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. Many countries are focusing on new innovations and expansions are being carried out through the smart cities and digitization project, which would help to increase the demand for bank kiosk systems in the coming years.
The bank kiosk market, on the basis of offering, has been segmented into hardware, software, and services. The market for software component is expected to grow at the highest CAGR during the forecast period, owing to the rising need for independent software purchases to make the interactive kiosk market more technologically advanced. The increasing complexity of self-service banking channels has given rise to new opportunities for setting up separate sophisticated software in the kiosk. Thus, the market for the software component is expected to grow at a higher rate than that for hardware and service.
The bank kiosk market, on the basis of type, has been segmented into single-function, multi-function, and video teller machine (VTM). Combining different functionalities in one kiosk has helped various organizations to reduce their capital expenditure on purchasing separate machines. Less capital expenditure in application development, equipment purchases, installation, and maintenance largely drives banks to adopt multi-function kiosks over single-function kiosks. Hence the market for the multi-function is expected to grow at a higher rate, followed by VTM.
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On the basis of geography, the market has been segmented into Americas, Europe, APAC, and Rest of the World. The market in APAC is expected to grow at the highest CAGR during the forecast period. The market growth can be attributed to the several initiatives taken up by the governments in APAC region and many major players in the bank kiosk ecosystem, which help to increase the adoption of bank kiosk market
However, the Increasing use of mobile devices reduces the use of self service banking kiosk and high initial cost of installation are some of the major restraints for the players in the bank kiosk market.
Key players in this market focus on strategic partnerships, acquisitions, agreements, and new product launches to increase their revenue. In September 2016, NCR Corporation launched its cloud-based developer portal, enabling financial institutions to build their own innovative digital banking applications to help meet the unique financial management needs of their customers.
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