Bank Kiosk Market Size - Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

Bank Kiosk Market Size

Bank Kiosk Market size is projected to depict substantial growth rate between 2024 and 2032, owing to the increasing adoption of self-service options by banks to enhance customer experience. The rising need for cost-effective branch operations and the growing demand for convenient banking services is leading to improvements in kiosk functionality & security. Several companies operating in the bank kiosk industry are focusing on expansion and product innovations, which are being carried out under digitization and smart city projects. This is expected to increase the market demand.
 

The increasing demand for self-service security applications to reduce security concerns and potential fraud in the financial & banking sector is another major factor fueling the industry growth. The rising demand for teller machines to ensure that banks and financial institutions offer their customers high-quality self-service, financing, and banking options while maintaining high security will also contribute to the industry demand.
 

Bank Kiosk Market Trends

Bank kiosk systems are creating significant growth opportunities for NFC-based contactless payments in the banking sector. Major banks and banking kiosk service providers in the Indian subcontinent are proliferating NFC-based payments in the financial & banking sector. These service providers include ICICI Bank Limited, State Bank of India (SBI), Tech Mahindra, and Aditya Birla Minacs. NFC technology in bank kiosk services enables users to withdraw cash without using debit cards and allows payments through NFC-enabled mobile phones. Various companies are also upgrading their bank kiosks to ensure cost savings, high security, and the deployment of the latest devices in the market.
 

Bank Kiosk Market Analysis

In terms of component, the industry from the hardware segment is anticipated to expand significantly up to 2032, impelled by applications in a variety of services & technologies, including interactive kiosks and personalized & secure financial services. Hardware offers variety of advantages, such superior processing capabilities, scalability, connection, simplicity of management, and high security. To optimize security, these elements are offered through hardware, such as tangible privacy screens, digital and physical keys, and proximity detectors. In an effort to provide effective hardware-based bank kiosk solutions, several industry players are forming strategic alliances with hardware suppliers.
 

The multi-function kiosk type segment is estimated to account for sizeable share of the market by 2032, propelled by their wide range of services, such as cash withdrawal, deposits, transfers, and account inquiries. Multi-function kiosks help banks optimize space and resources by consolidating multiple services into a single device. Rapid technological developments are leading to improved reliability and security of these systems while increasing trust among users. The growing preference for self-service options and the pressing need for efficient branch operations will further drive the market growth.
 

Asia Pacific bank kiosk market is likely to grow at a robust pace through 2032. China, India, and Japan are witnessing high investments and development in the banking sector. Digitalization is encouraging the development of bank kiosk hardware, software, and services for providing easy transactions and high security for customers in the region. Major banks in India, such as ICICI and SBI, are using bank kiosk systems to improve customer experience and increase efficiency in the banking processes.
 

In recent years, India has prioritized expanding its banking sector through initiatives, such as the Pradhan Mantri Jan Dhan Yojana and Post Payment Banks. These efforts, along with significant banking sector reforms like digital payments and the rise of Indian NBFCs and fintech, have greatly improved financial inclusion and stimulated the credit cycle in the country. According to the Electronics and IT ministry of India, in January 2023, Indian citizens conducted 803.6 crore digital transactions using BHIM UPI totaling ?12.98 lakh crore in value. This increase in UPI transactions will also assist the regional bank kiosk industry expansion.
 

Bank Kiosk Market Share

Leading players in the bank kiosk industry are adopting various business growth strategies, such as acquisitions & mergers, partnerships, and launching innovative solutions to increase their market presence.

Some of the leading bank kiosk companies are:

• KALATM Software GmbH.
• Diebold Nixdorf
• NCR Corporation
• Glory Limited
• Hitachi-Omron Terminal Solutions.
   

Bank Kiosk Industry News:

• In October 2023, State Bank of India (SBI) introduced the 'Mobile Handheld Device' to deliver banking services to its financially inclusive customers.

What Information does this report contain?