Rockville , Oct. 12, 2023 (GLOBE NEWSWIRE) -- As per a study done by skilled analysts at Fact.MR, a provider of market research and competitive intelligence, the global Bank Kiosk Market is predicted to expand at a noteworthy CAGR of 15% and reach a valuation of US$ 18.5 billion by the end of 2033.
Kiosks are used in the banking industry to meet the needs of low-income areas by giving them easy access to standard financial services nearby. These kiosks act as a crucial point of contact between the public and banks. Additionally, bank kiosks are essential for bridging the gap and providing financial services to underprivileged people, which supports market expansion.
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Key Segments of Bank Kiosk Industry Research Report
| By Component | By Type | By Application | By Deployment | By End User |
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Consumer demand for self-service banking, technology improvements, and the requirement for financial inclusion all contribute to the increase. A bank kiosk is a self-service device that offers customers several banking services without requiring them to engage with a live person. This market has shown significant recent growth, and it is anticipated that this growth will continue in the years to come.
Kiosks are important because they offer clients convenience, accessibility, and cost-effectiveness. Kiosks are likely to continue to be an important component of the banking sector given the rising need for quick and convenient banking services.
Key Takeaways from Market Study
- The global market for bank kiosks is valued at US$ 18.5 billion in 2023.
- Worldwide demand for bank kiosks is predicted to increase at a CAGR of 15% through 2033.
- By the end of 2033, the market is projected to reach US$ 80 billion.
- Expanding at a CAGR of 16.5%, the market in Asia Pacific is projected to be key for companies over the coming years.
- With 31% revenue share in 2023, North America held the top spot in the global market.
- With 71.3% revenue share in 2023, the BFSI segment held a majority of market share. Throughout the forecast period, it is projected to expand at over 15% CAGR.
- The market's ATMs sector, which had 41.5% revenue share in 2023, is projected to increase at a CAGR of 14% over the course of the forecast period (2023 to 2033).
- With a revenue share of 53.5% in 2023, the off-site category led the market and is predicted to increase at a CAGR of over 15% through 2033.
- From 2023 to 2030, the United States bank kiosk market is projected to expand at a compound annual growth rate (CAGR) of 14.5%.
- In 2023, the hardware segment asserted its dominance in the market, accounting for a substantial revenue share of 40.6%. Furthermore, it is projected to experience a robust CAGR exceeding 14% throughout the forecast period.
- In 2023, the metropolitan segment's revenue share was 44.6%, which was the highest. Over the course of the projected period, it is set to expand at a CAGR of 13%.
“Increasing demand for self-service options in banking and financial services, coupled with improved customer service provided by bank kiosks, is driving market growth. Additionally, the market is benefiting from cost savings resulting from reduced overall operational expenses. Conversely, a surge in investments by companies in Asia Pacific presents numerous opportunities for market expansion,” says a Fact.MR analyst.
Market Competition
Due to the presence of participants along the whole value chain, including hardware, software, and solution providers, the bank kiosk industry is highly fragmented. Additionally, the market is witnessing several mergers, partnerships, and collaborations that have helped market participants grow their clientele and revenue.
- October 2022: As part of the government's recent commitment to construct 75 Digital Banking Units throughout 75 Districts, MCT Cards & Technology Private Ltd., a division of Manipal Technologies Ltd. and a manufacturer of banking and smart cards, delivered self-serve banking kiosks to banks in India.
Key Companies Profiled
- NCR Corporation
- Diebold Nixdorf
- Incorporated
- Nautilus Hyosung America, Inc.
- OKI Electric Industry Co. Ltd.
- Euronet Worldwide, Inc.
- Brink’s, Inc.
- Azkoyen Group
| Report Attribute | Details | |
| Value Projection (2033) | USD 80 Billion | |
| Growth Rate (2023-2033) | 15% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 84 Tables | |
| No. of Figures | 112 Figures | |
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global bank kiosk market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on component (hardware, software, services), type (single-function kiosks, multi-function kiosks, virtual video teller machines), deployment (rural, urban, metropolitan), location (on-site, off-site), application (automated teller machines (ATMs), video teller machines (VTMs), self-service kiosks), and end user (BFSI, government, individuals), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
Kiosk Market: The global kiosk market was valued at US$ 22.2 Billion in 2021, and is projected to register a Y-o-Y increase of 11.2% in 2022 to be valued at US$ 24.7 Billion.
Airport Kiosk Market: Worldwide demand for airport kiosks is predicted to swell at a CAGR of 9.4% from 2023 to 2033. As such, the global airport kiosk market is expected to increase from a value of US$ 2.31 billion in 2023 to US$ 5.67 billion by the end of 2033.
Self-Service Kiosk Market: The self-service kiosk market is expected to garner a market value of US$ 28 Bn in 2022, anticipated to register a positive CAGR of 11% in the forecast period 2022-2032 and reach a value of US$ 79.5 Bn. As of 2021, the market was valued at over US$ 26 Bn.
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