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The cardless ATM market share is expected to increase to USD 2.11 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.93%.
This cardless ATM market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers cardless ATM market segmentations by type (offsite ATM, onsite ATM, and others) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The cardless ATM market report also offers information on several market vendors, including Banco Santander SA, Barclays Bank Plc, Citigroup Inc., Commonwealth Bank of Australia, Diebold Nixdorf Inc., Fifth Third Bancorp, Fujitsu Ltd., GRG Banking, HDFC Bank Ltd., HSBC Holdings Plc, Hyosung Corp., ICICI Bank Ltd., JPMorgan Chase and Co., Kotak Mahindra Bank Ltd., NCR Corp., State Bank of India, Turk Ekonomi Bank AS, and Wells Fargo and Co. among others.
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The increased penetration of smartphones is notably driving the cardless ATM market growth, although factors such as regulations on contactless payment transactions may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the cardless ATM industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Cardless ATM Market Driver
The increased penetration of smartphones is one of the key factors driving the cardless automated teller machine (ATM) market growth. There is an increase in the penetration of smartphones in emerging countries due to the rising sales of low-priced smartphones. The low-cost smartphones are integrated with several features that are usually available in high-end smartphones. Furthermore, in the peer-to-peer communication model, NFC chips enable smartphones to connect with other NFC-enabled devices in cardless ATMs for data transferring. On the other hand, in QR code verification, a smartphone can read QR codes on the ATM screen. Such factors are expected to drive the growth of the global cardless ATM market during the forecast period.
Key Cardless ATM Market Trend
The emergence of biometric ATM is one of the key cardless ATM market trends fueling the market growth. Primarily, biometric technologies such as fingerprint recognition require a user to place his or her finger on the sensor. However, the concerns over hygiene due to the outbreak of harmful diseases such as avian influenza, Ebola, and swine flu are increasing in numerous countries. On the other hand, to tackle issues related to the spread of communicable diseases, vendors operating in the global cardless ATM market have shifted their focus to contactless biometrics, which includes retina and iris scanning and 3D facial recognition. The use of contactless biometrics in cardless ATMs of hospitals and airports where hygiene needs to be maintained are major application areas for contactless biometrics. Therefore, a rise in biometrics in the global cardless ATM market will open new growth opportunities for the vendors in the market in focus.
Key Cardless ATM Market Challenge
Regulations on contactless payment transactions is one of the key factors challenging the cardless automated teller machine (ATM) market growth. Typically, most geographical regions have regulated a fixed amount per transaction in contactless transactions. This cap on single payments allows users to make only small transactions through NFC-based devices such as smartphones, which is one of the drawbacks of cardless ATMs. For instance, in HDFC Bank, the maximum limit of cardless cash withdrawals at an ATM is around $127 per day. On the other hand, for ICICI bank, the maximum limit is $254 per day. The transaction limit varies depending on government clearances from respective central banks. These limits have been placed to eliminate the incidents of fraud as these cardless payment devices are prone to unauthorized access if the ATMs are placed in close proximity. However, such regulations are expected to limit the market growth during the forecast period.
This cardless ATM market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global cardless ATM market as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the cardless ATM market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the cardless automated teller machine (ATM) market encompasses successful business strategies deployed by the key vendors. The cardless ATM market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The cardless ATM market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the cardless ATM market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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53% of the market's growth will originate from North America during the forecast period. The US is the key market for the cardless ATM market in North America. Market growth in this region will be faster than the growth of the market in South America.
The growing adoption of contactless payment services will facilitate the cardless ATM market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic negatively impacted the cardless automated teller machine market in North America in 2020. However, in H1 2021, owing to rapid vaccination drives, the cardless ATM market in North America recovered as more consumers visited cardless ATM facilities. As more consumers in North America begin to embrace contactless payment solutions such as NFC and QR codes, the cardless ATM market in the region is expected to witness steady growth during the forecast period.
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The cardless automated teller machine market share growth by the offsite ATM segment will be significant during the forecast period. Offsite ATMs are the ATMs that are set up on a standalone basis and outside the premises of the banks. They are generally located in important places such as railway stations, bus stands, airports, colleges, and marketplaces, where people can use the services of the banks even without the presence of a branch of the bank in that area. Such a large presence of offsite ATMs will drive market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the cardless automated teller machine market size and actionable market insights on post COVID-19 impact on each segment.
Cardless ATM Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.93% |
Market growth 2022-2026 |
$ 2.11 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.11 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 53% |
Key consumer countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Banco Santander SA, Barclays Bank Plc, Citigroup Inc., Commonwealth Bank of Australia, Diebold Nixdorf Inc., Fifth Third Bancorp, Fujitsu Ltd., GRG Banking, HDFC Bank Ltd., HSBC Holdings Plc, Hyosung Corp., ICICI Bank Ltd., JPMorgan Chase and Co., Kotak Mahindra Bank Ltd., NCR Corp., State Bank of India, Turk Ekonomi Bank AS, and Wells Fargo and Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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