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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