Bank Kiosk Market

Global Bank Kiosk Market Size (2024 to 2029)

The global banking kiosk market is predicted to reach USD 886.51 Mn in 2024 and USD 2,660 Mn by 2029, growing at a CAGR of 24.58% during the forecast period.

Banking kiosks are small booths with Internet access placed by banks in different locations (such as ATMs) to provide banking services without the need to go to the bank. The increasing adoption of advanced technologies by the banking industry has resulted in the growth of banking kiosks.

MARKET DRIVERS

The rising demand for self-service in a host of security-related applications in the financial industry is primarily driving the growth of the bank kiosk market.

Additionally, a substantial reduction in operating costs and improved customer services provided by interactive banking kiosks are some of the other factors that are likely to drive the growth of the global market in the coming years.

With a high level of competition and the development of innovative products and features, the bank kiosk market is expected to register a healthy growth rate in the coming years. Notable efforts by major players to deliver improved and efficient customer service are expected to complement the growth of the global bank kiosk market during the forecast period. The growth of the global bank kiosk market can be attributed to various factors, such as the increasing demand for self-service in various security-related applications in the financial industries, the advancements in customer services, the curb in operational costs and surge in the adoption in emerging economies like India, China and Japan, among others.

The multifunctional kiosk is expected to grow at a considerable rate in the coming years and drive the global bank kiosk market growth.

The multi-function banking kiosk offers services such as check deposit with CTS interface, bill pay by debit card and Net Banking, browser-based Internet banking, cashless services/surveys including customer inquiries, balance sheet and mini statement, among others. The multifunctional kiosk helps to integrate different functionalities on a single platform by helping multiple organizations reduce their capital expenditures by investing in separate machines. Low capital expenditures on application development, equipment purchase, installation and maintenance are the major factors pushing banks to adopt multi-function kiosks rather than single-function kiosks. In addition, the customer prefers self-service solutions because it reduces the effort and time to complete bank transactions. Self-service retail banking kiosks can make significant improvements to physical branch locations, according to a Source Technologies study. For instance, it typically takes customers 9 minutes to obtain an official check from a bank teller. The self-service kiosks can deliver an official check-in almost 40 seconds to a customer. Therefore, customers can get their checks 13.5 times faster with a self-service kiosk.

The bank kiosk also allows employees to focus more on complex tasks and customer service, thus reducing their time and effort on day-to-day transactions which are expected to drive demand for bank kiosks in emerging economies. Furthermore, the increasing number of investments by major players to complement the overall market growth soon.

MARKET RESTRAINTS

The high initial cost requirement for installation and the extremely increasing usage of mobile devices leading to a significant reduction in usage of bank kiosks are expected to restrain the growth of the global bank kiosk market during the prediction period. Moreover, the increasing need for improved technologies and the control of cybersecurity threats are expected to reduce the growth of the market soon.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Bank Kiosk Market Analysis By Type

Based on type, the multifunctional kiosk segment accounted for the largest share of the global market in 2022 and the domination is likely to continue throughout the forecast period due to the various functions it offers as it leads to lower costs and reduces the need to purchase, install and maintain separate machines for different services. The growth of the multi-function kiosks segment is further driven by their comprehensive capabilities and efficiency in meeting diverse customer needs. The trend reflects a shift towards integrated solutions that optimize space, enhance customer satisfaction, and provide a one-stop self-service experience. As technology continues to advance, the dominance of multi-function kiosks is likely to persist, driven by the emphasis on convenience and efficiency in modern banking.

The single-function kiosks segment is anticipated to witness a prominent CAGR during the forecast period. Single-function kiosks focus on specific banking tasks, such as cash withdrawals or check deposits. While they may be simpler in design, they serve targeted needs efficiently. However, single-function kiosks are still relevant in scenarios where a specialized and dedicated service is required.

Global Bank Kiosk Market Analysis By Offering

Based on offering, the software segment is expected to be the fastest growing segment in the global market during the forecast period due to the increased demand for independent and advanced software. Sophisticated software, such as KioWare Kiosk software, is required to cope with the increasing complexity of self-service banking kiosks, thus driving the growth of the software segment. The functionality, security features, and user experience provided by the software highly influence the overall effectiveness of the market. As technological advancements also continue, software solutions evolve to meet changing customer expectations and industry standards. Hence, the dominance of software is highly driven by the need for secure, and user-friendly interfaces.

Global Bank Kiosk Market Analysis By Distribution

The metropolitan segment held the major share of the global market in 2022 and is expected to grow promisingly during the forecast period owing to the advanced technological progressions like the increasing number of ATMs and the surge of non-banks in metropolitan cities, along with the increased awareness of customers about automated machines. The demand for self-service banking solutions is substantial in the metropolitan regions due to the large customer base and the need for convenient and efficient banking services. The dominance of bank kiosks in metropolitan areas is driven by higher levels of technological adoption and the demand for advanced financial services.

The urban segment is estimated to capture a considerable share of the worldwide market during the forecast period. Urban areas, though less densely populated than metropolitan areas, also exhibit a strong presence of bank kiosks. The urban population typically embraces technological innovations, and the demand for convenient banking options is significant. The dominance of bank kiosks in urban areas is influenced by the need for quick and accessible financial services in busy urban lifestyles.

REGIONAL ANALYSIS

Among all the regions, the Asia-Pacific region is expected to experience strong growth in the coming years. The rising call for bank kiosks and the expanding government initiatives to support the adoption of bank kiosks for the convenience of consumers in Asia-Pacific soon. The Asia-Pacific region is expected to become the fastest growing region during the outlook period. The growth of the regional market can be attributed to initiatives undertaken by regional governments. The Indian government and the RBI have worked together to promote the own bank and to support the entry of major players into the market. Countries like China and India are witnessing significant adoption as financial institutions deploy kiosks to reach diverse customer segments.

North America is the most important key player in the Bank Kiosk market growth, driven by technological advancements, high consumer acceptance of self-service solutions, and the presence of leading technology providers. The region has a mature banking infrastructure, and financial institutions continually invest in innovative kiosk technologies to enhance customer experiences and operational efficiency.

Europe is known to be a second significant contributor to the Bank Kiosk market share, with a focus on delivering efficient and secure banking services as it benefits from a well-established banking ecosystem, regulatory support for digital financial services, and a tech-savvy population that embraces self-service solutions.

Latin America is experiencing a growing demand for Bank Kiosks as financial institutions seek to expand their reach and offer accessible services to diverse populations. The region's embrace of digital transformation is contributing to the adoption of self-service banking solutions.

The Middle East and Africa are gradually integrating Bank Kiosks into their financial landscapes. With a focus on enhancing financial services accessibility, several countries in the region are deploying kiosks to cater to diverse customer needs.

KEY PARTICIPANTS IN THE GLOBAL BANK KISOK MARKET

The major players operating in the global bank kiosk market include Cisco Systems, Inc., Inspur Technologies Co., Ltd., OKI Electric Industry Co., Ltd., Shenzhen Yi de Computer Co., Ltd., GRG Banking, Hitachi-Omron Terminal Solutions, Corp., NCR Corporation, Diebold, Inc., Glory Limited, Auriga SPA, Korala Associates Limited (Kal Atm Software) and Nautilus Hyosung.

DETAILED SEGMENTATION OF THE GLOBAL BANK KISOK MARKET INCLUDED IN THIS REPORT

This research report on the global bank kiosk market has been segmented and sub-segmented based on the type, offering, distribution and region.

By Type

• Single-Function Kiosks

• Multi-Function Kiosks

• Video Kiosks

By Offering

• Hardware

• Software

• Services

By Distribution

• Rural

• Semi-Urban

• Urban

• Metropolitan

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East and Africa