Bank Kiosk Market Expected to Reach $2.2 Billion by 2031

According to a new report published by Allied Market Research, titled, “Bank Kiosk Market," The bank kiosk market was valued at $756.96 million in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 11.5% from 2022 to 2031.

Bank Kiosk allows users to access traditional banking functions such as deposits and withdrawals, as well as transfer money between accounts and check their balances, all from the convenience of a kiosk. The primary purpose of bank kiosk industry is to provide easy access and accessibility to as many people as possible, regardless of the time of day. In addition to this, various other types of banking kiosk such as pgb kiosk banking, cheque deposit kiosk, union bank kiosk and others is also increasing the demand for the market.Furthermore, rising demand for self-service in banking and financial services and enhanced customer services offered by bank kiosks is driving the growth of the market. In addition, reduction in overall operational cost is fueling the growth of the bank kiosk industry. However, increasing use of mobile devices for banking services and high installation costs and need for regular maintenance limit the bank kiosk market growth. Conversely, increasing investments by companies in Asia Pacific are anticipated to provide numerous opportunities for the expansion of the bank kiosk market size during the forecast period.

Depending on the type, single-function Kiosk segment dominated the bank kiosk market forecast in 2021, and is expected to continue this trend during the forecast period, owing to the rising need for single function self-service kiosk create due to the pandemic situation. However, the multi-function kiosk segment is expected to witness the highest growth in the upcoming years, as it can be connected to the core banking system, owing to its user-friendly nature, the customers are more adopting this system for utilizing the core banking system of the bank which is expected to boost the market growth.

Region wise, the bank kiosk market trends was dominated by Asia Pacific in 2021 and is expected to retain its position during the forecast period, owing to rising adoption of self-service across their merchandising and service segments to enhance their customer engagement, and government initiatives promoting digitization and smart city development aiding the growth of the bank kiosk market. However, North America is expected to witness significant growth during the forecast period, owing to various government initiatives, strategic investments and digital transformation trends within the region, which is expected to fuel the market growth in this region.

The pandemic created lucrative business growth opportunities for interactive kiosk vendors to expand their offerings, mainly focusing on reducing the need to interact with customers and still cater to their needs and enhance serviceability. The self-service kiosks offer assistance to people without the need for interaction with coordinators or salespeople thereby minimizing the contact and ensuring the adherence to social distancing protocols. Self-service kiosks, in any environment, can help to limit person-to-person interaction, in turn, reducing the risk of transmission of disease or virus between staff and patients or guests. Because most person-to-person interactions occur within close proximity, and often entails talking, the passing back and forth of credit cards or some other form of payment, and a receipt, it escalates the chances of exposure. The preference is for customers to interact with a kiosk rather than with staff at the reception desk.

KEY FINDINGS OF THE STUDY

• By offering, the hardware segment accounted for the largest bank kiosk market share in 2021.
• Region wise, Asia Pacific generated highest revenue in 2021.
• On the basis of type, multi-function kiosk segment generated the highest revenue in 2021.

The global bank kiosk market analysis is dominated by key players such as Auriga Spa, Cisco Systems, Inc., Diebold Nixdorf, Incorporated, GLORY LTD., GRGBanking, Hitachi Channel Solutions, Corp., KAL ATM Software GmbH, NCR Corporation, Oki Electric Industry Co., Ltd., and STAR MICRONICS CO., LTD. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.