ATM Security Market Surges to $32.4 Billion Globally by 2032 with 9.2% CAGR : Fortifying Financial Safety

Fortifying Financial Safety: ATM Security Market Surges to $32.4 Billion Globally by 2032 with 9.2% CAGR

NEW CASTLE, WILMINGTON, UNITED STATES, April 26, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "ATM Security Market by Offering (Software and Service), ATM Type (Onsite ATM and Offsite ATM), Application (Fraud Detection, Security Management, Anti-Skimming, Others), and End User (Banks and Financial Institutions and Independent ATM Operators): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global ATM security industry generated $13.7 billion in 2022 and is anticipated to generate $32.4 billion by 2032, witnessing a CAGR of 9.2% from 2023 to 2032.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/A06945

The ATM security market was witnessing increased demand for protection against cyber threats such as malware, phishing, and card skimming. With the growing sophistication of cyberattacks, there was a need for advanced security measures to safeguard ATM networks. In addition, the adoption of EMV (Europay, Mastercard, and Visa) chip technology in payment cards was driving a need for upgraded ATM security. EMV chips enhance card security and reduce the risk of card skimming.
Prime determinants of growth

The rise in ATM-related fraud, including card skimming, cash trapping, and malware attacks, is driving the ATM security market growth. In addition, increasing regulatory compliance for ATM deployment is benefiting the growth of the ATM security market. Further, the demand for automated teller machine (ATM) security and safety devices is further anticipated to propel the growth of the ATM security market.

The software segment is expected to maintain its dominance throughout the forecast period

By offering, the software segment held the highest market share in 2022, accounting for more than two-thirds of the global ATM security market revenue and is estimated to maintain its dominance throughout the forecast period, as many ATMs have been adopting biometric authentication methods such as fingerprint scanning, palm vein recognition, and facial recognition to enhance security. These methods are more secure than traditional PINs. However, the service segment is projected to manifest the highest CAGR of 11.0% from 2023 to 2032, as many organizations are outsourcing their ATM security to managed security service providers. These providers offer comprehensive security services, including monitoring, incident response, and software updates, to ensure that ATMs remain secure.

The offsite ATM segment is projected to maintain its lead throughout the forecast period

By ATM type, the offsite ATM segment held the highest market share in 2022, accounting for more than two-thirds of the global ATM security market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the use of cloud-based security solutions gaining popularity for offsite ATMs, allowing for centralized management and quick response to security threats. Furthermore, advanced cash management technologies are being integrated into offsite ATMs to optimize cash loading, reduce cash exposure, and minimize security risks associated with cash replacement.

The anti-skimming segment is expected to maintain its lead position during the forecast period

By application, the anti-skimming segment accounted for the largest share in 2022, contributing to more than two-fifths of the global ATM security market revenue. This is attributed to newer anti-skimming technologies being developed to detect and prevent skimming attempts. In addition, some anti-skimming systems use jamming and disruption technologies to interfere with the functionality of skimming devices. However, the security management segment is expected to portray the largest CAGR of 13.3% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to the fact that ATM operators and financial institutions are creating detailed incident response plans to respond to security incidents, including ATM breaches, card skimming, and network intrusions quickly and effectively.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/A06945

The banks and financial institutions segment is projected to maintain its lead position during the forecast period

By end user, the banks and financial institution segment accounted for the largest share in 2022, contributing to more than three-fourths of the global ATM security market revenue. This is attributed to the fact that banks and financial institutions use ATM security technologies to provide their customers with a more convenient and secure way to secure their accounts. Further, banks and financial institutions also use ATM security technologies to prevent fraud and malpractices. However, the independent ATM deployer segment is expected to witness the largest CAGR of 11.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the increasing adoption of mobile payments and digital wallets, which make cardless transactions more accessible and convenient for customers.

North America is expected to maintain its dominance by 2032.

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global ATM security market revenue. This is attributed to the fact that many banks and financial institutions in the region have been adopting cardless ATM transactions which allow customers to use their smartphones and banking apps for ATM withdrawals instead of traditional plastic cards. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.9% from 2023 to 2032 and is projected to dominate the market during the forecast period. This is attributed to the adoption of contactless payment methods, which has implications for ATM security, as it changes the way transactions are processed and authenticated. Further, machine learning and artificial intelligence are increasingly used in the region for anomaly detection and fraud prevention, identifying unusual transaction patterns and potential security threats

Unauthorized transactions or theft during ATM transactions can result in substantial financial losses for individuals. This loss can have a profound impact on their financial stability and overall well-being, particularly if the stolen funds are not swiftly recovered. Ensuring your safety and security during ATM transactions is crucial. Always prioritize caution and adhere to specific safety tips to mitigate potential risks.

Leading Market Players: -

Fujitsu Ltd.
NCR Corporation
Euronet USA, LLC
Hitachi, Ltd.
Diebold Nixdorf, Incorporated
GRGBanking
Oki Electric Industry Co., Ltd.
Hyosung TNS Inc.
Triton
LD Systems
The report provides a detailed analysis of the key players in the global ATM security market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/079c2cbadd2a2623b75e6c45bf39aecd?utm_source=AMR&utm_medium=research&utm_campaign=P19623

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ATM security market analysis from 2022 to 2032 to identify the prevailing ATM security market share.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the ATM security market size segmentation assists to determine the prevailing ATM security market opportunity.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global ATM security market trends, key players, market segments, application areas, and market growth strategies.

ATM Security Market Report Highlights

Aspects Details
By Offering
Software
Service

By ATM Type
Onsite ATM
Offsite ATM

By Application
Fraud Detection
Security Management
Anti-Skimming
Others

By End User
Banks and Financial Institutions
Independent ATM Operators

➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A06945

By Region
North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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David Correa
Allied Market Research
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