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Kiosks Market
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The global kiosk market size was valued at USD 16.9 Billion in 2018 is projected to reach USD 45.7 Billion by 2026, exhibiting a CAGR of 13.3% during the forecast period, 2019 – 2026
The global market sales growth is driven by increasing technological advances, along with the growth of unattended retail. The increasing growth in Kiosk market demand is set to transform not only the way some businesses work but also the economics of entire industries. Kiosks are customized computer terminal that is designed for public use to provide information, provide objects, and enable transactions.
Therefore, kiosks devices are expected to empower businesses and consumers to perform automated self-service functions. As a result, many applications that include ATMs, point-of-sale systems, self-pay gas pump units are anticipated to be the market drivers.
Since the beginning, self-service kiosks are changing the method dealers assist their consumers. Kiosks machines benefit retailers to handle the ordinary chores that customers could relatively handle by themselves, such as exploring a catalog or checking the price of products, releasing salespeople from engaging in more profound and complicated interactions with those customers.
Additionally, to enhance the communication with the consumers about the products & services, different types of kiosks are installed performing a variety of function at various locations. These kiosks offer enhanced consumer experience, thereby being a primary key growth factor. Nevertheless, primary use cases of kiosks, such as improving revenue-generating chances for organizations, thereby increasing consumer satisfaction and significantly cutting down the cost per customer is driving the market.
Besides, increasing kiosk demand for facilities in healthcare, retail, and travel & tourism sectors has made it difficult for enterprises to allocate customer service representatives during substantial movement of visitors. Interactive self-service solutions, such as smart vending machines, Automated Teller Machine (ATMs), & self-checkout systems, offer companies with an effective way to tackle such circumstances.
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"Advances in technology are enabling compelling designs of interactive kiosks"
Vendors are anticipated to continue to operate interactive kiosks to deliver their customers with online shopping prospects and to endorse products and services that are not housed in stores as the economy stabilizes. Interactive kiosks are complimenting retailers by providing compelling product demonstrations and also enabling retailers to sell products without stocking inventory. For instance, Decathlon, a prominent player in sporting goods selling, recently inaugurated their U.S. flagship high-tech merchandizing location in Emeryville, California.
The store is publicized as a “cashless” retail which is aimed at shortening & speeding up the sales process. Customers are no longer required to be in long checkout lines, thereby engaging directly with Decathlon associates on the retail floor tapping them closer to the products they are shopping.
Using a sophisticated combination of technology solutions such as RFID, QR codes, and iPhone transactions, consumers can check out their purchases at any point within the store using their mobile phone, their Apple watch, gift cards, or their traditional credit and debit cards.
Kiosks market is segmented into two segments, i.e., by type, & by end-use industry. The segmentations provide a complete understanding of the market structure. By type, financial kiosks have the highest market share. Financial Kiosk facilities have been around for a stretched time. These are often a bill pay kiosk at various outlets and utility bill pay along with that these are used in financial services, cashback, ATMs, and many other business functions.
Furthermore, selling new financial services using consumer-friendly iPad and Android tablet kiosks is another trend in the already established market. Other than financial kiosks, retail kiosks also have significant market share. Retail kiosks are the global growth engine in the market. According to our research, retail kiosks comprise at least 19% of the entire kiosk market.
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Kiosks in retail sector are being installed at department stores, grocery stores, convenience stores & specialty retailers. Retail kiosks provide appropriate services to consumers such as non-stock product ordering, wayfinding directories, employment, product lookup, company information, and targeted offers. These services increase consumer awareness and offer new channels for retailers to grow their business.
By end-use industry, kiosks market is segmented into seven types that are Retail, BFSI, Hospitality, Entertainment & Gaming, Airports & Hotels, IT/ Telecommunication & Others. Retail kiosks are shifting the way customers involve with brands. With the increasing power of kiosk equipment, store owners can display a targeted range of goods to individual customers, feature loyalty promotions, and even provide a fast and efficient payment method. Retail kiosks offer several ways for businesses to improve customer experience and increase ROI. In the retail sector, kiosks are used for wending products, digital advertising, endless aisle, order entry, bill payment, and survey & wayfinding.
Europe & North America are expected to be prominent contributors to the growth of the market and will have a significant kiosk market share during the forecast period. European market was valued at US$ 4.5 Bn for the base year. Furthermore, increased preference of shops without the need for interacting with sales coordinators is anticipated to drive the market during the forecast period. Many banks lack technologically advanced banking infrastructure, especially across rural areas, to their advantage by employing economical solutions, such as kiosks, to expand their operations and effectively serve a more extensive consumer base.
Europe Kiosks Market, 2018
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Asia Pacific is also expected to exhibit kiosk market growth at a fast rate as countries in the region such as China, India & Japan are witnessing an increase in adoption of self-service kiosks across their merchandising and service segments for enhancing their customer engagement. End users are progressively looking for better display sizes to engage consumers with high quality and better content display. These kiosks market trend is gradually becoming a medium of customer satisfaction and customer engagement. Additionally, increasing adoption of kiosks in the banking and financial sector will drive the market at the fastest compound annual growth rate of 14.7 % from 2019 to 2026.
"The Kiosks market share consists of numerous well-founded brands such as ZIVELO, NCR Corporation
Diebold Nixdorf Inc., Glory Global Solutions (International) Limited, Advantech Co., Ltd. along with several regional players."
The established players in the market are targeting for the digital transformation by concentrating a significant part of the R&D budget on digital solutions & technological developments. Technologies such as Radio-Frequency Identification (RFID) and Near-Field Communication (NFC), in the fields of digital payment and security applications, are also being installed in the kiosks to make it more secure. For instance, ViaTouch Media announced AI-based interactive kiosks that automatically bill the customer when the products are picked from merchandising shelves.
The system also has an audiovisual screen placed above the retail shelf to automatically display product information to customers. These systems simultaneously perform the dual functionality of information sharing and payment processing without any physical input from the customer, thus enabling retailers to significantly reduce the time spent by consumers waiting and billing at the counters.
Moreover, these companies in the market are offering remote monitoring and pre-emptive maintenance services to enable companies to identify problems, track functioning, and schedule maintenance of kiosks. These facilities significantly reduce the possibility of unexpected breakdowns and would allow companies to increase system uptime.
Besides, the market appears to be particularly competitive and fragmented. Global players are seen gradually increasing their presence in the developing economies, making it tough for regional sellers to compete with them, especially in terms of quality, and price point. The market is perceiving the increased competition, which is anticipated to surge further for the forecast period.
"Over the growing requirement for customer satisfaction & increasing focus on minimizing wait time for a transaction have a significant impact on the increasing kiosks market."
The report provides quantitative & qualitative insights into the market and a thorough study of market growth rate & size for all likely segments in the market. The market has been segmented by type, end-use industry, and geography. By type, the market is classified into Retail Kiosks, Financial Kiosks, QSR Kiosks, Tickets & Billing Kiosks, Information Kiosks, Self Service Kiosks & Others. Based on the end-use industry, the global Kiosks market is segmented into Retail, BFSI, Hospitality, Entertainment & Gaming, Airports & Hotels & IT/ Telecommunication & Others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. These regions are further classified into countries.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, consolidated SWOT analysis of key players, Porter’s Five Forces Analysis and key industry trends.
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Fortune Business Insights says that the value of the global Kiosks Market was USD 16.9 Billion in 2018
The Kiosks Market is projected to reach USD 45.7 Billion by 2026
The Kiosks Market will grow at the rate of 13.3% CAGR
