The new Global ATM Market and Forecasts to 2020 report has predicted that Nigeria and Iran will add the largest numbers of new ATMs outside of Asia-Pacific. This development is as a result of both countries’ increased levels of cardholding and ATM use, encouraging banks to expand into rural areas in both of these markets.
The report revealed that the Middle East and Africa will grow almost as rapidly as the Asia-Pacific region.
Furthermore, the report stated that the number of ATMs installed worldwide grew 7 percent in 2014 to reach 3 million units – five years after the passing the two million mark, and with the expectation of reaching four million by 2020.
Publisher of the report, U.K. research and consulting firm RBR, stated that driven by strong economic growth, increasing disposable income and huge numbers of people entering the banking system, China’s ATM installed base has almost tripled in size since 2009.
China unseated the U.S. as the largest ATM market in 2013 and is forecast to pull further ahead over the next few years as banks deploy ATMs to meet customer demand in branches.
India also has grown rapidly over the last decade, the report found. By the end of 2014, it was the world’s fourth largest ATM market, behind only China, the U.S. and Japan.
RBR forecasts that by 2020, banks and IADs will have pushed India’s installed base to roughly the same size as that of the U.S., with only China exceeding it in size, as India continues its policy of getting all of the country’s adults into the banking system.
