Bank Kiosk Market to Surge to $80 Billion by 2033, Growing at a 15% CAGR

According to a study conducted by knowledgeable experts at Fact.MR, a company that offers competitive intelligence and market research, the worldwide bank kiosk market is expected to grow at a significant rate of 15% CAGR and reach a valuation of US$ 18.5 billion by the end of 2033.

The banking sector uses kiosks to serve low-income communities by providing them with convenient access to local standard financial services. An essential point of communication for the general public and banks is these kiosks. Furthermore, bank kiosks are necessary to close the gap and give financial services to those who are less fortunate, which promotes market development.

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The need for financial inclusion, technological advancements, and customer desire for self-service banking are all factors contributing to the growth. A self-service tool known as a bank kiosk allows users to access a variety of financial services without having to speak with a live agent. It is expected that this market will continue to develop in the years to come, given its recent notable rise.

Because they provide customers with affordability, accessibility, and convenience, kiosks are essential. Given the growing need for rapid and efficient financial services, kiosks are probably going to remain a significant part of the banking industry.

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

Self-service banking kiosks usually let customers move money between accounts, check account balances, make deposits and withdrawals, print account statements, and even apply for credit cards or loans.

The bank kiosk market has grown as a result of a number of factors, including the rise in demand for self-service in a number of security-related financial applications, the enhanced customer services offered by interactive kiosks, the decrease in overall operating costs, and increased adoption in a number of developing nations, including China, Japan, India, and others.

Located in bank branches, ATM locations, or other convenient locations, these kiosks give customers instant access to essential financial services beyond regular business hours.

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%.

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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 Segments of Bank Kiosk Market Research

• By Component :
o Hardware
o Software
o Services
• By Type :
o Single-function Kiosks
o Multi-function Kiosks
o Virtual Video Teller Machines
• By Deployment :
o Rural
o Urban
o Metropolitan
• By Location :
o On-site
o Off-site
• By Application :
o Automated Teller Machines (ATMs)
o Video Teller Machines (VTMs)
o Self-service Kiosks
• By End User :
o BFSI
o Government
o Individuals
• By Region :
o North America
o Latin America
o Europe
o Asia Pacific
o Middle East & Africa

The bank kiosk market is experiencing notable growth, driven by increasing demand for automated banking solutions that enhance customer service and operational efficiency. As financial institutions continue to adopt advanced technologies to meet the evolving needs of tech-savvy customers, the market is projected to expand significantly. Factors such as the need for reducing transaction time, improving customer experience, and minimizing operational costs are propelling the adoption of bank kiosks. This market's future looks promising, with ongoing technological advancements and the rising trend of digital banking further supporting its growth trajectory.

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This release was published on openPR.