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Bank Kiosk Market by Type, Offering, Distribution | COVID-19 Impact Analysis | MarketsandMarkets

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The bank kiosk market was valued at USD 744 million in 2021 and is expected to reach USD 1,311 million by 2026; it is anticipated to grow at a CAGR of 12.0% during the forecast period. The factors such as rising demand for self-service in banking and financial services applications, enhanced customer services offered by banking kiosks, and reduction in overall operational costs—are the key factors driving the bank kiosk market.

COVID-19 Impact on the Global Bank Kiosk Market

The world is battling an economic crisis caused by the COVID-19 pandemic. The pandemic has affected various industries, such as automotive, semiconductor, and energy. The manufacturing units are highly affected due to the worldwide lockdowns and limited availability of labor and raw materials. The bank kiosk market witnessed a significant decline in its growth in 2020 owing to the spread of COVID-19. The outbreak has adversely impacted the supply chain of the bank kiosk market, as some of the prominent players are based in China, which is the epicenter of the pandemic. Currently, the key market players are focusing on maintaining and generating operating revenue, due to which there were limited developments in the market in 2020.

The enhancement in customer services offered by banking kiosks is driving their demand. Traditional automatic teller machines (ATMs) have basic features such as cash and check deposits and cash withdrawals. However, they cannot provide other banking services and experiences. Bank kiosks enable customers to perform all the banking operations, such as account opening and closure, bills and loans payment, financial statement inquiries, and cash deposits and withdrawals using a passbook, all in a user-friendly environment.

Multi-function kiosks to account for the largest share of bank kiosk market in 2020

Based on the type, the bank kiosk market has been divided into single-function kiosk, multi-function kiosk, and virtual/video teller machine. Multi-function Kiosk held the highest share in 2020. Factors such as less capital expenditure in application development, equipment purchases, installation, and maintenance are pushing the banks to adopt multi-function kiosks over single-function kiosks thereby, driving the growth of bank kiosk market.

Indoor segment to account for the largest share of bank kiosk market during the forecast period

On the basis of location, the bank kiosk market is categorized into indoor and outdoor. Indoor bank kiosks are used in places with limited space and can help attract customers if placed in a crowded place. The growing interest in automation and self-service technologies in the banking and financial service sector is contributing to the larger share of indoor kiosks.

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APAC is leading the market for bank kiosk in 2020

APAC held the largest share in the bank kiosk market in 2020. The key reason behind the growth of the bank kiosk market in APAC is the rapidly expanding banking and financial services sector in countries such as India and China. For instance, in India, various initiatives and schemes by the Reserve Bank of India (RBI) and the Government of India have been launched to expand the footprint of banking and financial services in areas with lesser or no penetration.

Key Market Players

Major players operating in the bank kiosk market are NCR Corporation (US), Diebold Nixdorf (US), GLORY LIMITED (Japan), GRGBanking (China), KAL ATM Software GmbH (Germany), Auriga SpA (Italy), Hitachi-Omron Terminal Solutions (Japan), and Cisco Systems, Inc. (US), and so on.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:               

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441



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