Bank Kiosk Market Size (2024 - 2029)

Bank Kiosk Market Analysis

The Bank Kiosk Market size is estimated at USD 1.10 billion in 2024, and is expected to reach USD 2.14 billion by 2029, growing at a CAGR of 14.27% during the forecast period (2024-2029).

The bank kiosk market growth can be attributed to several factors, such as the rising demand for self-service in several security-related applications in financial sectors, enhanced customer services offered by interactive kiosks, reduction in the overall operational costs, and increased adoption in various developing countries such as India, China, and Japan, among others.

• With countries focusing on new innovations and expansions that are being carried out by smart cities and digitization projects, the demand for the bank kiosk market will increase in the forecasted period. One of the primary factors driving the demand for bank kiosks is the growing demand for self-service security applications. Moreover, the bank kiosk market is driven by factors including increasing government initiatives to deploy bank kiosks.
• Moreover, the bank kiosk is one of the remote banking channels providing additional convenience to customers and saving service costs to the bank. Using bank kiosks saves the time spent by customers in the queues for the teller machines or during transferring cash and depositing funds.
• The market for bank kiosk software applications is expanding. Both OEMs and independent businesses offer ATM software. Banks typically purchase complete solutions that include the transaction application and a middleware platform that enables it to function on terminals from various vendors. Some financial institutions and outside software providers solely use the platform as the foundation for their applications. NCR, a U.S.-based company with a significant presence in China, is the biggest supplier of application software overall and for multivendor solutions.
• The bank kiosk's bill payment software makes it simple for customers to transfer money from anywhere. Around the world, several banking institutions began integrating multi-function services into their bank kiosks and bill payment services. The consumer demand for this service is rising, leading to an increase in bank income. Due to its lower cost than cash handling fees, businesses and financial institutions of all sizes want to be paid through bill payment systems.
• By limiting accessibility to a large number of users, bank kiosks assisted in lowering the risk of the transmission of infections in numerous locations. Many businesses, including banks, are using self-serving to reduce face-to-face interactions by substituting a human-to-machine interface for most daily interactions.

Bank Kiosk Industry Segmentation

Bank kiosks are small internet-enabled booths placed by banks at different locations (like ATMs) to offer banking services without the need to visit the bank. The increasing adoption of advanced technology by the banking sector has resulted in the growth of bank kiosks. These equipment offer 24*7 self-service to customers, thus increasing customer satisfaction and considerably reducing operational costs.

The bank kiosk market is segmented by type (single-function, multi-function, virtual/video teller machine), offering (hardware, software, services), distribution (rural, semi-urban, urban, metropolitan), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The market sizes and forecasts are provided in terms of value (USD) for all the above segments.