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The global kiosk market size is projected to reach USD 46.25 billion by 2027 on account of surging demand for automatic teller machines (ATMs) in developing countries, observes Fortune Business Insights™ in its report, titled “Kiosk Market Size, Share & COVID-19 Impact Analysis, By Kiosk Type (Retail, Financial, QSR, Tickets & Billing, Information, Self Service & Others), By Industry (Retail, BFSI, Hospitality, Entertainment & Gaming, Airports & Hotels, IT/ Telecommunication, & Others), and Regional Forecast, 2020-2027”. As per the report findings, the value of the market stood at USD 18.15 billion in 2019 and is expected to grow at a CAGR of 12.5% from 2020 to 2027.
The outbreak of the COVID-19 pandemic is likely to harm the kiosk market growth as the retail and tourism industries, where these informative systems are widely adopted, are undergoing a period of extreme financial stress. This is because the coronavirus has forced governments to impose travel restrictions and implement strict social distancing rules.
Meridian Expands Its Personnel Management Kiosk Suite
In August 2020, Meridian Kiosks, a giant in this industry, announced the expansion of its renowned Personnel Management line of kiosk offerings. Using an Android operating system and featuring temperature and facial detection capabilities, the system in this suite is flexible in design and are available in five variations, including wall mount, countertop, freestanding child-height pedestal, 360 LED-powered freestanding pedestal, and general freestanding pedestal. This product line was developed by Meridian in response to the coronavirus pandemic and the company is now working with various organizations to provide solutions to support their reopening measures amid the pandemic.
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Creative Utilization of Kiosks amid COVID-19 Pandemic to Boost the Market
While the coronavirus pandemic is sending multiple shockwaves across the retail and tourism industries, certain entities are creatively leveraging the benefits offered by these informative booths. For example, Arvi, a healthcare technology start-up founded by a team of engineers from IIT Bombay, introduced contactless thermal scanning kiosks to support the fight against COVID-19. These are embedded with artificial intelligence (AI) tools along with deep learning capabilities, bringing together thermal screening and facial recognition to identify persons having elevated temperatures. Another example comes from the US, where Minnesota-based AB Kiosk launched the stand-alone booth across five counties in the US. These information systems have been designed to notify clients to get tested for COVID-19 and, using a breathalyzer test, detect the infection. Such resourceful utilization of kiosks will encourage innovation among market players.
Increasing Focus on Financial Services Industry by Key Players to Intensify Competition
The scope for self-service terminals is widening rapidly, particularly in the banking and financial services industry as consumers are increasingly demanding efficient delivery of financial services. Kiosks can play an instrumental role in bringing banking services to rural areas in emerging economies. For example, the Reserve Bank of India launched the “Kiosk Banking” initiative to remote villages where banking services are inaccessible or unavailable. Furthermore, the demand for such conveniences is also substantially high in well-developed and well-connected regions in developed nations. As a result, companies are strategically establishing their presence in different regions through collaborations and product launches.
List of Key Players Covered in the Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
By Kiosks Type