7 Consumer Benefits Fueling the ATM Market to Grow to $28 Billion by 2028

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Cashless payment adoption and innovation continue to propel Automated Teller Machine (ATM) market growth forecasts. As reported by SkyQuest Technology Consulting Pvt. Ltd. (SkyQuest), the ATM Market is projected to reach $28B by 2028. ATM Marketplace expanded on this forecast, to offer consumer trend drivers, including consumer acceptance, trust and value of ATM availability. Even as more people adopt cashless payment methods such as mobile payments and digital wallets, ATMs are expected to become more specialized in offering additional services such as cardless withdrawals, QR code-based transactions, and other mobile payment options.There are an estimated 3.1 million ATMs globally, and growing, according to SkyQuest, fueled by every day cashless transactions, developing markets and the demand for non-traditional ATM locations.

Every day cashless transactions

7 Consumer Benefits Fueling the ATM Market to Grow to $28 Billion by 2028

Customers have grown comfortable with daily cashless transactions. In fact, more and more of our everyday purchases occur without either party actually touching any physical cash. What used to be the kind of activity featured in movies has become an everyday reality. Moreover, consumers of all ages now value the convenience that ATMs offer. Virtual cash management seems to be here to stay.

Developing Markets

7 Consumer Benefits Fueling the ATM Market to Grow to $28 Billion by 2028

In developing markets, key drivers for growth include the demand for more banking services as well as accessibility for all consumer segments, including technology that makes it easier to use for anyone. As a result, financial institutions are expanding their ATM networks to meet a variety of customer needs. Advancements in technology such as biometrics, artificial intelligence, and blockchain are allowing for enhanced security and new features that make ATMs more convenient and user-friendly. For example, ATMs with facial recognition technology can reduce the risk of fraud and improve the user experience by allowing customers to withdraw cash without needing to physically insert a card.

Non-traditional Locations

And of course, ATMs continue to grow into non-traditional locations, such as boutique retail stores, doctor offices and even restaurants. E-commerce and online shopping at retail locations likewise fuels an increase in demand for mobile ATM deployments. These mobile ATMs can be transported easily to locations with a variable or temporarily high amount of foot traffic, thereby increasing the demand for cash or payment options, such as ATM cards, or other services to allow shoppers to order and pay directly from an ATM-connected app instead of interacting with a retailer as a go-between. As new, cashless shopping options continue to gain popularity, new mobile payment service providers will continue to enter the market, thereby challenging banks and other financial institutions to expand their mobile ATM network to reach new and existing customers.

7 Consumer Benefits Fueling the ATM Market

7 Consumer Benefits Fueling the ATM Market to Grow to $28 Billion by 2028

There are 7 consumer benefits fueling the ATM market growth projection of $28 billion by 2028: convenience, accessibility, speed, security, cost savings, agile cash access and even niche transactions such as lottery tickets and currency exchange, to a multi-faceted consumer base:

  1. Convenience: ATMs are available 24/7 and can be found in many locations, making them a convenient way for consumers to access their money without having to visit a bank during business hours.
  2. Accessibility: ATMs provide a way for consumers to access their money even when they are not near their bank. This is particularly useful for people who travel frequently or who live in areas where bank branches are not easily accessible.
  3. Speed: Withdrawing money from an ATM is usually faster than waiting in line at a bank, and many ATMs now offer features like check deposits and money transfers, which can save consumers time.
  4. Security: ATMs are generally safe and secure, with many featuring cameras and other security measures to prevent theft and fraud. Additionally, withdrawing money from an ATM can be safer than carrying large amounts of cash with you.
  5. Cost Savings: Withdrawing money from an ATM is often less expensive than using a teller at a bank. Some banks also offer fee-free ATM withdrawals for their customers.
  6. Cash access: The primary purpose of an ATM is to provide customers with access to cash, allowing them to withdraw money from their bank account at any time, day or night. Bill payment: Many ATMs now allow customers to pay bills directly from the machine, saving them time and hassle from having to go to a physical location or use other payment methods. Digital wallet access: Some ATMs are now equipped to allow customers to access their digital wallet accounts, such as Apple Pay or Google Wallet, to withdraw cash or complete transactions. Money transfer: ATMs also offer a convenient way for customers to transfer money between accounts or send money to friends and family.
  7. Niche transactions: Lottery ticket purchases: In some areas, ATMs also offer the option for customers to purchase lottery tickets, making it a one-stop-shop for banking and entertainment needs. Currency exchange: For travelers, ATMs offer the ability to withdraw foreign currency or exchange their home currency for the local currency of their destination. Charity donations: Many ATMs also have the option for customers to make charitable donations directly from the machine.

ATM Market Challenges

Despite the positive trends, there are many challenges facing the ATM market, including competition and the rise in ATM criminal activity. The first issue, intensifying competition, comes from multiple sources, including online and phone-based banking. Independently-run mobile and cashless payment options, apps, and even one-time use cards, offer additional choices to customers on-site, threatening the need for traditional ATMs. The second challenge, the growing number of criminal events associated with ATM use, remains to be determined. According to Claims Journal, the number of ATM thefts in the United States increased in 2021 after surging during the previous year. Digging deeper into the Federal Bureau of Investigation’s reporting, there were 254 thefts from ATMs in 2021, up from 229 in 2020, in contrast to the number of ATM robberies over the past four years: 31 in 2019, 74 in 2018, 50 in 2017 and 45 in 2016. Is this rise  a new trend or rather a blip across the last two years, as sparked by the pandemic? This remains to be seen. Yet even though these thefts are a fraction of other types of bank crimes, news coverage of ATM-related robberies grab consumer attention and heighten anxiety which may begin to hinder ATM demand.

In Summary

Overall, due to the versatility and convenience of ATMs, customers prize the many benefits ATMs offer beyond just banking. As technology continues to advance, we can expect to see even more innovative features, along with added security measures, offered by new ATM products in the future.

Wittenbach, Keeping Pace with Consumer and Market Trends

Wittenbach monitors consumer and market trends to understand how to continue to drive success, in particular with our key strategic partners. Understanding market trends plays an important role keeping pace with the customer’s needs today and tomorrow. It is this keen understanding of the ATM and ITM consumer and trends in the market that fuels the ongoing success of our partnership, for example, with Hyosung Innovue. 

Hyosung deploys the largest product line of recycling ATMs in the USA. With Hyosung’s newest cash recycling models and first complete family of recycling hardware in the industry, Wittenbach can supplement your branch transformation with reliable, modern technology and a return on your investment. 

The Hyosung 8300 Series provides the features and benefits customers continue to seek. The versatility and convenience of ATMs have made them a popular choice for customers to complete a variety of financial transactions beyond just banking. As technology continues to advance, we can expect to see even more innovative features added to ATMs in the future.


Wittenbach provides world-class cash handling, physical security, and electronic security solutions to financial institutions and retail establishments. We have been serving customers throughout the East Coast and Mid West since 1974.