Albany, NY -- (SBWIRE) -- 03/20/2015 -- A decade ago ATM machines were mostly used to withdraw cash. However, today ATMs have become the statement of technological advancements of financial institutions. Integration of ATM machines with wireless communication devices such as phones has reduced the occurrence of frauds related to ATM use. The adoption of smart ATMs is one of the most prominent trends that will influence the global ATM market in the foreseeable future. The global ATM market is worth billions and will demonstrate a modest growth in the coming few years. Let us look at other important trends that impact the growth of the global ATM market.

Ease of Transactions offered by ATMs

Bank customers have benefited most from the convenience that ATM debit cards offer. These cards allow users to take money from a machine to buy products or services. Consumers don't have to carry cash with them as it available at almost any ATM machine. The ease that ATM facility allows users to make cash transactions, check their balance, withdrawals, and make purchases online or in brick and mortar stores is one of the most attractive feature of an ATM. This advantage presented by ATMs will drive the global ATM market in the coming years.

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Traveling Cashless with ATM Cards

ATM facility is preferred by foreign travelers as it provides easy conversion of money in the required currency. The ATM market presents the opportunity of traveling cashless, which increases safety and security of foreign travel.

Accelerating Adoption of Solar ATMs

The international ATM market is dominated by North America, which is followed by Europe. However, Asia Pacific will demonstrate an impressive growth during the coming years. The global ATM market is estimated to benefit greatly from emerging countries of Asia Pacific such as China and India. In the past few years, China has tripled the number of ATM installations. A prominent trend that will be seen in the Indian ATM market is the development of solar ATMs. Solar ATMs stack notes vertically instead of horizontally, so the cash falls out of the machine rather than being dispensed. The growing preference and adoption of solar ATMs in India and other countries will boost the growth of the global ATM industry.

Personal Safety Issues to Restrict Growth of the Market

Even though ATMs allow traveling cashless, thereby increasing safety, there are certain personal safety risks involved with ATMs. ATMs located in poorly illuminated places or empty parking lots increase the risk of robbery. This risk multiplies with poorly maintained or unfamiliar ATM machines.

Misuse of ATMs a Major Concern

Apart from personal safety issues, misuse-related problems associated with ATMs are anticipated to challenge the market. An ATM card can be misused if it is not secured with a PIN. Another market restraining element is that an ATM card can be tampered with, which can lead to frauds, scams, and thefts.

To address the security issues related to ATMs, manufacturers and managed service providers are moving towards white label ATMs and smart ATMs. This trend will not only improve the security of ATMs, but also their efficiency. In the year 2014, a smart ATM was introduced by Fujitsu in the Europe market, which improved overall operational efficiency. In the same year, NCR Corporation, a leading global ATM manufacturer in partnership with ING-DiBa, provided enhanced security during financial transactions. Tata Communications Payment Solutions Limited previously launched a white label ATM, which provided better banking services to the consumers.

Some other leading market players in the ATM industry include Wincor Nixdorf AG, Triton Systems of Delaware LLC, Diebold Inc, GRG Banking, Hess Cash Sytems GmbH and Co., Hitachi Omron Terminal Solutions.

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