- An automated teller machine (ATM) kiosk is an electronic banking machine that allows users to complete basic transactions without the help of bank representatives. It can be accessed with a credit card or debit card. ATM kiosks are very convenient and allows users to perform quick self-service transactions such as cash withdrawals, deposits, transfer between accounts, and bill payments.
Key Drivers of the Global Automated Teller Machine Kiosk Market
- ATM kiosks have become a highly suitable option, increasing the number of instant services (financial transactions) being offered, related to banks and financial institutions, which can be accessed conveniently by customers. Thus, banks can focus entirely on their core operations, and the basic banking activities can be done by customers without stepping into the bank branch. Rising number of ATM kiosk services in rural and semi-urban areas is helping in the growth of the automated teller machine kiosk market.
- Demand for ATM kiosks across multiple locations is also rising due to its standalone feature which provides 24/7 transactional services. Also, with technological advancements, ATM kiosks are becoming more personalized and an advanced communication channel. These factors are boosting the demand for ATM kiosks. Additionally, easy access to complex banking services such as transfer of money, check clearance, and bill transfer helps banks and financial institutions to increase their revenue that has led to the increasing deployment of automated teller machine (ATM) kiosks globally.
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Factors Restraining the Global Automated Teller Machine Kiosk Market
- Increasing fraud activities such as magnetic strip skimming and pinhole cameras can hamper the growth of the automated teller machine kiosk market.
Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global automated teller machine kiosk market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the automated teller machine kiosk market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the automated teller machine kiosk market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America automated teller machine kiosk market is segmented into Brazil, and Rest of South America.
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- North America accounted for dominant share of the global automated teller machine kiosk market due to the presence of major manufacturers in the region. Rapid growth of IT enabled self-services in the region is driving the growth of the automated teller machine kiosk market in North America.
- The automated teller machine kiosk market in Asia Pacific is projected to expand rapidly during the forecast period due to the increasing demand for automated systems with enhanced security standards & wireless communicating devices in countries such as Singapore, India, and Australia. Governments are taking initiatives to enhance the fintech industry and offer improved banking solutions that contribute to the growth of the automated teller machine (ATM) kiosk market in the Asia Pacific region.
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Key Players Operating in the Global Market
Manufacturers of ATM kiosks are focusing on becoming more proficient and developing advanced products with improved technological features which will enhance their competitive advantage and increase their market share globally. Improving economic conditions in developing countries is offering huge scope for ATM kiosk manufacturers. ATM kiosk manufacturers and financial institutions together are adopting biometric devices, anti-skimming, and voice recognition systems, thus steadily expanding the ATM kiosk industry.
