Global Bank Kiosk Market

Global Bank Kiosk Market Overview:

Bank kiosks are small internet-enabled booths installed at various locations to offer banking services without visiting the bank. This equipment provides 24/7 self-service to customers, thus increasing customer satisfaction and a considerable reduction in operational costs and launching this banking feature to help and benefit the poor or unbanked section of society and individuals who cannot maintain the minimum balance in their bank accounts. Besides, people who do not have banking facilities in their villages and could not travel long distances to avail themselves of banking services. With the help of a Kiosk banking service, customers can undertake various banking activities, such as account opening, cash withdrawal, remittances, and cash deposit, apart from micro-lending and insurance.

Global Bank Kiosk Market Insights

The global bank kiosk market size was growing at a significant CAGR during the forecast period, 2020-2027. The essential factors are the growing demand for self-service in several security-related applications and minimizing overall operation cost. Additionally, the improvements in customer service and growing demand for digital banking services will spur the global bank kiosk industry in the future periods. Furthermore, the increasing government initiatives for the deployment of bank kiosks and rising demand for advanced bank kiosks in metropolitan areas are expected to witness remarkable growth. Besides, the growing trend of digitalization and the development of smart cities are expected to propel the demand for bank kiosks over the coming years. Moreover, the growing focus on innovations & expansions and the rapidly expanding banking and financial services sector positively impact the market for bank kiosks. Furthermore, the emergence of near-field communication technology and its integration with contactless payment options in the banking sector are fueling the demand for the bank kiosk market. In addition, the growing benefits of bank kiosks, including reducing time and effort on daily routine transactions and ease of complex tasks, propels the growth of the bank kiosk market across the globe.

Growth Driver

Rising demand for ATMs

With the increasing growth of contactless payment systems and the need to reduce processing times at various counters, Bank Kiosk demand is developing. It avoids long-standing queues while providing operating efficiency. With an increasing population and raising public awareness of banking services, demand for ATMs is overgrowing. Significant investments in this sector to provide secure ATM-based self-service kiosk systems contribute to the expansion of this market. As per the Retail Banking Research, 4 million ATMs will be deployed worldwide by 2021, and Asia-Pacific will expand by 46% and account for well over half of the global number. Hence, a growing number of ATMs across the globe is accelerating the demand for the market. According to RBI, India had 104,011 on-site ATMs in 2018, increasing population growth and post-recession digitization. Besides, the convenience of conducting all sorts of banking operations, such as money transfers, check deposits, balance-sheet surveys, money withdrawals, and much more, makes people focus on 24/7 service ATMs rather than going to banks within fixed hours. It also assisted the bank in easing the workload of catering to so many people and makes the process smooth. The growing trend towards the adoption of ATMs in banking and other industries is a critical factor driving this industry’s growth.

COVID-19 Impacts Insights

Recently, the outbreak of COVID-19 has vigorously affected the various industries, such as semiconductor, energy, and automotive sector of developed and developing countries globally. Due to the worldwide lockdowns and limited labor and raw materials availability. The bank kiosk market witnessed a notable decline in its growth in 2020 owing to the spread of COVID-19. The outbreak has unfavorably impacted the supply chain of the bank kiosk market, as some of the leading players are based in China, which is the epicenter of the pandemic. Presently, the key market players are concentrating on maintaining and generating operating revenue, due to which there were limited developments in the market.

Offering Segmental Analysis

The global bank kiosk market is segregated into hardware, software, and services based on the offering. The software segment is estimated to have the highest hike over the analysis timeframe due to the demand for independent & advanced software. In addition, the rising utilization of Kiosk software such as KioWare, to cope with the increasing complexities of self-service banking kiosks drives the market. The hardware will grow significantly due to the rising adoption for ease of management and connectivity.

Distribution Segmental Analysis

The global bank kiosk market is categorized into rural, semi-urban, urban, and metropolitan-based on the distribution. The metropolitan segment held a significant market share in 2019 and will gain maximum market revenue by 2027. The metro segment had a significant market share in 2019 and will earn maximum market revenue by 2027 due to the high technological advancements such as upgraded ATMs & proliferation of non-banks in metro cities, and increased consumer awareness regarding the automatic machines. The rural segment is poised to witness significant growth over the forecast period due to rising government initiatives to create a banking culture among the rural masses.

Type Segmental Analysis

Based on the type, the global bank kiosk market is classified into single-function kiosks, multi-function kiosks, and virtual/video teller machines (VTM). The multi-function kiosk segment is expected to be the highest revenue share for bank kiosks during the forecast period. It is due to the multi-function kiosk helps integrate different functionalities in a single platform, assisting various organizations to reduce their capital expenditure on investing in separate machines. Low capital expenditure in equipment purchase, application development, installation, and maintenance are significant factors driving banks to adopt multi-function kiosks over others. In addition, in banks, the multi-function kiosk offers services such as bill payment facility using a debit card, cheque deposit facility with CTS interface, browser-based internet banking, and noncash/inquiry services. The virtual/video teller machine segment will witness a lucrative growth rate in the estimated period. It is due to its ability to provide various services such as customer-on-boarding, cash withdrawal, remote video conference, bill processing, loan processing, and other banking operations. In addition, it is cost-efficient to provide customers with face-to-face support.

Region Segmental Analysis

By geography, the global bank kiosk market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is estimated to project considerable growth over 2020-2026. It is owing to the rapidly expanding banking & financial services sector and rising initiatives to promote self-banking services by the government of India and RBI. In addition, the governments in the Asia-Pacific region are making efforts to enhance the development of the Fintech industry and provide innovative banking solution drives the market. North America will capture a significant share of the bank kiosk market by 2027. It is due to the presence of leading industry players and the rapidly growing banking sector.

Competitor Analysis

Nautilus Hyosung Corporation, NCR Corporation, GLORY LIMITED, Diebold Nixdorf, GRGBanking, Hyosung TNS Inc., KAL ATM Software, Auriga SpA, Hitachi-Omron Terminal Solutions, Cisco Systems Inc, Aurionpro Solution Limited are the key players in the global bank kiosk market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global bank kiosk products manufacturing firm
• Research organizations and consulting companies
• Organizations, associations, and alliances related to bank kiosk
• Regulatory bodies
• Suppliers
• Retailers

The objective of the Research

• Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
• Product analysis involves examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
• Market Trend and Economic Factors Analysis helps assess potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can significantly affect the target market.
• Market Segmental Analysis defines an in-depth scenario of the target market by grouping consumers into naturally existing segments of consumers who share similar product preferences or characteristics.
• The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs, wants, and cultural characteristics that can be specifically targeted.

Market Modelling

By Offering

• Hardware
• Software
• Services

By Distribution

• Rural
• Semi-urban
• Urban
• Metropolitan 

By Type

• Single-function kiosk
• Multi-function kiosk
• Virtual/Video Teller Machine (VTM)

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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