The bank kiosk market 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. The base year considered for the study is
2015 and the forecast for the market size is provided for the period between
2016 and 2022. The market for hardware is expected to hold the largest share of
the market during the forecast period. Among all regions, the APAC market is
expected to grow at the highest rate during the forecast period.
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.
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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