According to this market research report “Bank Kiosk Market by Type (Single-Function, Multi-Function & Virtual/Video Teller Machine), Offering (Hardware, Software, & Services), Distribution (Rural, Semi-Urban, Urban, & Metropolitan), & Geographic Analysis – Forecast to 2022″, the bank kiosk market was valued at USD 170.2 Million in 2015 and is expected to reach USD 826.7 Million by 2022, at a CAGR of 24.58% between 2016 and 2022. It registered a shipment of 11,336 units in 2015 and is expected to reach 60,071 units by 2022, at a CAGR of 26.12% during the forecast period
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Factors such as enhanced customer services offered by interactive kiosks and reduction in the overall operational costs are driving the growth of the bank kiosk market.
Hardware component expected to hold the largest market share during the forecast period
The hardware component held the largest share of the bank kiosk market in 2015, followed by services. The hardware components attached with a banking kiosk enable customers to perform banking operations with ease. These components include card readers, card dispensing machines, printers, touchscreens, keyboards, barcode readers, and scanners.
Multi-function kiosk market in bank kiosk expected to grow at the highest CAGR between 2016 and 2022
Combining different functionalities in one kiosk has helped various organizations to reduce their capital expenditure on purchasing separate machines. The less capital expenditure for application development, equipment purchases, installation, and maintenance is the major factor driving banks to adopt multi-function kiosks over single-function kiosks.
Bank kiosk market in APAC likely to grow at a high CAGR during the forecast period
The bank kiosk market in APAC is driven by the rapidly expanding banking and financial sector in several countries such as India and China. Factors such as the banking laws issued by the Reserve Bank of India (RBI) for issuing new bank licenses to promote the rise in number of banks in the country, the incorporation of modern technology in the industry, and initiatives taken by the banks in China to combine technology and finance to cut down labor costs and bring about a more technical approach to banking drive the bank kiosk market in APAC.
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Major players operating in the bank kiosk market include Nautilus Hyosung (Japan), Hitachi-Omron Terminal Solutions (Japan), GRGBanking (China), NCR Corp. (U.S.), Diebold, Inc. (U.S.), Glory Global Solution (International) Limited (U.K.), Auriga SpA (Italy), Oki Electric Industry Co., Ltd. (Japan), Shenzhen Yihua Computer Co., Ltd. (China), Cisco Systems, Inc. (U.S.), Inspur Technologies Co., Ltd (China), and KAL ATM Software (U.K.).
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