Frost & Sullivan: Customer Demand for More Services Driving Factor for the Asia Pacific ATM Market

Dec. 21, 2010 - PRLog -- Singapore – The Asia Pacific ATM market having seen demand even during the global economic crisis showed positive results in 2010. Customer demand and sharp rise in the banked population is the key force underlying ATM growth in Asia Pacific. Also, government regulations in regions like India and Thailand has been a key catalyst for spurring the growth of ATM market.

According to Frost & Sullivan’s Asia Pacific Automation & Electronics Consultant Divya Saiprasad, ATM manufacturers are looking at providing more value oriented services than just banking.

“NCR & Diebold have launched ATM machines specially designed for the visually challenged in Mumbai. ATM manufacturers have also begun to target the rural population and less educated population to install ATM facilities with basic requirement,” she says.

The 2010 market is expected to close with a revenue of around USD2.18 billion. The ATM market is all set grow in the next 5–7 years with growth likely to come mainly from China, India, Thailand and Indonesia where the combined population is around 3 billion.

In terms of industry specifics, consumers are demanding for more features and services from self-service machines aside from just accessing cash when needed.

“Asia is showing strong demand for ATMs because banks have started recognizing customer demands. The need for easier access to cash and other fast and efficient additional services are prevalent” says Divya. “In this mechanical and fast moving world where time is extremely critical, the customers expect ATMs to function as mini branches, or kiosks, from where other services, such as check ordering, bills payments, and mobile recharging can also be availed of,” Divya states.

She adds, “This consumer demands are in a way adding value to the banks since the technological solutions they apply to satisfy their customers are also providing them other benefits, such as cost savings, revenue generation and customer conversions.”

Divya concludes, “2011 is expected to be a good year for the banking and financial industry in the APAC region and this trend is likely to drive the ATM market. The ATM market is likely to reach USD2.23 billion by end of 2011 with a growth rate of around 2.4%. The APAC ATM market is expected to reach USD2.6 billion by the end of 2015 and installed ATM units are likely to touch around 1.5 – 2 million in APAC alone by the end of 2015.”


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MEDIA CONTACT:

Donna Jeremiah
Corporate Communications – Asia Pacific
P: +603 6204 5832
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Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
E: carrie.low@frost.com

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Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's research and consulting services empower clients to generate, evaluate, and implement effective growth strategies.