The global bank kiosk market is anticipated to grow at a CAGR of 25.1% over the forecast period. One of the primary factors driving the demand for bank kiosk is the growing demand for self-service security applications. Various factors such as improvements in customer service and reduced operational costs are further expected to propel the bank kiosk market growth over the forecast period.
The global bank kiosk market is expected to witness growth due to the entry of new competitors in the market and introduction of innovative products. The growth is further driven by the trend of digitalization and the growth of smart cities. The global bank kiosk market is segmented on the basis of type, offering, distribution, and region.
On the basis of type, the bank kiosk market can be further segmented into single-functional kiosk, multi-functional kiosk, and video teller machine. The multi-functional kiosk segment accounted for the largest market share in the year 2018 owing to various functions it offers such as it incurs lower costs and it reduces the need for purchasing, installing, and maintaining separate machines for different services.
On the basis of offerings, the bank kiosk market can be further segmented into hardware, software, and services. The software segment is expected to emerge as the fastest-growing segment over the forecast period owing to the increase in demand for independent and advanced software. Sophisticated software such as KioWare Kiosk software is required to cope with the increasing complexities of self-service banking kiosks which is further driving the growth of the software segment.
On the basis of distribution, the global bank kiosk market can be further segmented into rural, semi-urban, urban, and metropolitan. The metropolitan segment is expected to account for the largest market share in 2018 owing to the high technological advancements such as upgraded ATMs, and proliferation of non-banks in metro cities and increased customer knowledge regarding the automatic machines.
The Asia Pacific region is anticipated to emerge as the fastest-growing region over the forecast period. The growth of the regional market can be attributed to the initiatives undertaken by regional governments. The government of India and RBI collaborated for promoting self-banking and also supporting the entry of major players in the bank kiosk market.
The increasing use of mobile devices for banking services has limited the use of bank kiosks as they incur high installation and maintenance costs. The use of mobile wallets is rapidly increasing due to the development of mobile payment technology, which has further limited the use of bank kiosks.
The key players in the global bank kiosk market are NCR Corp.; Diebold, Inc.; Hitachi-Omron Terminal Solutions; GRGBanking; Oki Electric; Shenzhen Yihua Computer Co., Ltd.; KAL ATM Software; Cisco Systems, Inc.; Glory Global Solution Limited; Inspur Technologies Co., Ltd.; and Nautilus Hyosung, among others. The key players are adopting strategies such as partnerships, collaborations, new product launches, and mergers & acquisitions to increase their market shares.
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