Market Research Report
Bank Kiosk Market with COVID-19 Impact Analysis, by Type (Single-function Kiosk, Multi-function Kiosk, Virtual/Video Teller Machine), Location (Indoor, Outdoor), Offering, Distribution, and Geography - Global Forecast to 2026
|Bank Kiosk Market with COVID-19 Impact Analysis, by Type (Single-function Kiosk, Multi-function Kiosk, Virtual/Video Teller Machine), Location (Indoor, Outdoor), Offering, Distribution, and Geography - Global Forecast to 2026|
Published: June 28, 2021
Content info: 198 Pages
Delivery time: 1-2 business days
The bank kiosk market was valued at USD 744 million in 2021 and is expected to reach USD 1,311 million by 2026; it is anticipated to grow at a 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 market.
However, increasing incidents of cybercrime and high initial cost of installation and need for regular maintenance may create hurdles for the market.
The COVID-19 outbreak has adversely impacted the supply chain of the bank kiosk market, as some of the prominent players are based in China, which is the epicenter of the pandemic. Currently, the key market players are focusing on maintaining and generating operating revenue, due to which there were limited developments in the market in 2020. However, the impact of COVID-19 is expected to reduce during the forecast period.
Multi-function kiosks to account for the largest share of bank kiosk market in 2020
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 in 2020. 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 share of bank kiosk market 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.
APAC is expected to register the highest CAGR in the market during the forecast period
Among all regions, APAC is expected to register the highest growth in the bank kiosk market during the forecast period. The market for bank kiosks in APAC mainly consists of India, China, Japan, South Korea, and Australia. Governments in APAC countries are making efforts to enhance the development of the fintech industry and provide new, innovative banking solutions. The main aim behind the increased adoption of fintech is to attract international innovators in the market and take banking to the next stage. The deployment of self-service kiosks is also increasing, especially for the population that prefers banking through interactive kiosks than traditional banking. The market for self-service kiosks in APAC is at the growth stage. Increasing awareness among customers about the security and reliability of banking kiosk is going to boost the growth of bank kiosk market.
Some of the major players in the bank kiosk market include NCR Corporation (US), Diebold Nixdorf (US), GLORY LIMITED (Japan), GRGBanking (China), Hyosung TNS Inc. (Japan), KAL ATM Software (Germany), Auriga SpA (Italy), Hitachi-Omron Terminal Solutions (Japan), Cisco Systems, Inc. (US), and so on.
In this report, the bank kiosk market has been segmented on the basis of offering, distribution, type, region, and location. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions-Americas, Europe, APAC, and RoW. Value chain analysis has been included in the report, along with the key players and their competitive analysis in the bank kiosk ecosystem.