PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1383440
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1383440
Financial Service Kiosk Market Forecasts to 2030 - Global Analysis By Type, By Application and By Geography
According to Stratistics MRC, the Global Financial Service Kiosk Market is accounted growing at a CAGR of 7.8% during the forecast period. A financial service kiosk is a self-service terminal or machine designed to provide a range of financial transactions and services to customers. These kiosks enable users to perform tasks like withdrawing cash, depositing money, checking account balances, transferring funds, and even applying for loans or credit cards. They offer convenience by extending banking services beyond traditional branch hours and locations.
According to RBI, India on-site ATMs increased to 112,458 in 2019 from 104,011 ATMs in 2018.
Market Dynamics:
Driver:
Reducing customer wait times
Kiosks provide rapid, efficient, and self-directed access to banking and financial services, alleviating the need for customers to wait in long lines at traditional bank branches. This enhanced speed and convenience not only lead to higher customer satisfaction but also translate into increased footfall and transactions, improving the overall efficiency of financial institutions. As a result, institutions are increasingly adopting financial service kiosks to streamline operations and enhance the customer experience, thus driving the growth of the market.
Restraint:
Maintenance and upkeep
While these kiosks offer convenience and efficiency, they also require regular maintenance, software updates, and technical support to ensure they operate reliably. The costs associated with servicing and monitoring a network of kiosks can be substantial over time, impacting the total cost of ownership. Additionally, any downtime or technical issues can result in customer dissatisfaction and interrupted service, making effective maintenance and quick issue resolution crucial. Financial institutions must invest in ongoing upkeep and support to maintain the reliability and security of kiosks, which can be a financial challenge in the long run.
Opportunity:
Expansion of banking services
As financial institutions seek to broaden their reach and offer convenient access to banking services, kiosks play a pivotal role in reaching underserved or remote areas where traditional bank branches are not feasible. Kiosks provide an efficient and cost-effective means to deliver an array of services, including account opening, loan applications, bill payments, and more. This not only enhances financial inclusion but also drives customer engagement and loyalty. The opportunity lies in extending the scope of services through kiosks, meeting diverse customer needs, and increasing the footprint of banking services, ultimately contributing to market growth.
Threat:
Competition from digital banking
The rapid growth of digital banking platforms, including mobile apps and online banking, has transformed the way customer's access and manage their finances. These digital solutions offer a seamless and highly convenient banking experience, with a wide range of services accessible from the comfort of one's device. This has led to shifting customer preferences toward self-service digital channels, potentially reducing the demand for physical financial service kiosks. Financial institutions are now challenged to strike a balance between digital and physical services, while ensuring the relevance and value proposition of kiosks in an increasingly tech-savvy and connected banking landscape.
COVID-19 Impact:
The COVID-19 pandemic had a mixed impact on the financial service kiosk market. On one hand, the crisis underscored the importance of self-service kiosks as they offered a safer and more hygienic means for customers to access banking services, reducing physical contact. This resulted in increased usage of kiosks for routine transactions. On the other hand, the pandemic accelerated the shift toward digital banking and mobile apps, as consumers sought contactless alternatives. Financial institutions had to adapt to the evolving preferences, which affected the deployment and usage patterns of financial service kiosks. Overall, the pandemic highlighted the need for flexibility in service delivery and an omnichannel approach in the financial services industry.
The bill payment kiosks segment is expected to be the largest during the forecast period
The bill payment kiosks segment is expected to have a lucrative growth. These kiosks enable users to make payments for various bills, such as utilities, credit cards, loans, insurance premiums, and more, often providing multiple payment options. They reduce the need for customers to visit individual service providers or wait in long lines at physical payment centers. Bill payment kiosks improve the overall customer experience, offer extended hours of service, and contribute to timely bill settlements, making them essential in the modern financial service kiosk landscape, and benefiting both customers and billers.
The banking segment is expected to have the highest CAGR during the forecast period
The banking segment is anticipated to witness the fastest CAGR growth during the forecast period. These kiosks enable customers to perform tasks such as cash withdrawals, deposits, fund transfers, check printing, account inquiries, and even account opening, often extending beyond traditional banking hours. Banking kiosks enhance customer convenience, reduce waiting times, and promote financial inclusion by reaching underserved areas. They allow financial institutions to optimize their operations, reduce operational costs, and improve customer service. The flexibility and efficiency of banking kiosks make them an integral part of modern banking services, benefiting customers and banks alike.
Region with largest share:
During the forecast period, it is expected that the North American region market will continue to hold a majority of the market share driven by the region's advanced banking infrastructure and customer demand for convenient and self-service banking solutions. The well-established financial sector and technological adoption make North America a fertile ground for financial service kiosks, which offer customers 24/7 access to banking services and reduce wait times at branches. Regulatory compliance and security concerns also drive the adoption of kiosks. Financial institutions across the United States and Canada increasingly invest in these self-service terminals to provide a seamless banking experience.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period driven by the region's expanding population, economic growth, and the increasing demand for convenient and accessible banking services. With a diverse landscape of developed and emerging economies, financial service kiosks cater to various customer segments, offering services such as bill payments, fund transfers, and account management. The region's financial institutions are investing in self-service kiosks to extend their reach and enhance customer experience. Additionally, efforts to promote financial inclusion and the digitization of financial services are propelling the adoption of kiosks, making Asia Pacific a dynamic and growing market for financial service kiosks.
Key players in the market
Some of the key players in Financial Service Kiosk market include: Burroughs, Inc., Crane Payment Innovations, Diebold Nixdorf, Euronet Worldwide, Fujitsu Frontech, Glory Global Solutions, GRG Banking Equipment Co., Ltd., Hitachi-Omron Terminal Solutions, Corp., KAL ATM Software, Nautilus Hyosung America, NCR Corporation and Triton Systems of Delaware.
Key Developments:
In October 2023, NCR Voyix Corporation (previously known as NCR Corporation) (NYSE: VYX) ("Voyix") announced that it has completed the separation of its ATM-focused business, including its self-service banking, payments & network, and telecommunications and technology businesses. The spin-off was effected through a pro rata distribution of all outstanding shares of NCR Atleos Corporation ("Atleos") common stock to holders of Voyix's common stock and is intended to qualify as a tax-free distribution (except with respect to any cash received in lieu of fractional shares) for federal income tax purposes.
In July 2023, Diebold Nixdorf, a world leader in automating, digitizing and transforming the way people bank and shop, announced that Red Link, the operator of the largest ATM network in Argentina, has migrated 90% of its network to DN Series®. The remaining 10% are planned to be replaced with DN Series later this year.
Types Covered:
- Automated Teller Machine (ATM) Kiosks
- Self-Service Banking Kiosks
- Bill Payment Kiosks
- Loan Application Kiosks
- Account Opening Kiosks
- Currency Exchange Kiosks
- Other Types
Applications Covered:
- Banking
- Bill Payment
- Investment and Trading
- Remittances
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Financial Service Kiosk Market, By Type
- 5.1 Introduction
- 5.2 Automated Teller Machine (ATM) Kiosks
- 5.3 Self-Service Banking Kiosks
- 5.4 Bill Payment Kiosks
- 5.5 Loan Application Kiosks
- 5.6 Account Opening Kiosks
- 5.7 Currency Exchange Kiosks
- 5.8 Other Types
6 Global Financial Service Kiosk Market, By Application
- 6.1 Introduction
- 6.2 Banking
- 6.3 Bill Payment
- 6.4 Investment and Trading
- 6.5 Remittances
- 6.6 Other Applications
7 Global Financial Service Kiosk Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Burroughs, Inc.
- 9.2 Crane Payment Innovations
- 9.3 Diebold Nixdorf
- 9.4 Euronet Worldwide
- 9.5 Fujitsu Frontech
- 9.6 Glory Global Solutions
- 9.7 GRG Banking Equipment Co., Ltd.
- 9.8 Hitachi-Omron Terminal Solutions, Corp.
- 9.9 KAL ATM Software
- 9.10 Nautilus Hyosung America
- 9.11 NCR Corporation
- 9.12 Triton Systems of Delaware
List of Tables
- Table 1 Global Financial Service Kiosk Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Financial Service Kiosk Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Financial Service Kiosk Market Outlook, By Automated Teller Machine (ATM) Kiosks (2021-2030) ($MN)
- Table 4 Global Financial Service Kiosk Market Outlook, By Self-Service Banking Kiosks (2021-2030) ($MN)
- Table 5 Global Financial Service Kiosk Market Outlook, By Bill Payment Kiosks (2021-2030) ($MN)
- Table 6 Global Financial Service Kiosk Market Outlook, By Loan Application Kiosks (2021-2030) ($MN)
- Table 7 Global Financial Service Kiosk Market Outlook, By Account Opening Kiosks (2021-2030) ($MN)
- Table 8 Global Financial Service Kiosk Market Outlook, By Currency Exchange Kiosks (2021-2030) ($MN)
- Table 9 Global Financial Service Kiosk Market Outlook, By Other Types (2021-2030) ($MN)
- Table 10 Global Financial Service Kiosk Market Outlook, By Application (2021-2030) ($MN)
- Table 11 Global Financial Service Kiosk Market Outlook, By Banking (2021-2030) ($MN)
- Table 12 Global Financial Service Kiosk Market Outlook, By Bill Payment (2021-2030) ($MN)
- Table 13 Global Financial Service Kiosk Market Outlook, By Investment and Trading (2021-2030) ($MN)
- Table 14 Global Financial Service Kiosk Market Outlook, By Remittances (2021-2030) ($MN)
- Table 15 Global Financial Service Kiosk Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 16 North America Financial Service Kiosk Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Financial Service Kiosk Market Outlook, By Type (2021-2030) ($MN)
- Table 18 North America Financial Service Kiosk Market Outlook, By Automated Teller Machine (ATM) Kiosks (2021-2030) ($MN)
- Table 19 North America Financial Service Kiosk Market Outlook, By Self-Service Banking Kiosks (2021-2030) ($MN)
- Table 20 North America Financial Service Kiosk Market Outlook, By Bill Payment Kiosks (2021-2030) ($MN)
- Table 21 North America Financial Service Kiosk Market Outlook, By Loan Application Kiosks (2021-2030) ($MN)
- Table 22 North America Financial Service Kiosk Market Outlook, By Account Opening Kiosks (2021-2030) ($MN)
- Table 23 North America Financial Service Kiosk Market Outlook, By Currency Exchange Kiosks (2021-2030) ($MN)
- Table 24 North America Financial Service Kiosk Market Outlook, By Other Types (2021-2030) ($MN)
- Table 25 North America Financial Service Kiosk Market Outlook, By Application (2021-2030) ($MN)
- Table 26 North America Financial Service Kiosk Market Outlook, By Banking (2021-2030) ($MN)
- Table 27 North America Financial Service Kiosk Market Outlook, By Bill Payment (2021-2030) ($MN)
- Table 28 North America Financial Service Kiosk Market Outlook, By Investment and Trading (2021-2030) ($MN)
- Table 29 North America Financial Service Kiosk Market Outlook, By Remittances (2021-2030) ($MN)
- Table 30 North America Financial Service Kiosk Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 31 Europe Financial Service Kiosk Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Financial Service Kiosk Market Outlook, By Type (2021-2030) ($MN)
- Table 33 Europe Financial Service Kiosk Market Outlook, By Automated Teller Machine (ATM) Kiosks (2021-2030) ($MN)
- Table 34 Europe Financial Service Kiosk Market Outlook, By Self-Service Banking Kiosks (2021-2030) ($MN)
- Table 35 Europe Financial Service Kiosk Market Outlook, By Bill Payment Kiosks (2021-2030) ($MN)
- Table 36 Europe Financial Service Kiosk Market Outlook, By Loan Application Kiosks (2021-2030) ($MN)
- Table 37 Europe Financial Service Kiosk Market Outlook, By Account Opening Kiosks (2021-2030) ($MN)
- Table 38 Europe Financial Service Kiosk Market Outlook, By Currency Exchange Kiosks (2021-2030) ($MN)
- Table 39 Europe Financial Service Kiosk Market Outlook, By Other Types (2021-2030) ($MN)
- Table 40 Europe Financial Service Kiosk Market Outlook, By Application (2021-2030) ($MN)
- Table 41 Europe Financial Service Kiosk Market Outlook, By Banking (2021-2030) ($MN)
- Table 42 Europe Financial Service Kiosk Market Outlook, By Bill Payment (2021-2030) ($MN)
- Table 43 Europe Financial Service Kiosk Market Outlook, By Investment and Trading (2021-2030) ($MN)
- Table 44 Europe Financial Service Kiosk Market Outlook, By Remittances (2021-2030) ($MN)
- Table 45 Europe Financial Service Kiosk Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 46 Asia Pacific Financial Service Kiosk Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Financial Service Kiosk Market Outlook, By Type (2021-2030) ($MN)
- Table 48 Asia Pacific Financial Service Kiosk Market Outlook, By Automated Teller Machine (ATM) Kiosks (2021-2030) ($MN)
- Table 49 Asia Pacific Financial Service Kiosk Market Outlook, By Self-Service Banking Kiosks (2021-2030) ($MN)
- Table 50 Asia Pacific Financial Service Kiosk Market Outlook, By Bill Payment Kiosks (2021-2030) ($MN)
- Table 51 Asia Pacific Financial Service Kiosk Market Outlook, By Loan Application Kiosks (2021-2030) ($MN)
- Table 52 Asia Pacific Financial Service Kiosk Market Outlook, By Account Opening Kiosks (2021-2030) ($MN)
- Table 53 Asia Pacific Financial Service Kiosk Market Outlook, By Currency Exchange Kiosks (2021-2030) ($MN)
- Table 54 Asia Pacific Financial Service Kiosk Market Outlook, By Other Types (2021-2030) ($MN)
- Table 55 Asia Pacific Financial Service Kiosk Market Outlook, By Application (2021-2030) ($MN)
- Table 56 Asia Pacific Financial Service Kiosk Market Outlook, By Banking (2021-2030) ($MN)
- Table 57 Asia Pacific Financial Service Kiosk Market Outlook, By Bill Payment (2021-2030) ($MN)
- Table 58 Asia Pacific Financial Service Kiosk Market Outlook, By Investment and Trading (2021-2030) ($MN)
- Table 59 Asia Pacific Financial Service Kiosk Market Outlook, By Remittances (2021-2030) ($MN)
- Table 60 Asia Pacific Financial Service Kiosk Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 61 South America Financial Service Kiosk Market Outlook, By Country (2021-2030) ($MN)
- Table 62 South America Financial Service Kiosk Market Outlook, By Type (2021-2030) ($MN)
- Table 63 South America Financial Service Kiosk Market Outlook, By Automated Teller Machine (ATM) Kiosks (2021-2030) ($MN)
- Table 64 South America Financial Service Kiosk Market Outlook, By Self-Service Banking Kiosks (2021-2030) ($MN)
- Table 65 South America Financial Service Kiosk Market Outlook, By Bill Payment Kiosks (2021-2030) ($MN)
- Table 66 South America Financial Service Kiosk Market Outlook, By Loan Application Kiosks (2021-2030) ($MN)
- Table 67 South America Financial Service Kiosk Market Outlook, By Account Opening Kiosks (2021-2030) ($MN)
- Table 68 South America Financial Service Kiosk Market Outlook, By Currency Exchange Kiosks (2021-2030) ($MN)
- Table 69 South America Financial Service Kiosk Market Outlook, By Other Types (2021-2030) ($MN)
- Table 70 South America Financial Service Kiosk Market Outlook, By Application (2021-2030) ($MN)
- Table 71 South America Financial Service Kiosk Market Outlook, By Banking (2021-2030) ($MN)
- Table 72 South America Financial Service Kiosk Market Outlook, By Bill Payment (2021-2030) ($MN)
- Table 73 South America Financial Service Kiosk Market Outlook, By Investment and Trading (2021-2030) ($MN)
- Table 74 South America Financial Service Kiosk Market Outlook, By Remittances (2021-2030) ($MN)
- Table 75 South America Financial Service Kiosk Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 76 Middle East & Africa Financial Service Kiosk Market Outlook, By Country (2021-2030) ($MN)
- Table 77 Middle East & Africa Financial Service Kiosk Market Outlook, By Type (2021-2030) ($MN)
- Table 78 Middle East & Africa Financial Service Kiosk Market Outlook, By Automated Teller Machine (ATM) Kiosks (2021-2030) ($MN)
- Table 79 Middle East & Africa Financial Service Kiosk Market Outlook, By Self-Service Banking Kiosks (2021-2030) ($MN)
- Table 80 Middle East & Africa Financial Service Kiosk Market Outlook, By Bill Payment Kiosks (2021-2030) ($MN)
- Table 81 Middle East & Africa Financial Service Kiosk Market Outlook, By Loan Application Kiosks (2021-2030) ($MN)
- Table 82 Middle East & Africa Financial Service Kiosk Market Outlook, By Account Opening Kiosks (2021-2030) ($MN)
- Table 83 Middle East & Africa Financial Service Kiosk Market Outlook, By Currency Exchange Kiosks (2021-2030) ($MN)
- Table 84 Middle East & Africa Financial Service Kiosk Market Outlook, By Other Types (2021-2030) ($MN)
- Table 85 Middle East & Africa Financial Service Kiosk Market Outlook, By Application (2021-2030) ($MN)
- Table 86 Middle East & Africa Financial Service Kiosk Market Outlook, By Banking (2021-2030) ($MN)
- Table 87 Middle East & Africa Financial Service Kiosk Market Outlook, By Bill Payment (2021-2030) ($MN)
- Table 88 Middle East & Africa Financial Service Kiosk Market Outlook, By Investment and Trading (2021-2030) ($MN)
- Table 89 Middle East & Africa Financial Service Kiosk Market Outlook, By Remittances (2021-2030) ($MN)
- Table 90 Middle East & Africa Financial Service Kiosk Market Outlook, By Other Applications (2021-2030) ($MN)
