The global ATM market is expected to be valued at $24.92 billion by 2022—a growth driven by demand for automated wireless communication devices and rising security standards, according to a new study by Grand View Research Inc.

The study, “ATM Market Analysis by Solution (Managed Services, Deployment) and Segment Forecasts to 2022,” found that mobile transactions such as ATM transaction prestaging will likely grow thanks to automation of basic financial transactions and fast-paced technological advancements.

Manufacturers and financial institutions will resort to anti-skimming, biometric and voice recognition solutions in order to reduce fraud, it added.

The study, which divides the ATM market into deployment solutions and managed services, found that deployment solutions comprised over 70 percent of industry revenue last year. Grand View also expects that this segment will further grow owing to expansion of the installation base and rising maintenance activities.

The ATM managed services market will also see growth at a compound annual rate of over 11 percent from 2015 to 2022. The growth in this segment will further boost infrastructure for multichannel delivery.

Geographically, North America had the highest revenue last year, but the region will likely lose share by 2022.

The Asia-Pacific ATM market, meanwhile, will likely see a substantial growth of over 12 percent from 2015 to 2022. Demand in the region will likely increase due to growing demand for self-service machines and a growing customer base in China and India.