ATM Security Market to Reach $32.4 Billion by 2032
Thanks to a recent report by Allied Market Research, we know that the ATM security market is poised to grow to $32.4 billion (globally) by 2032. This news was expected, considering that incidents of ATM fraud have only increased in recent years.
In this article, we will break down the growing ATM security market and provide more information on how the work of security/software companies are reducing ATM fraud worldwide.
Why ATM Fraud Is On The Rise
Since their inception, ATM’s have traditionally been a favorite target of criminals because they are unattended and often out of view.
Some of the most well-known ATM crimes include cash trapping, and card skimming, but malware attacks have also been on the rise as well.
Yes, the average store has cameras that are monitoring their ATM’s, but as criminals rapidly adapt to those security measures, it’s vital for business owners to invest in enhanced security options to protect their ATM’s.
The rise in ATM crime isn’t just the only reason why the ATM security market is expected to grow by 9.2% CAGR from 2023 to 2032, regulatory compliance has also been another factor that’s leading more ATM companies, and business owners to invest in the security of their ATM’s.
What To Expect In The Coming Years
Even though some criminals will always view ATM crime as a potential payday, the reality is that they are getting more difficult to attack, especially considering the rapid adoption of biometrics at some ATMs around the world.
Besides fingerprint scanning, some of the latest biometrics measures that are thwarting ATM crime include: facial recognition, palm vein recognition, and fingerprint scanning.
Yes, ATM customers will always be able to use their traditional PINs to access ATMs, but as biometrics becomes more commonplace, it’s likely that we will see most ATMs in the future require a PIN code and at least one method of biometric authentication to access them.
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Also see: ATM Suppliers Directory