North America Bank Kiosk Market, By Type (Single Function Kiosk, Multi-Function Kiosk and Virtual/Video Teller Machine), Component (Software, Hardware and Services), Application (Self-Service Kiosk, Information Kiosk, Internet Kiosk, Wayfinding Kiosk, Advertisement Standing Display, Totems and Digital Mupis and Others), Distribution (Rural, Semi-Urban, Urban and Metropolitan), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2027
Market Analysis and Insights: North America Bank Kiosk Market
The bank kiosk market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 25.41% in the forecast period of 2020 to 2027 and is expected to reach USD 1,432.87 million by 2027. Majority of banks in North America are adopting digitization services which is acting as major factor for the growth of the bank kiosk market.
Kiosk is abbreviated as Kommunikasjon Integrert Offentlig Service Kontor. A kiosk machine is a self-operated computer display banking system which facilitates automatic usage for performing various cash as well as non-cash banking transactions such as printing account statements as money transfer, cheque book request, resolving queries, bill payments and others.
The rising adoption of digital banking services enhances the adoption of kiosks systems for customer’s convenience which saves time and is easier to use. This factor acts as a driving factor for the growth of the bank kiosk market. Bank kiosks systems involve various additional costs and even require maintenance cost throughout the whole lifecycle of kiosk system. This majorly impacts the small and medium banks to afford updated kiosk systems for their business lines. This in result hinders or restricts the overall market as less adoption of bank kiosk in some areas acts as a major restraint for the growth of the bank kiosk market.
The market players are paying more attention towards offering better customer experience amongst which one is making huge investments to promote digitization. This later opens a window of opportunity for different market players to attract its customers which eventually results with a rise in the North America bank kiosk market in the forecast period. New features and new services increase the demand for improved technology. So managing with continuous change in technology with kiosk system acts as a major challenge as kiosk system hardware and software involves huge capital investment due to which simultaneous changes are not possible to perform.
This bank kiosk market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the bank kiosk market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Bank Kiosk Market Scope and Market Size
The bank kiosk market is segmented on the basis of type, component, application and distribution. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the North America bank kiosk market is segmented into single function kiosk, multi-function kiosk and virtual/video teller machine. In 2020, multi-function kiosk segment holds the largest share due to the ease or convenience being provided to the customers as it is comprised of several functionality including deposit, fund transfer, cheque book request among others.
- On the basis of component, the North America bank kiosk market is segmented into software, hardware and services. In 2020, hardware segment dominates the market with maximum share owing to the surge in the installation of each hardware component for smooth mechanism of the overall machine.
- On the basis of application, the North America bank kiosk market is segmented into self-service kiosk, information kiosk, internet kiosk, wayfinding kiosk, advertisement standing display, totems and digital mupis and others. In 2020, self-service kiosk segment dominates the North America bank kiosks market with maximum share owing to the increase in the momentum of bank kiosks by varied customers due to its ease and efficiency.
- On the basis of distribution, the North America bank kiosk market is segmented into rural, semi-urban, urban and metropolitan. In 2020, metropolitan segment holds the largest market share in the North America bank kiosk market due to the rising awareness regarding the multiple functionality and benefits of bank kiosk amongst customers.
North America Bank Kiosk Market Country Level Analysis
North America bank kiosk market is analysed and market size information is provided by country, type, component, application and distribution as referenced above.
The countries covered in North America bank kiosk market report are the U.S., Canada and Mexico.
The U.S. is dominating in the North America bank kiosk market due to the rising adoption of digital and automated banking services along with hardware services amongst the users in the region. North America has witnessed high growth in bank kiosk market as countries such as U.S. and Canada are witnessing high adoption of hardware centralization and digitization of business processes which is increasing the demand for bank kiosk systems.
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 such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Bank Kiosk
The bank kiosk market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in bank kiosk and changes in regulatory scenarios with their support for the bank kiosk market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Bank Kiosk Market Share Analysis
The bank kiosk 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, North America presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to North America bank kiosk market.
Some of the major players operating in North America bank kiosk market report are NCR Corporation, Cisco, KAL ATM Software GmbH, Auriga SpA, Hyosung America, Glory Global Solutions (International) Limited (a subsidiary of GLORY LTD.), Inspur, Diebold Nixdorf, Incorporated, Embross, KIOSK Information Systems, VeriPark, Source Technologies, IBM Corporation and Emerico among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of bank kiosk market.
- In October 2020, NCR Corporation introduced next-generation ATM software platform and NCR Activate Enterprise NextGen to make transactions easier and faster to offer digital services through ATM. This software platform enables banks to offer services such as video teller collaboration and contactless technology. This has helped the company to enhance their product portfolio in the market.
- In December 2019, Hyosung America announced launch of the next generation of ATM cash recyclers which supports self-service branch banking solutions industry. This has allowed financial institutions to do more transactions and facilitate cash-handling savings, offer better efficiency at the branch. This has helped the company to enhance their product offerings in the market.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for bank kiosk through expanded range of size.
Customization Available: North America Bank Kiosk Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customised to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analysed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.