Global Bank Kiosks Market – Industry Trends and Forecast to 2029

Global Bank Kiosks Market, By Type (Single-Function Kiosk, Multi-Function Kiosk, Virtual/Video Teller Machine), Offering (Hardware, Software, Service), Distribution Channel (Rural, Semi Urban, Urban, Metropolitan) - Industry Trends and Forecast to 2029

Market Analysis and Size

Bank kiosks have gained great prominence as these are specifically developed for rural areas of country where the number of banks is limited, and people can't reach to the bank for utilizing their services. These banks function with the help from leading banks in the private, public and cooperative sectors.

Global Bank Kiosks Market was valued at USD 745.00 million in 2021 and is expected to reach USD 4643.43 million by 2029, registering a CAGR of 25.70% during the forecast period of 2022-2029. Multi-Function Kiosk account for the largest type segment in the respective market owing to the less capital expenditure in application development, equipment purchases, and installation, among others. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Kiosk banking refers to an initiative by the Reserve Bank of India (RBI) for fostering financial inclusion, along with security in rural and remote areas of the country. These are highly being deployed in remote regions owing to the lack of a bank branch in the area.

Report Scope and Market Segmentation

Bank Kiosks Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Increase in Demand for Bank Kiosk

The increase in demand for self-service security applications across the globe acts as one of the major factors driving the bank kiosks market. Various advantages offered by the services such as enhancements in customer service with decline in operational costs have positive impact on the market.

• Technological Advancements

The rise in the focus on new innovations and expansions along with increasing emergence of smart cities accelerate the market growth. Also, rapid digitization in the banking sector assists in the expansion of the market.

• Increase in Popularity of Bank Kiosks

The rise in the usage of bank kiosk as one of the remote banking channels further influence the market. These channels offer additional convenience to customers and secure service costs to the bank. These banks save time spent by customers in the queues during transferring cash and depositing funds.

Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the bank kiosks market.

Opportunities

Furthermore, introduction of NFC-based contactless payments in banking sector in Asia-Pacific region extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, surge in investments by companies in developing regions will further expand the market.

Restraints/Challenges

On the other hand, high installation costs and need for regular maintenance, and use of mobile devices for banking services are expected to obstruct market growth. Also, increase in incidents of cybercrimes, and high demand for improved technology are projected to challenge the bank kiosks market in the forecast period of 2022-2029.

This bank kiosks market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on bank kiosks market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Bank Kiosks Market

COVID-19 had both positive and negative impact on the bank kiosks market due to the rise in number of end users adopting bank kiosks tools during the outbreak of COVID-19. An increase in the adoption of these services, including fostering financial inclusion, development of standard protocols, transferring cash and depositing funds, among others. The bank kiosks market is expected to witness high growth in the post-pandemic scenario owing to the rise in awareness regarding the potential benefits of bank kiosks especially in remote regions.

Recent Developments

• Diebold Nixdorf announced partnership with America First Credit Union (US) in February’2021 for implementing its Vynamic Payments software. This transforms its terminal driving and transaction switching capabilities.
• GLORY LIMITED acquired 53% of shares in Cash Payment Solutions GmbH (CPS) in February’2020. These solutions develops and offers online cash settlement platforms under the brands Barzahlen and via cash.

Global Bank Kiosks Market Scope and Market Size

The bank kiosks market is segmented on the basis of type, offering and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Single-Function Kiosk
• Multi-Function Kiosk
• Virtual/Video Teller Machine

Offering

• Hardware
• Software
• Service

Distribution Channel

• Rural
• Semi Urban
• Urban
• Metropolitan

Bank Kiosks Market Regional Analysis/Insights

The bank kiosks market is analysed and market size insights and trends are provided by country, type, offering and distribution channel as referred above.

The countries covered in the bank kiosks market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific (APAC) dominates the bank kiosks market due to the expansion of the banking and financial services sector within the region.

North America is expected to witness significant growth during the forecast period of 2022 to 2029 because of the presence of key players in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Bank Kiosks Market

The bank kiosks market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to bank kiosks market.

Some of the major players operating in bank kiosks market are

• NCR Corporation (US)
• Diebold Nixdorf
• Incorporated (US)
• Cisco Systems (US)
• Inspur (China)
• GLORY LTD. (Japan)
• Hyosung America (US)
• GRG Banking (China)
• Korala Associates Ltd (UK)
• Auriga Spa (Italy)
• Hitachi-Omron Terminal Solutions, Corp (Japan)
• Shenzhen Yihua Computer Co., Ltd. (China)
• Slabb, Inc. (US)
• Elite Microsystems Pvt. Ltd. (India)
• Explora Infotech Limited (India)
• KIOSK Information Systems (US)
• Phoenix Kiosk Inc. (India)
• Aldan Technology Sdn Bhd (Malaysia)