The Cardless ATM market size is expected to grow from US$ 2.38 billion in 2023 to US$ 5.28 billion by 2031; it is anticipated to expand at a CAGR of 10.5% from 2023 to 2031. The digital transformation has also impacted the banking sector for good. Technology is being adopted to increase the accessibility and convenience for consumers in the banking sector. In this direction, banks across the globe are increasingly introducing mobile platforms, digital banking, and biometric authentication to offer better and more accessible solutions to consumers. In the wake of these developments, the cashless ATM market share is also witnessing a surge across the globe.
The cardless ATM market forecast is estimated on the basis of various secondary and primary research findings, such as key company publications, association data, and databases. Digital technology has altered the banking industry, improving efficiency and accessibility. Although financial technology reduces the need for frequent cash transactions, it also makes it easier to obtain cash when the consumer needs it. Cardless ATMs allow customers to complete ATM transactions using their smartphone's bank app. They are a simple way to withdraw money from a bank account if one forgets their debit card or wants to reduce the number of times the consumer has to touch an ATM's screen. This is one of the major factors driving the cardless ATM market growth globally.
The scope of the Cardless ATM market report is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant Cardless ATM market share. The region's significant economic development and increasing use of mobile banking technology are driving the adoption of cardless ATMs in the region. According to a 2023 stat by Fortunly, 89% of American bank account holders use mobile banking for account management.
The regional trends and factors influencing the Cardless ATM Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cardless ATM Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.38 Billion |
| Market Size by 2031 | US$ 5.28 Billion |
| Global CAGR (2023 - 2031) | 10.5% |
| Historical Data | 2021-2023 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Cardless ATM Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Cardless ATM Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Cardless ATM Market Analysis" was carried out based on type, technology, application, and geography. In terms of type, the market is segmented into on-site ATMs, off-site ATMs, and others. Based on technology, the cardless ATM market is segmented into near-field communication (NFC), quick response (QR) codes, and biometric verification. Based on application, the cardless ATM market is segmented into banking and retail. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the Cardless ATM market. A few recent key market developments are listed below:
[Source: Bank of America, Company Website]
[Source: HSBC Holdings Plc, Company Website]
The market report "Cardless ATM Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
The key players holding majority shares in the global cardless ATM market are Citigroup Inc.; JPMorgan Chase & Co.; Wells Fargo; NCR Corporation; and Barclays Bank PLC.
The global cardless ATM market is expected to reach US$ 5.28 billion by 2031.
The global cardless ATM market was estimated to be US$ 2.38 billion in 2023 and is expected to grow at a CAGR of 10.5% during the forecast period 2023 - 2031.
Integration with AI technologies is impacting the cardless ATM, which is anticipated to bring new cardless ATM market trends in the coming years.
The rise in mobile banking across the globe, rising digitalization in banking operations, and rise in user convenience offerings are the major factors that propel the global cardless ATM market.