Automated Teller Machine (ATM) Market Size, Share, Trends, Industry Analysis Report: By Deployment Location (Offsite ATM and Onsite ATM), By Functionality, By Service Offering, By End Use, and By Region – Market Forecast, 2025–2034
- Published Date:May-2025
- Pages: 128
- Format: PDF
- Report ID: PM2530
- Base Year: 2024
- Historical Data: 2020-2023
Market Overview
The automated teller machine (ATM) market size was valued at USD 23.23 billion in 2024. It is projected to grow from USD 24.30 billion in 2025 to USD 37.93 billion by 2034, exhibiting a CAGR of 5.1% during 2024–2034.
An automated teller machine (ATM) is a self‑service electronic banking terminal that helps customers carry out routine financial transactions such as withdrawing cash, depositing money or checks, transferring funds between accounts, and checking balances. The ease of withdrawing cash, the high proportion of transactional advantages, easy withdrawal, customer satisfaction, and the supportability of offline shopping have all powered automated teller machine usage around the world.
Recent advancements in banking technology have transformed ATMs from simple cash machines into personalized and service‑rich touchpoints. Advanced ATMs support bill payment, real‑time account transfers, and cheque imaging without entering a branch. New functions such as prepaid‑card top‑up or mobile‑wallet cash‑in have enabled banks to add fee income while extending engagement.
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Market Dynamics
Shift to Cash‑Recycling and Deposit Automation
Cash‑recycling ATMs enhances operational efficiency by reducing manual cash handling and associated costs. These ATMs are used to accept, verify, and dispense deposited cash. Innovation in this ATMs is benefited in high‑traffic locations, allowing financial organizations to restructure cash management processes. In August 2023, Diebold Nixdorf announced strategic expansion of its DN Series ATM offering, namely DN Series 600V teller cash recycler and the DN Series 430V outdoor walk-up cash recycler. This innovation underscores the company's commitment to modernizing cash management systems. Diebold Nixdorf's DN Series 600V teller cash recycler system automates 90% of transactions, increasing operational efficiency and handling a large note capacity. Similarly, the DN Series 430V is designed for outdoor use, enduring extreme climate conditions, catering to consumers who predominantly require cash services. Therefore, the adoption of cash‑recycling ATMs is improving customer service and reducing operational costs, contributing to the market growth.
Cash‑recycling ATM machines allow banks to offer round‑the‑clock services, enhancing customer satisfaction. Moreover, the integration of advanced technologies in these ATMs is transforming them into multifunctional devices, providing services beyond traditional cash dispensing. This evolution is attracting more customers to utilize ATM services, thereby increasing the demand for automated teller machines.
Rising Deployment of ATMs in Rural Areas
To expand the rural banking networks, financial institutions play a key role by establishing ATMs in underserved areas to meet needs such as payroll disbursements, government subsidies, and remittances.
These efforts align with the growing demand for accessible cash withdrawal points, which directly fuels the automated teller machine market expansion. In many rural areas, workers receive wages in cash, creating a consistent need for reliable ATM infrastructure that supports their daily financial activities. Therefore, banks are focusing on urban-rural divide, to deploy as many as ATMs in remote locations. This will enhance financial inclusion and tap into new revenue streams from transaction fees and service charges. Additionally, governments across Africa and Asia rely heavily on ATMs to distribute subsidies efficiently, further amplifying the market growth opportunity.
An ATM market analysis discloses that the diversity has led to innovations in ATM types, such as low-cost models designed specifically for rural settings. As per the news published by HT Digital Streams Limited, by end of March 2023, ATMs of public sector banks (PSBs) were evenly distributed across geographies as compared to others bank. Additionally, 51% of white label ATMs (WLAs) were concentrated in rural areas. To expand the geographic reach, banks are continuing to invest in this space, shaping the future landscape of the market while addressing real-world challenges faced by millions worldwide.
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Segment Insights
Market Assessment by Deployment Location
On the basis of deployment location, the ATM market has been bifurcated into offsite ATM and onsite ATM. In 2024, the offsite ATM segment held a larger share due to its strategic placement in high-traffic areas, offering unparalleled convenience, and accessibility to users. Offsite ATMs are located in shopping centers, airports, supermarkets, and transportation hubs, allowing customers to access banking services without visiting a bank branch. This extensive availability aligns with flexibility and time efficiency for consumers. The increased demand for offsite ATM deployment is also driven by the expansion of independent ATM deployers (IADs) and advanced technologies such as cardless transactions and biometric authentication. For instance, in September 2023, Hitachi Payment Services launched next-gen ATM technology, India’s first UPI ATM, a white label ATM (WLA) in association with National Payments Corporation of India (NPCI). This innovation help users to withdraw cash without a physical card by utilizing any UPI app to scan a dynamic QR code displayed on the ATM screen. Such innovations are driving the offsite ATM segment growth.
Market Outlook by Functionality
On the basis of functionality, the market has been segmented into cash dispenser ATM, cash recycler, and multi-function ATM (Smart ATM). In 2024, the cash dispenser ATM segment held the largest market share due to its widespread use of these machines for basic banking transactions such as cash withdrawals, making them essential in urban and rural areas. Its low cost and ease of deployment contributed to their extensive presence, especially in regions focusing on financial inclusion. However, the multi-function ATM (smart ATM) segment is expected to be the fastest-growing segment in the market. These machines are advanced and offer a range of services beyond cash dispensing, including deposits, fund transfers, bill payments, and biometric authentication. Innovations like this are increasing the adoption rate by consumers. This trend is expected to shape the future landscape of the automated teller machine market, reflecting changing consumer preferences and the ongoing digital transformation in the banking sector.
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Regional Analysis
By region, the study provides market insights into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. In 2024, North America held the largest market share, primarily due to advanced banking infrastructure, high demand for self-service banking solutions, and strong technological adoption. The region's financial institutions have long relied on ATMs to provide secure and efficient access to banking services, and this trend continues to grow, driven by customer preference for quick and convenient banking experiences. The US and Canada are leaders in ATM deployment, with a high concentration of both traditional cash-dispensing ATMs and advanced multi-functional ATMs (MFAs), such as cash recyclers and smart ATMs. The rise of digital banking and mobile banking services has also led to increased integration of ATMs with other financial technologies, such as biometric authentication and contactless transactions, making them more attractive to consumers.
The Asia Pacific market experiences fastest growth during the forecast period, driven by region's large unbanked population, high reliance on cash transactions, and rapid economic growth. Countries such as India and China have been at the forefront of ATM deployment to enhance financial inclusion. In India, initiatives such as the introduction of UPI-enabled ATMs have enabled seamless, cardless cash withdrawals, catering to the tech-savvy population. Similarly, China's widespread adoption of mobile payment systems such as Alipay and WeChat Pay has spurred the demand for cardless ATMs, allowing users to withdraw cash using their smartphones. Due to all above factors, Asia Pacific market is expanding rapidly.
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Key Market Players and Competitive Insights
The ATM market is highly competitive, driven by the increasing demand for convenient, secure, and accessible banking services across urban and rural areas. Key companies are heavily investing in research and development (R&D) to improve performance features such as security, transaction speed, energy efficiency, and user interface design. The rising emphasis on digital banking and financial inclusion has also fueled innovation in smart ATMs and multifunctional machines. In addition, firms are pursuing strategic partnerships with banks and fintech companies, expanding their geographic footprint, and engaging in mergers and acquisitions to strengthen their market position. A few major players in the market include NCR Corporation; Diebold Nixdorf Incorporated; Hitachi Channel Solutions Corporation; Fujitsu Limited; Hyosung TNS Incorporated; GRG Banking Equipment Company Limited; OKI Electric Industry Company Limited; Triton Systems of Delaware LLC; Euronet Worldwide Incorporated; HESS Cash Systems GmbH & Co. KG; Vortex Engineering Private Limited; and Tidel Engineering, LP.
NCR Corporation has been a pioneer in business transaction technologies. Initially focusing on mechanical cash registers, NCR expanded its portfolio over the decades to include ATMs, point-of-sale systems, barcode scanners, and data warehousing solutions. In 1991, NCR was acquired by AT&T and rebranded as AT&T Global Information Solutions. In 2023, NCR underwent a strategic split, forming two distinct entities: NCR Voyix, focusing on digital commerce and point-of-sale technologies, and NCR Atleos, dedicated to ATM operations. This division aimed to streamline operations and cater more effectively to their respective markets. NCR Voyix is publicly traded on the NYSE under the ticker symbol VYX, with a share price of $8.57 and a market capitalization of approximately $1.18 billion. Headquartered in Atlanta, Georgia, NCR continues to be a significant player in the information technology sector, emphasizing innovation in banking, retail, and hospitality solutions.
Hitachi Channel Solutions Corporation is headquartered in Tokyo and Owariasahi, Aichi, Japan. The company employs over 900 people and operates a global network of subsidiaries and offices across Asian countries, including India, Sri Lanka, Thailand, Indonesia, South Korea, China, and the Philippines. The company is renowned for its cash recycling ATMs, which support banknote handling in over 50 countries and regions, enhancing efficiency and reducing operational costs for financial institutions. Beyond hardware, Hitachi Channel Solutions offers integrated services such as ATM managed services, payment channel solutions, and digital transformation support for financial institutions. Leveraging advanced technologies such as AI, biometric authentication, and sensing systems, the company aims to create secure, user-friendly, and sustainable financial ecosystems. Its corporate vision emphasizes connecting the real and digital worlds to build a safe and comfortable society through innovation and trust.
List of Key Companies in ATM Market
- Diebold Nixdorf Incorporated
- Euronet Worldwide Incorporated
- Fujitsu Limited
- GRG Banking Equipment Company Limited
- HESS Cash Systems GmbH & Co. KG
- Hitachi Channel Solutions Corporation
- Hyosung TNS Incorporated
- NCR Corporation
- OKI Electric Industry Company Limited
- Tidel Engineering, LP
- Triton Systems of Delaware LLC
- Vortex Engineering Private Limited
Automated Teller Machine (ATM) Industry Developments
April 2024: Hitachi Payment Services launched India's first Upgradable ATM, designed to evolve into a high-performance Cash Recycling Machine (CRM). Manufactured under the 'Make in India' initiative, this innovation allows banks to future-proof their investments by enabling seamless upgrades without the need for complete replacements. .
April 2025: Euronet and Prosegur Cash launched an Independent ATM Network in Peru and the Dominican Republic under their joint venture, LATM. This initiative aims to deploy independent ATMs across Latin America, providing comprehensive ATM-as-a-Service solutions to banks and financial institutions.
November 2024: Travelex partnered with NCR Atleos to overhaul its international ATM network, replacing over 600 machines across eight countries. The upgrade features NCR Atleos’ SelfServ ATMs equipped with touchscreens, barcode readers, and contactless capabilities, allowing customers to withdraw cash by tapping a card or NFC-enabled device.
ATM Market Segmentation
By Deployment Location Outlook (Revenue, USD Billion, 2020–2034)
- Offsite ATM
- Onsite ATM
By Functionality Outlook (Revenue, USD Billion, 2020–2034)
- Cash Dispenser ATM
- Cash Recycler
- Multi-Function ATM (Smart ATM)
By Service Offering Outlook (Revenue, USD Billion, 2020–2034)
- Deployment Services
- Managed Services
- Security Services
By End Use Outlook (Revenue, USD Billion, 2020–2034)
- Banking & Financial Institutions
- Retail Chains & Malls
- Transportation & Travel (Airports, Stations)
- Corporates & Workplaces
- Government & Public Sector
By Regional Outlook (Revenue, USD Billion, 2020–2034)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Automated Teller Machine Market Report Scope
|
Report Attributes |
Details |
|
Market Size Value in 2024 |
USD 23.23 Billion |
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Market Size Value in 2025 |
USD 24.30 Billion |
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Revenue Forecast by 2034 |
USD 37.93 Billion |
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CAGR |
5.1% from 2025 to 2034 |
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Base Year |
2024 |
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Historical Data |
2020–2023 |
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Forecast Period |
2025–2034 |
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Quantitative Units |
Revenue in USD Billion and CAGR from 2025 to 2034 |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Industry Trends |
|
Segments Covered |
|
|
Regional scope |
|
|
Competitive Landscape |
|
|
Report Format |
|
|
Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
The global market size was valued at USD 23.23 billion in 2024 and is projected to grow to USD 37.93 billion by 2034.
The global market is expected to register a CAGR of 5.1% during the forecast period.
North America held the largest share of the global market in 2024.
A few key players in the market are NCR Corporation; Diebold Nixdorf Incorporated; Hitachi Channel Solutions Corporation; Fujitsu Limited; Hyosung TNS Incorporated; GRG Banking Equipment Company Limited; OKI Electric Industry Company Limited; Triton Systems of Delaware LLC; Euronet Worldwide Incorporated; HESS Cash Systems GmbH & Co. KG; Vortex Engineering Private Limited; and Tidel Engineering, LP.
The cash dispenser ATM segment dominated the market in 2024.
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