In 2023, just over one billion ATM transactions were registered in Nigeria, a decrease compared to the previous year. In fact, since 2020, when a peak of over 1.9 billion transactions was achieved, the volume has steadily been dropping.

Over 57.6 million ATM transactions were performed in Ghana in 2023. This increased from the previous year and represented a peak within the period observed. Also, during this period, a trough in ATM transactions was registered in 2021 at around 52.1 million.

In financial year 2023, there were over six billion ATM transactions worth about 32.9 trillion Indian rupees across India. The transaction volume was estimated to rise up to eight billions in financial year 2027 in the country.

In 2023, ATM transactions in Nigeria were worth around 28.2 trillion Nigerian naira. Over the last years, the value of transactions generally increased. The overall number of transactions grew as well.

Cash Recycling ATM Market Outlook

The global cash recycling ATM market size is projected to grow from $4.5 billion in 2023 to $8.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.2% during the forecast period. This growth is primarily driven by advancements in ATM technology and increasing adoption of automated services by the banking sector. The introduction of cash recycling ATMs has revolutionized the way financial transactions are conducted by minimizing manual intervention and enhancing operational efficiency.

One of the fundamental growth factors driving the cash recycling ATM market is the increasing demand for efficient cash management systems. Financial institutions are constantly seeking ways to reduce operational costs and improve customer experience, and cash recycling ATMs offer a promising solution. These ATMs not only dispense cash but also accept deposits, thus minimizing the need for frequent cash reloading and reducing the operational burden on banks. This dual functionality is especially beneficial in regions with high cash transaction volumes, thereby driving the market growth.

Another critical factor contributing to market expansion is the rapid technological advancements in the ATM industry. Innovations such as biometric authentication, contactless transactions, and integration with mobile banking apps have significantly enhanced the security and convenience of using ATMs. Cash recycling ATMs are now equipped with advanced software that can detect counterfeit notes, accurately count cash, and provide detailed transaction records, making them highly reliable and secure. Such technological advancements are expected to fuel the adoption of cash recycling ATMs across various sectors.

The growing emphasis on financial inclusion, particularly in developing economies, is also propelling market growth. Governments and financial institutions are making concerted efforts to extend banking services to unbanked and underbanked populations. Cash recycling ATMs play a crucial role in this endeavor by providing convenient and cost-effective banking solutions in remote and rural areas. Moreover, the ability of these ATMs to handle high transaction volumes makes them suitable for deployment in high-traffic locations such as shopping malls, transport hubs, and retail outlets, further driving market demand.

From a regional perspective, Asia Pacific is expected to dominate the cash recycling ATM market during the forecast period, owing to the rapid expansion of the banking sector and the increasing adoption of advanced banking technologies in countries like China, India, and Japan. North America and Europe are also anticipated to witness substantial growth, driven by the high penetration of ATMs and the ongoing efforts of financial institutions to enhance their ATM networks. Additionally, the Middle East & Africa and Latin America regions are projected to experience moderate growth, supported by increasing investments in banking infrastructure and financial inclusion initiatives.

Component Analysis

The cash recycling ATM market can be segmented based on components into hardware, software, and services. The hardware segment includes the physical components of ATMs such as the cash dispenser, cash acceptor, and the secure vault. The software segment involves the operating systems and applications that manage the transactions, security features, and user interface of the ATM. The services segment encompasses installation, maintenance, and technical support services provided by ATM manufacturers and service providers.

The hardware segment holds a significant share of the market, driven by the continuous demand for robust and reliable ATM machinery. The durability and efficiency of hardware components are crucial for the smooth operation of cash recycling ATMs. With advancements in technology, hardware components are becoming more sophisticated, offering enhanced security features such as biometric authentication and anti-skimming devices. These innovations are expected to drive the growth of the hardware segment during the forecast period.

The software segment is also poised for substantial growth, owing to the increasing need for advanced software solutions that can handle complex transactions and provide real-time data analytics. ATM software plays a vital role in ensuring the security and efficiency of transactions. It includes functionalities such as fraud detection, transaction monitoring, and customer relationship management. The integration of artificial intelligence and machine learning algo

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Cryptocurrency ATM Market Size 2024-2028

The cryptocurrency ATM market size is estimated to grow by USD 4.45 billion at a CAGR of 67.33% between 2023 and 2028. Cryptocurrency mining has seen significant growth in recent years, driven by the increasing number of installations worldwide. The demand for specialized hardware for cryptocurrency trading has surged, leading to a thriving market for manufacturers. This trend is further fueled by the growing acceptance and integration of cryptocurrencies into mainstream finance. Mergers and acquisitions in the industry have also been on the rise, as larger players seek to expand their market share and enhance their technological capabilities. For instance, MicroStrategy's acquisition of Bitmain's stake in BitmainTech, and Bitmain's subsequent acquisition of Canaan Creative, are notable examples of this trend. As the market continues to evolve, we can expect further consolidation and innovation in the cryptocurrency mining sector.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

Cryptocurrency Automated Teller Machines (ATMs) have revolutionized the way digital assets are bought and sold, offering an alternative to conventional banking services for cryptocurrencies. These machines allow users to exchange physical cash for digital assets like Bitcoin and other cryptocurrencies, or vice versa. The Crypto ATM market has seen significant growth as more countries embrace digital currencies and people seek the convenience of cash withdrawals and transactions without the need for traditional banking. Crypto ATMs are increasingly common in public places such as airports, shopping malls, convenience stores, and financial districts. Companies like Genesis Coin and those utilizing Lightning Network technology are leading the innovation in this sector. Users can easily locate Crypto ATMs using resources like Coin ATM Radar and Bitcoin ATM map. Fees for using these machines vary, but they provide a net change of traditional currency for digital assets, making them an attractive option for those seeking to invest or use cryptocurrencies. The future of the crypto ATM sector looks bright as blockchain technology continues to evolve and digital assets gain wider acceptance. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Increasing number of installations is notably driving market growth. The market is witnessing substantial growth as vendors invest heavily in research and development to introduce innovative technologies and products. These advancements include increasing hash rates and decreasing power consumption for more efficient transactions. In response to the fluctuating cryptocurrency values, affordable ATMs have been launched to expand market reach. For instance, Bitcoin Depot introduced over 350 new cryptocurrency ATMs across the US in May 2021. As of December 30, 2021, approximately 34,000 Bitcoin ATMs are operational worldwide.

Furthermore, the market is segmented into one-way and two-way segments, with Bitcoin being the most popular cryptocurrency for transactions. The hardware and software segments dominate the market, while the KYC process is essential for regulatory compliance. Online platforms like Coin ATM Finder and GENERAL BYTES cater to various industries, including hospitality spaces (restaurants, bars, cafes, hotels, and commercial spaces) and convenience store chains. Cryptocurrency ATMs offer capital appreciation opportunities and serve as a payment alternative for local merchants and personal computer users. The Litecoin blockchain and other altcoins are also gaining traction in the transaction volume, making the market increasingly diverse. Thus, such factors are driving the growth of the market during the forecast period.

Significant Market Trends

Increasing investments in the market is the key trend in the market. The market is witnessing significant growth as vendors focus on enhancing the efficiency of hardware, such as increasing hash rates, to gain a competitive edge. In regions like China, companies are investing in strategic partnerships and acquisitions to expand their reach. Cryptocurrency Automated Teller Machines (ATMs) offer enterprises risk management and capital control benefits, enabling seamless transactions and capital appreciation through Bitcoin, Litecoin, and other digital currencies.

Furthermore, Two-way ATMs, provided by companies like GENERAL BYTES, enable users to buy and sell cryptocurrencies, acting as a payment alternative in various sectors like hospitality spaces (restaurants, bars, cafes, hotels) and commercial spaces (convenience store chains). The mark

In 2023, the value of transactions with ATM cards in Taiwan amounted to more than 12 trillion New Taiwan dollars. By the end of 2017, a total of 3,417 branch offices of 38 commercial banks were located in Taiwan.

Nigeria Payment Transactions: ATM: Value data was reported at 638.070 NGN bn in Dec 2018. This records an increase from the previous number of 545.999 NGN bn for Nov 2018. Nigeria Payment Transactions: ATM: Value data is updated monthly, averaging 256.645 NGN bn from Jan 2009 (Median) to Dec 2018, with 120 observations. The data reached an all-time high of 670.980 NGN bn in Nov 2017 and a record low of 18.480 NGN bn in Feb 2010. Nigeria Payment Transactions: ATM: Value data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.KA004: Payment Channel Statistics.

In 2023, in-house inhouse fund transfers via the internet, mobile, or telephone in Thailand reached more than 11 billion transactions. ATM transactions were used much less, as these reached an overall volume of about 38 million transactions in that year.

In 2023, there were around 159 million cash withdrawals at automated teller machines (ATMs) in Japan. The number decreased from 163 million in the previous year, while the value of cash withdrawals increased.

In 2023, the volume of payment transactions processed through interbank online retail funds transfer (ORFT) via internet or mobile phone in Thailand amounted to over 18 billion transactions, making it the leading payment type in that year. The volume of ORFT via ATM ranked second, with approximately 226 million transactions registered in the same year.

The total number of ATM cash withdrawals made in France increased overall until 2015, when it saw the highest amount since 2000, by amounting to 1.67 billion. However, by 2023, this had subsequently declined to around 1.12 billion in cash withdrawals. This general decrease in ATM cash withdrawals coincides with the growing use of payment cards at the point of sale (POS).