If the currency being withdrawn from the ATM is different from that which the bank account is denominated in (e.g.: Withdrawing Japanese Yen from a bank account containing US Dollars), the money will be converted at an official wholesale exchange rate. Thus, ATMs often provide one of the best possible official exchange rates for foreign travellers, and are also widely used for this purpose.
The ATM industry is characterised by rapidly changing technology, evolving industry standards, frequent new product introductions, price and cost reductions, and increasingly greater commoditisation of products, making differentiation difficult.
ATM manufacturers are constantly required to develop and introduce new solutions in the competitive, rapidly changing environment.
There are no hard international or government-compiled numbers totalling the complete number of ATMs in use worldwide.
Estimates developed by ATMIA place the number of ATMs in use currently at over 2.2 million, or approximately 1 ATM per 3000 people in the world.
According to a new report titled 'Global ATM Market Report - 2013 Edition', published on companiesandmarkets.com, the highest growth in the number of ATMs being installed has been recorded in the Asia-Pacific region, driven by factors such as more cash in circulation, lower cost of ATM hardware, aggressive deployment of new technologies and desire for self-service.
Countries like China, India and Indonesia offer a huge opportunity for ATM market as these are considered as cash growing markets with expanding middle class.
The global ATM market is lead by three key companies; NCR Corporation, Diebold Inc. and Wincor Nixdorf. Companies are constantly looking to develop and introduce new solutions to the rapidly changing environment.
For more information on the ATM market, see the latest research: ATM Market
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