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.
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