The market for intelligent cash deposit machines is expanding due to consumers’ growing demand for card-less ATM transactions. By introducing card-less ATM transactional functionalities like One-Time Access Code and biometric authentication, as well as intelligent cash deposit machines, financial institutions and individual ATM deplorers are continuously focusing on upgrading their ATM infrastructure to improve security and convenience and deliver a personalised seamless banking experience to their customers.
Additionally, an increase in bank accounts, rising investments in banking network expansion, and an increase in foreign investments in the banking industry are all predicted to drive up demand for intelligent cash deposit machines.
With a rise in cyber-security threats across various components of the banking system, service providers are focusing on developing and expanding the number of intelligent cash deposit machines with enhanced security functionalities to protect their banking network from various types of cyber-attacks.
Intelligent cash deposit machines are cash deposit systems that automate cash deposit transactions by counting, identifying, sorting and saving without any human interference.
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Global Intelligent Cash Deposit Machine Market: Drivers and Challenges
Drivers
Digitalization in the banking industry is driving the growth of the intelligent cash deposit machine market. Also, the rising focus of financial service providers on delivering more functionalities to consumers through the ATM channel by deploying automated deposit ATMs with intelligent deposit and cash recycling technology in order to improve customer satisfaction is another major factor driving the growth of the market.
Moreover, the increasing focus of financial organizations to increase the reach of intelligent cash deposit machines in rural and remote corners of countries in regions such as Asia Pacific and MEA is fuelling the growth of the intelligent cash deposit machine market.
Apart from this, economic development in regions such as the Middle East & Africa and Asia Pacific and the growth and investment in the banking sectors of various countries are creating potential growth opportunities for the intelligent cash deposit machine market.
Challenges
The high maintenance cost of intelligent cash deposit machines hinders the growth of the intelligent cash deposit machine market. Also, the rising customer preference for non-cash payments such as mobile payments, e-commerce payments, and online bill payments and expanding digital banking solutions reduce the need for cash in various regions around the globe.
Moreover, the rising trend of UPI payments, and money transfer applications hampers the growth of the intelligent cash deposit machine market.
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Global Intelligent Cash Deposit Machine Market: Competition Landscape
Key Players
Some of the prominent players in the intelligent cash deposit machine market include NCR Corporation, Dibold Nixdorf, Hitachi-Omron Terminal Solutions, Corporation, GRG Banking, Fujitsu Frontech Ltd., Triton Systems of Delaware LLC, Nautilus Hyosung Corp., HESS Cash Systems GmbH & Co. KG, and Oki Electric Industry Co., Ltd.
Global Intelligent Cash Deposit Machine Market: Regional Overview
On the basis of geographical presence, North America is anticipated to capture the largest market share, owing to the well developed and established banking and financial organizations and presence of various intelligent cash deposit machine manufacturers in the region.
Europe and APAC are also expected to gain substantial market shares due to rapid infrastructural development and an increase in the number of ATMs and penetration of cash deposit machines in the region.
Global Intelligent Cash Deposit Machine Market: Segmentation
Segmentation of the intelligent cash deposit machine market on the basis of screen size:
- 15” and below
- Above 15”
Segmentation of the intelligent cash deposit machine market on the basis of type:
- Off-site intelligent cash deposit machine
- On-site intelligent cash deposit machine
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