Onsite and Offsite ATMs Market Size, Share, Growth, and Industry Analysis, By Type (Conventional/Bank ATMs, Brown label ATMs, White label ATMs, Smart ATMs, Cash dispensers and Others), By Application (Offsite, Worksite and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Onsite and Offsite ATMs Market REPORT OVERVIEW

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The global onsite and offsite ATMs market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.

ATMs that are physically located at a specific business or institution are referred to as on-site ATMs. Retail stores, banks, and other companies are examples of this. Off-site ATMs, on the other hand, are not located at a specific business or organisation but may be associated in some way with it. An off-site ATM, for example, may be operated by the same bank as the business where it is situated. The increasing need for cash transactions, the expanding number of bank branches and ATMs, and the growing usage of smart ATMs are all factors driving onsite and offsite ATMs growth in this industry.

COVID-19 Impact: The Pandemic Upheld the Economic Recession and Hampered Market Growth

Due to lockdowns and disruptions in industrial and supply chain activity, COVID-19 initially had a substantial impact on the onsite and offsite ATMs.The economic downturn, the Covid-19 pandemic, and growing digitisation in cities have inflicted further blow to the ATM (automated teller machine) industry, which is already operating at a loss. The majority of scheduled banks and independent ATM operators, known as white-label ATM operators or WLAOs, have cut the number of ATMs they operate. This has already had an impact on residents in rural and semi-urban areas, who are at the bottom of the socioeconomic pyramid.

LATEST TRENDS

"Adoption of Cloud-Based Technology and Demand for Digital Banking to Advance the Market Share"

ATMs are becoming more complex and secure as technology advances. As a result, they are progressively assisting with the digital transformation of global economies, which are enacting favourable laws that encourage the implementation of digital financial services, hence expanding industry adoption. The growing use of cloud-based technologies has enabled banks to cut expenses by outsourcing non-core activities such as ATM administration to third-party companies. This is yet another important aspect driving expansion in this market sector. One of the key development drivers for the onsite and offshore ATM market is the growing desire for cashless transactions. This is because the use of ATMs helps to reduce the time required to conduct a transaction, hence providing clients with convenience.Moreover, increased security measures like as biometric authentication and One Time Password (OTP) services to prevent fraudulent transactions, as well as the introduction of talking ATMs for individuals with special needs, are boosting market growth.​

Onsite and Offsite ATMs Market SEGMENTATION

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• By Type Analysis

Based on type, the  onsite and offsite ATMs market is subdivided into conventional/bank ATMs, brown label ATMs, white label ATMs, smart ATMs, cash dispensers and others.

The conventional/bank ATMs is the leading part of the type segment.

• By Application Analysis

Based on the applications, the  onsite and offsite ATMs market is subdivided into offsite, worksite and others.

The offsite is the leading part of the application segment.

DRIVING FACTORS

"Improvements in Security and Proliferation of Smart Phones to  Amplify the Market Share"

Advances in security technologies such as biometrics, cash recycling, fingerprints, video banking, EMV adoption and two-factor authentication services to prevent fraudulent transactions, on the other hand, are predicted to give appealing onsite and offsite ATMs market expansion potential. The growth of smartphones and other mobile devices has resulted in an increase in the number of people utilising these devices for banking purposes. This is another important reason driving growth in the onsite and offsite ATMs market.

"The Extensive Applications in Various Commercial Sectors to Attract the Market Share"

Retail, corporate, healthcare, travel & tourism, and others are the application segments of the global onsite and offsite ATMs market. Other uses include government or public utility offices. In terms of revenue, the corporate segment dominated the whole industry. This can be linked to causes such as increased local company operations combined with greater foreign investments on a global scale, resulting in an increased demand for cash management services globally. The healthcare industry, on the other hand, is predicted to develop significantly over the projection period due to a variety of factors such as the rapid rise of hospitals and clinics, as well as an increase in ATM installations worldwide due to its accessibility 24*7*365.It has aided not only medical practitioners but also patients in obtaining prompt payment of medical dues or fees through this service without requiring them to be physically present at the hospital or clinic premises, hence lowering treatment expenses.

RESTRAINING FACTORS

"The Growing Digitalization and UPI Payments to Hold Back the Market Growth"

The growth of digitalization in emerging nations is expected to have a detrimental impact on the automated teller machine (ATM) industry's income in the coming years. This is owing to the increased popularity of digital payment methods among customers, such as online and mobile banking, digital wallets, and Bitcoin transactions. These internet banking channels allow convenient, quick, and secure transactions, limiting the onsite and offsite ATMs market growth.

Onsite and Offsite ATMs Market REGIONAL INSIGHTS

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"North American Region to Lead  With Presence of Large Number of Consumers and Major Key Players"

Over the projected period, the North American  onsite and offsite ATMs market share is expected to expand rapidly, particularly in the growing nations like U.S.A. The region is likely to maintain its dominance over the forecast period due to the presence of a significant number of ATMs across the United States and Canada, which are supported by strong utilisation rates and global demand for cash machines. Furthermore, due to the presence of prominent players such as Diebold, Inc., NCR Corporation, and Bank of America, the region is likely to maintain its position during the forecast period. These companies are involved in strategic initiatives including as mergers and acquisitions, partnerships, and R&D operations to provide improved ATMs to countries around North America. For example, in May 2018, NCR Corporation announced that it had signed into a binding deal to acquire Security National Banks (SNB) U.S.A operations.

KEY INDUSTRY PLAYERS

"The Prominent Players Contributing in the Market Growth"

The international, regional, and local players in the  onsite and offsite ATMs market are well-diversified and the market is moderately competitive. However, a few significant control a large portion of the industry thanks to their strong brand names and wide distribution networks. Companies are discovered making investments in cutting-edge technology to provide their clients a digital transformation.

List of Market Players Profiled

• Diebold (U.S.A)
• NCR Corporation (U.S.A)
• Wincor Nixdorf AG (U.S.A)
• Triton systems of Delaware, LLC (U.S.A)
• GRG Banking Equipment (China)
• Hitachi-Omron Terminal Solutions, Corporation (Japan)
• HESS Cash Systems GmbH & Co KG (Germany)
• Nautilus Hyosung Corporation (India)
• Fujitsu Ltd. (Japan)
• Euronet Worldwide (U.S.A).

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.