Branch Transformation

ATM market to reach $28B by 2028

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October 26, 2022

The global ATM market will grow from $20.9 billion in 2021 to $28.98 billion by 2028, according to a press release from SkyQuest Technology Consulting Pvt. Ltd. The industry will see a compound annual growth rate of 4.7% during the forecasted period.

Part of the growth comes from developing economies which are deploying ATMs, such as India and China. The banking sector accounts for 65% of all ATM transactions and there are 3.1 million ATMs globally, according to the release.

However, the market is being held back by other factors such as competition from other payments methods such as online, card and other methods.