The global bank kiosk market size is expected to reach USD 1,899.4 Million by 2030 according to a new study by Polaris Market Research. The report “Bank Kiosk Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, Services), By Distribution (Rural, Semi-urban, Urban, Metropolitan), By Type; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising emphasis on self-service security applications, especially in financial services, coupled with a rising inclination towards digitalization is propelling market growth across the globe. In addition, the growth of the fintech industry, as well as rising expenditure on the new technological innovations and developments, are further acting as catalyzing factors for the industry demand. Moreover, increasing adoption of the industry to offer better customer services through various interactive platforms, along with rising population and public awareness related to services, are the further factors that are presenting lucrative prospects for industry growth in the approaching years.
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Based on the offering, the hardware segment is dominating the global market. The growth of the segment is attributed to the increasing number of banks kiosk, rising emphasis on technological developments, and growing digitalization across the globe.
Whereas the software segment is showing the highest growth rate in the global market in the near future. The growing demand for advanced and self-regulating software, as well as rising investments in R&D activities, are propelling the segment demand. Various sophisticated software like KioWare Kiosk software is needed to manage the rising complexities of self-service, which, in turn, fuelling the segment demand in the forthcoming years.
The emergence of NFC-based contactless payments in the banking sector across the APAC region is one of the major driving factors for global industry growth. Mobile phones with NFC allow their customers to make payments with the help of mobile devices. Various banks like SBI (India) and ICICI (India), as well as several service providers such as Aditya Birla Minacs (India) and Tech Mahindra Limited (India), have launched NFC-based contactless payments in the financial services segment.
The rising adoption of NFC technology in a banking kiosk facilitates users to withdraw cash even during the situation when their debit cards are not with them. Moreover, many companies are investing in upgrading kiosks to deploy new services, ensuring high security, cost savings, and reducing the incidences of fraud. Therefore, these factors are propelling the market demand across the globe.
Market participants such as Kal Atm Software GmbH, Cisco Systems, Inc., Diebold Nixdorf, Emerico Limited, Olicom, Genmega Inc., Auriga SpA, Grgbanking, Hitachi-Omron Terminal Solutions, Corp., Iagona, NCR Corporation, Oki Electric Industry Co., Ltd., Star Micronics Co., Ltd., Glory Limited, and Veripark are some of the key players operating in the global market. For instance, in April 2021, PNB unveiled the introduction of its new digital initiative PNB@Ease. This initiative assists every transaction undertaken by a bank branch will be initiated and authorized by customers themselves.
Polaris Market Research has segmented the bank kiosk market report on the basis of offering, distribution, type, and region:
Bank Kiosk, Offering Outlook (Revenue – USD Million, 2018 – 2030)
Bank Kiosk, Distribution Outlook (Revenue – USD Million, 2018 – 2030)
Bank Kiosk, Type Outlook (Revenue – USD Million, 2018 – 2030)
- Single-function Kiosk
- Multi-function Kiosk
- Virtual/Video Teller Machine (VTM)
Bank Kiosk, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa