ICT-IOT

Bank Kiosk Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : October 2023

Format :Pdf Ppt Xls

Report ID:KR265

Author : Shreya S.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 692.8 Million

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Forecasted Value (2030)

USD 2428.2 Million

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CAGR (2023 – 2030)

17.20%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

North America

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By Type

Single-functional Kiosk, Multi-functional Kiosks, Video Teller Machine

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By Offering

Hardware, Software,, Services

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By Distribution Channel

Rural, Semi-Urban, Urban, Metropolitan


Market Perspective

The global Bank Kiosk Market was valued at USD 692.8 million in 2022 and is projected to reach USD 2428.2 million by 2030, growing at a CAGR of 17.20% from 2023 to 2030.

The bank kiosk market is expanding quickly as a result of the increased demand for self-service banking and financial services, which fosters market expansion by offering improved consumer services. As demand for rapid and simple financial services rises, bank kiosks will continue to play a key role in the banking industry. The demand for bank kiosks is rising as a result of the expanding use of contactless payment systems and the need to speed up processing times at various counters. Bank kiosks also offer operating efficiency by avoiding lengthy waiting times. The demand for ATMs is proliferating as a result of a growing population and greater public awareness of banking services. The rapid digitization of the banking sector also contributes to the expansion of the market. The expansion of the market is limited due to the rising adoption of mobile devices for banking services, as well as the requirement for substantial upfront expenses and ongoing expenditures. Bank kiosks have access to sensitive customer information, which makes them a target for hackers and other cybercriminals. This requires regular maintenance to ensure their proper functioning, which can be expensive and time-consuming, especially for banks with many kiosks.

Analyst’s Review on the Bank Kiosk Market

The financial sector continues to invest in state-of-the-art kiosk technology that offers customers value-added services, including mobile banking, contactless payments, and cash recycling. These advancements improve the effectiveness, safety, and usefulness of banking kiosks, making them an essential element of the banking system. Banks are increasingly utilizing self-service kiosks that allow customers to perform various transactions, such as deposits, withdrawals, and account inquiries. Customers can forge financial transactions from their cell phones owing to the several banks that now provide mobile banking apps. These apps can be used to transfer money, pay bills, and check account balances. In order to enable clients to use their mobile phones to make payments, some banks are experimenting with contactless payment kiosks that employ near-field communication (NFC) technology. To improve the security of their kiosks, banks are also focusing on using biometric authentication technology, including fingerprint scanning and facial recognition. Certain banks have adopted AI-powered virtual assistants to help customers at their self-service kiosks, with the objective of enhancing the overall customer experience and increasing the convenience and accessibility of banking services.

Market Definition

A bank kiosk is a self-service banking system that allows customers to perform various banking transactions, such as deposits, withdrawals, money transfers, and payments. These kiosks offer standard accounts, which are basic savings accounts without balance requirements and maintenance fees. They are designed to be accessible to all customers, including people with disabilities. They often include features such as large fonts, braille stickers, and audio instructions. It can be operational 24 hours a day, 7 days a week, which makes it easy for customers to access banking services outside of normal business hours. They offer customers a convenient and easily accessible option for banking transactions.

Market Dynamics

The market's growth is also impacted by a rise in the utilization of bank kiosks as a means of conducting remote banking transactions. These channels offer clients convenience at the expense of the bank, in order to ensure secure service. By utilizing these services, financial institutions are able to reduce the waiting time for clients when it comes to depositing checks and transferring money. Additionally, the market for bank kiosks is growing due to rapid urbanization, a shift in lifestyle, a rise in investments, and higher consumer spending. Several banks are automating the transaction process by introducing smart kiosks, which involve large sums of capital. As demand for rapid and simple financial services rises, bank kiosks will continue to play an essential part in the banking industry. The market for bank kiosks is expanding as a result of surging consumer demand for self-service banking, technological advancements, and a prevalent need for financial inclusion.

Implementing and maintaining banking kiosks involves various expenses, including expenses for kiosk software, touch screens, round-the-clock technical support, and software management and installation. The high construction costs of ATMs and kiosks threaten the development of entrepreneurship in developing economies. Several banks are automating the transaction process by introducing smart kiosks, which involve large sums of capital. This includes acquisition, process, and costs related to facility repairs. Companies are facing challenges in adapting to the evolving requirements of their employees while also dealing with the escalating impact of the recession, which hampers unprecedented economic expansion. The exorbitant expenses associated with the construction of ATMs and kiosks pose a significant obstacle to the growth of the market in developing economies. 

Segmentation Analysis

The global bank kiosk market is segmented based on type, offering, distribution channel, and geography.

Based on type, the market is segmented into single-functional kiosks, multi-functional kiosks, and video teller machines. The multi-functional kiosk segment is expected to grow rapidly over the forecast period as it improves the customer experience. These kiosks provide financial services and customized solutions to people and offer features such as check and cash acceptance, direct customer access, 24-hour duty cycles, and transaction processing of up to 30–40 seconds. They have the ability to be customized to integrate with the core banking systems of specific banks, thereby validating the account numbers entered by customers. Alternatively, they can be scanned by a card reader once a credit or debit card is inserted into the system. 

On the basis of offering, the market is divided into hardware, software, and services. The services segment is anticipated to grow at a significant CAGR over the forecast period due to the increasing demand for advanced software. The market share is growing rapidly due to technological advancements, including a rising number of non-banks and modernized ATMs in metro cities.

Based on distribution channel, the market is segmented into rural, semi-urban, urban, and metropolitan. By 2030, it is anticipated that the metropolitan segment will be the leading force in the market, propelled mainly by technological progressions such as the emergence of non-banking institutions and the upgrading of ATMs in city regions. Metropolitan banks make use of self-service booths, which offer customers an accessible and hassle-free way to avail themselves of banking services. These booths may incorporate functionalities like touch screens, card readers, cameras, fingerprint scanners, and contactless smart card capabilities.

Geographical Analysis

Based on regional analysis, the global bank kiosk market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America dominated the global market landscape in 2022 as the region is equipped with a well-developed infrastructure and spends a large amount on an extensive research and development base, making the region the largest revenue generator during the forecast period. The continued growth of ATMs and self-service kiosks, along with technological advancements in the US and Canada, is expected to fuel the growth of the ATM industry across North America as industry players place strong emphasis on automating various functions and improving operational efficiency. The number of free payment transactions in North America is remarkably high, and the proliferation of digital banking services offers consumers and banks new tools to manage money and transform the customer-banking relationship. Furthermore, the advancement of the domestic fintech sector and the increased accessibility of innovative solutions play a significant role in driving regional business expansion. Consequently, North America holds a crucial position in the global banking kiosk market due to its proactive adoption of emerging solutions.

The Asia Pacific market is expected to exhibit the highest CAGR through the forecast years owing to rapid digitization and increasing public and private sector investments. Furthermore, the efforts made by local governments to promote self-banking and facilitate market entry for major industry players are contributing to the potential growth of the regional market. As a result, the rising number of initiatives aimed at fostering the expansion of digital payments is expected to drive market demand in the foreseeable future.

Competitive Landscape

The global bank kiosk market study will provide valuable insights, with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies, such as partnerships, mergers & acquisitions, product innovations, and joint ventures, to expand their product portfolio and increase their market shares across different regions. The major players in the bank kiosk market are:

  • Bank Muscat
  • Diebold Nixdorf, Incorporated
  • Fiserv, Inc.
  • Glory Global Solutions (International) Limited
  • Moneyhub Financial Technology Limited
  • Star Micronics
  • VeriFone, Inc.
  • Azkoyen, S.A.
  • C-Edge Technologies
  • NCR Corporation

Key Developments

  • March 2023 (Launch): Bank Muscat launched its self-service kiosks in prominent shopping centers in the Sultanate. The installation of new kiosks was intended to significantly increase customer self-service in several services in the future.
  • March 2022 (Partnership): Samsung partnered with Moneyhub to bring open banking to its self-service points. The partnership aimed to provide new payment options for merchants, such as quick-service restaurants, retail stores, stadium events, and other hospitality venues.

The global Bank Kiosk Market is segmented as:

By Type

  • Single-functional Kiosk
  • Multi-functional Kiosks
  • Video Teller Machine

By Offering

  • Hardware
  • Software
  • Services

By Distribution Channel

  • Rural
  • Semi-Urban
  • Urban
  • Metropolitan

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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CUSTOMIZATION OFFERED
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global bank kiosk market is projected to reach USD 2428.2 million by 2030, growing at a CAGR of 17.20% from 2023 to 2030.
The global bank kiosk market was valued at USD 692.8 million in 2022.
The bank kiosk market is growing rapidly owing to the rise in demand for self-service in banking and financial services which provide enhanced customer services offered by bank kiosks.
Top manufacturers of bank kiosk market are Bank Muscat, Diebold Nixdorf, Incorporated, Fiserv, Inc., Glory Global Solutions (International) Limited, Moneyhub Financial Technology Limited, Star Micronics, VeriFone, Inc., Azkoyen, S.A., C-Edge Technologies, NCR Corporation, and others.
Asia Pacific is expected to be the fastest growing region over the forecast period (2023-2030).
By type, multi-functional kiosks will hold the maximum share in bank kiosk market with the revenue value by 2030.
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