Changing lifestyles and rising consumer standards of are major factors boosting the growth of the global ATM market, according to a new report by Zion Market Research, “ATM Market: Industry Perspective, Comprehensive Analysis and Forecast, 2015-2021.”

The report also said that the introduction of niche types of ATMs —such as solar ATMs and smart ATMs — developed for emerging markets is another factor for the global ATM growth market.

In addition, new innovations in ATM technology are influencing the growth of the market, Zion said.

Also, advantages provided by ATMs, such as hassle-free bank transactions and 24/7 banking hours, have helped to drive up consumer demand for payment providers.

On the other hand, operational issues with ATMs, such as card skimming, theft and connectivity problems, could hamper the growth of the global ATM market to some extent, Zion said.

North America is the largest market for ATMs, followed by Europe. However, the Asia-Pacific region is expected to experience the highest growth rate owing to new technological advancements in ATMs, according to the report.

Report forecasts growth in global ATM deployments through 2021