Saudi Arabia ATM Market Overview

Market Size in 2024: USD 219.6 Million

Market Forecast in 2033: USD 322.0 Million

Market Growth Rate 2025-2033: 3.90%

According to IMARC Group's latest research publication, "Saudi Arabia ATM Market Size, Share, Trends and Forecast by Solution, Screen Size, Application, ATM Type, and Region, 2025-2033", The Saudi Arabia ATM market size reached USD 219.6 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 322.0 Million by 2033, exhibiting a growth rate (CAGR) of 3.90% during 2025-2033.

Growth Factors in the Saudi Arabia ATM Market

• Urbanization and Financial Inclusion

Rapid urbanization in Saudi Arabia, particularly in cities like Riyadh and Jeddah, has significantly driven the ATM market. As urban populations grow, the demand for accessible banking services increases, especially in areas where physical bank branches are limited. ATMs provide a convenient solution for cash withdrawals and basic transactions, supporting financial inclusion for both urban and rural populations. For instance, the Saudi government’s efforts to expand banking access in underserved regions, such as rural areas in the Eastern Province, have led to increased ATM installations. This accessibility empowers residents to engage in the formal economy, boosting the ATM market’s growth.

• E-Commerce and Cash-Based Transactions

The rise of e-commerce in Saudi Arabia has paradoxically increased the demand for ATMs, as cash remains a preferred payment method for many consumers. Despite the growth of digital payments, many online shoppers opt for cash-on-delivery, necessitating easy access to cash. For example, platforms like Noon rely heavily on cash transactions for last-mile delivery, prompting banks to deploy ATMs in high-traffic areas like shopping malls and residential neighborhoods. This trend ensures ATMs remain relevant, supporting the market by catering to consumers who value the flexibility of cash for daily purchases and online orders.

• Government Support through Vision 2030

Saudi Arabia’s Vision 2030 initiative plays a pivotal role in the ATM market’s expansion by promoting financial inclusion and modernizing infrastructure. The government’s push to diversify the economy and enhance banking services has led to investments in ATM networks, particularly in underserved regions. For instance, the Saudi Central Bank has encouraged banks to install ATMs in remote areas to support small businesses and rural communities. Additionally, policies promoting digital transformation have spurred the adoption of advanced ATMs with features like cardless withdrawals, aligning with the nation’s goal of creating a cashless yet accessible financial ecosystem.

Key Trends in the Saudi Arabia ATM Market

• Adoption of Contactless and Cardless Technologies

A significant trend in the Saudi Arabia ATM market is the integration of contactless and cardless technologies, enhancing user convenience and security. ATMs now support mobile-based transactions, such as QR code withdrawals and NFC-enabled payments, allowing users to access cash without physical cards. For example, Al Rajhi Bank has introduced ATMs that allow customers to withdraw cash using smartphone apps, aligning with the growing preference for seamless digital interactions. This trend caters to tech-savvy consumers and reduces risks like card skimming, positioning ATMs as modern, secure banking touchpoints.

• Deployment of Smart ATMs

Smart ATMs with advanced functionalities, such as cash recycling and interactive teller machines (ITMs), are gaining traction in Saudi Arabia. These machines allow users to perform complex transactions like deposits, bill payments, and fund transfers with minimal human intervention. For instance, the National Commercial Bank (NCB) has deployed ITMs in urban centers, enabling small businesses to deposit large cash volumes efficiently. Cash recycling reduces operational costs for banks by minimizing cash-in-transit needs. This trend reflects the market’s shift toward automation and efficiency, enhancing customer experience and operational scalability.

• Expansion of Offsite ATMs

The proliferation of offsite ATMs in non-traditional locations like malls, gas stations, and universities is a key trend driving market growth. These ATMs cater to high-traffic areas, offering convenience to consumers who need cash for daily transactions. For example, ATMs placed in Riyadh’s Kingdom Centre Mall serve shoppers and visitors, boosting transaction volumes. Banks are strategically deploying offsite ATMs to enhance accessibility and brand visibility, particularly in urban areas with growing populations. This trend supports financial inclusion and aligns with the increasing demand for round-the-clock banking services in diverse locations.

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Saudi Arabia ATM Industry Segmentation:

The report has segmented the market into the following categories:

Solution Insights:

• Deployment Solutions
  • Onsite ATMs
  • Offsite ATMs
  • Work Site ATMs
  • Mobile ATMs
• Managed Services

Screen Size Insights:

• 15" and Below
• Above 15"

Application Insights:

• Withdrawals
• Transfers
• Deposits

ATM Type Insights:

• Conventional/Bank ATMs
• Brown Label ATMs
• White Label ATMs
• Smart ATMs
• Cash Dispensers

Regional Insights:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Future Outlook

The Saudi Arabia ATM market is set to evolve, driven by technological advancements, financial inclusion initiatives, and shifting consumer behaviors. The integration of smart ATMs with features like biometric authentication and contactless payments will enhance security and user experience, attracting a broader customer base. Vision 2030’s focus on expanding banking access to rural areas will spur further ATM deployments, particularly in underserved regions. However, the rise of digital payment platforms may challenge traditional ATM usage, pushing banks to innovate with multifunctional machines. Partnerships between banks and fintech firms, like those seen with STC Pay, will likely drive hybrid solutions, ensuring ATMs remain a vital part of Saudi Arabia’s financial landscape.

Research Methodology:

The report employs a comprehensive research methodology, combining primary and secondary data sources to validate findings. It includes market assessments, surveys, expert opinions, and data triangulation techniques to ensure accuracy and reliability.

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