The global ATM market will reach $21.9 billion by 2020, according to a new study by Allied Market Research.

The study predicts annual growth of 7.6% from 2014 to 2020, aided by further integration and popularity of smartphone scan technology at ATMs.

Based on information from the U.S. Federal Reserve banking system and Reserve Bank of India, the report says that most ATM growth will come from developing countries, with the two largest countries in the world—China and India—fueling that growth. Both billion-plus population countries have seen rapid economic growth in the last two decades.

Allied's report also cites the rise in independent, third-party ATM developers as contributing to its predictions of expansion within the ATM market.

Allied Market Research is the market research and business-consulting wing of Portland, Ore.-based Allied Analytics LLP.  

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