Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 13.49 Billion | USD 25.65 Billion | 7.4% | 2023 |
According to the report published by Zion Market Research, the global Multi-function Kiosk Market size was valued at USD 13.49 Billion in 2023 and is predicted to reach USD 25.65 Billion by the end of 2032. The market is expected to grow with a CAGR of 7.4% during the forecast period. The report analyzes the global Multi-function Kiosk Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Multi-function Kiosk industry.
Multi-function kiosk is an interactive and advanced self-service terminal that allows the customers to pay bills, service request, cash & cheque deposit, and many more activities over the kiosk. For users, they act as a self-service alternative as well as an alternative delivery channel that is convenient and secure. The kiosk is also used for on spot debit card issuance, account opening, credit card application, and acceptance of loan application. It is the fast-catching self-service culture in the banking space.
The global multi-function kiosk market is rapidly growing. The rapidly growing banking sector, increase in implementation of NFC-based technology in the banking sector, rise in digitalization, and growing preference of the customers to multi-function kiosk to avoid visits to banks are the factors that are primarily spurring the growth of the global multi-function kiosk market. Alongside ATMs, the banks are incorporating multi-function kiosk. These are spill-proof and tamper-proof. Besides, the multi-function kiosks provide numerous benefits which include 24x7 availability, minimizes bank service or operational cost, facilitates to take customer details including photographs, signatures & biometrics, and provides debit cards & cheques on the spot with successful opening of the account.
The multi-function kiosk also consist of features such as browser-based internet banking, bill payment facility using net banking or debit card, cheque deposit facility with CTS interface, and inquiry/non-cash services including mini statement & balance inquiry. This offers the customers the full benefit of services and also lowers the customer's wait time, reduces customer attrition, and accelerates omni channel experience. The banking sector is also been benefitted as it reduces the workload. Thus, there is a surge in the demand for multi-function kiosks which in turn is fueling the growth of the global market. Moreover, the rise in investments made by the major players to offer the best of the facilities to the customers is also one of the factors that are contributing to the growth of the market.
Furthermore, the rise in the development of services and technology to enhance the effectiveness and efficiency of the kiosk may lead to ample opportunities for the growth of the global multi-function kiosk market over the forecast period. However, the rise in the use of mobile & tablet for banking purposes and high installation cost associated with the multi-function kiosk may hinder the growth of the global multi-function kiosk market.
The outbreak of the Covid-19 has temperately affected the growth of the global multi-function kiosk market. During the first half of the year 2020, most of the countries in the world had to follow strict lockdown and restriction on movement policies imposed by the government to limit the spread of the virus. The banking sector also had to temporarily close its operations. Later with the ease in the policies, the banks were facing work pressure due to limitations on employees and social distancing. The customers preferred kiosk to avoid visiting banks. During a pandemic, most of the population’s inclination was towards contactless payments. Thus, a steady growth rate was been witnessed amid the pandemic situation.
The global multi-function kiosk market is classified based on the type, component, application, and region.
Based on the type, the global multi-function kiosk market is divided into information kiosks, self-service kiosks, internet kiosks, and others.
Based on the component, the global market is split into software and hardware.
The application segment is bifurcated into grievance management, bill payment, information services, and others.
Report Attributes | Report Details |
---|---|
Report Name | Multi-function Kiosk Market |
Market Size in 2023 | USD 13.49 Billion |
Market Forecast in 2032 | USD 25.65 Billion |
Growth Rate | CAGR of 7.4% |
Number of Pages | 200 |
Key Companies Covered | Forbes Technosys Ltd., AURIONPRO, GLUCK INTERNATIONAL LLP, Aplab Limited, Cyber Kiosk Solutions, Inc., Albertsons International Private Limited, KIOSK Information Systems, LamasaTech Ltd. C-Edge Technologies, and Infinitas Technology Solutions Pvt. Ltdx |
Segments Covered | By type, By component, By application and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Asia Pacific region is estimated to hold the largest share in the global multi-function kiosk market during the forecast period. Factors such as an increase in the trend of digitalization, growing demand for kiosk due to its numerous benefits, and rise in the introduction of the multi-function kiosk by the banks to lower the operational cost are chiefly boosting the growth of the market in this region. North America is expected to hold the second position. Sustainable economies and the rapid adoption of technologies are the factors that are driving the growth of the market in this region. Europe is also anticipated to account for a significant share in the global market.
Some of the key players operating in the global multi-function kiosk market include:
The Global Multi-function Kiosk Market is segmented as follows:
By type
By component
By application
What Reports Provides
FrequentlyAsked Questions
The rapidly growing banking sector, increase in implementation of NFC-based technology in the banking sector, rise in digitalization, and growing preference of the customers to multi-function kiosk to avoid visits to banks are the factors that are primarily spurring the growth of the global multi-function kiosk market. Furthermore, the rise in the development of services and technology to enhance the effectiveness and efficiency of the kiosk may lead to ample opportunities for the growth of the global multi-function kiosk market over the forecast period.
Some of the key players operating in the global multi-function kiosk market include Forbes Technosys Ltd., AURIONPRO, GLUCK INTERNATIONAL LLP, Aplab Limited, Cyber Kiosk Solutions, Inc., Albertsons International Private Limited, KIOSK Information Systems, LamasaTech Ltd. C-Edge Technologies, and Infinitas Technology Solutions Pvt. Ltd.
Asia Pacific region is estimated to hold the largest share in the global multi-function kiosk market during the forecast period. Factors such as an increase in the trend of digitalization, growing demand for kiosk due to its numerous benefits, and rise in the introduction of the multi-function kiosk by the banks to lower the operational cost are chiefly boosting the growth of the market in this region.
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