The bank kiosk market size is expected to reach USD 1,311 million by 2026; it is anticipated to grow at a compound annual growth rate (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 industry.
Multi-function kiosks to
account for the largest share of bank kiosk market.
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.
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 bank kiosk market share 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.
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.
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