Bank Kiosk Market Size, Global Industry Trends Forecast, Opportunities 2023 - 2026

Posted by Steve Stark on August 11th, 2023

The bank kiosk market size is expected to reach USD 1,311 million by 2026; it is anticipated to grow at a compound annual growth rate (CAGR) of 12.0% during the forecast period.

The factors such as rising demand for self-service in banking and financial services applications, enhanced customer services offered by banking kiosks, and reduction in overall operational costs—are the key factors driving the bank kiosk industry.

Multi-function kiosks to account for the largest share of bank kiosk market.

Based on the type, the bank kiosk market has been divided into single-function kiosk, multi-function kiosk, and virtual/video teller machine. Multi-function Kiosk held the highest share.

Factors such as less capital expenditure in application development, equipment purchases, installation, and maintenance are pushing the banks to adopt multi-function kiosks over single-function kiosks thereby, driving the growth of bank kiosk market.

Indoor segment to account for the largest bank kiosk market share during the forecast period

On the basis of location, the bank kiosk market is categorized into indoor and outdoor. Indoor bank kiosks are used in places with limited space and can help attract customers if placed in a crowded place.

The growing interest in automation and self-service technologies in the banking and financial service sector is contributing to the larger share of indoor kiosks.

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APAC is leading the market for bank kiosk.

APAC held the largest share in the bank kiosk market in 2020. The key reason behind the growth of the bank kiosk market in APAC is the rapidly expanding banking and financial services sector in countries such as India and China.

For instance, in India, various initiatives and schemes by the Reserve Bank of India (RBI) and the Government of India have been launched to expand the footprint of banking and financial services in areas with lesser or no penetration.