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September 05, 2019 | Machinery & Equipment
Exhibiting an impressive CAGR of 13.3%, the global kiosks market is expected to be worth US$ 45.73 Bn by 2026, as against US$ 16.88 Bn in 2018. Fortune Business Insights in a new study, titled “Kiosks Market Size, Share and Global Trend By Type (Retail Kiosks, Financial Kiosks, QSR Kiosks, Tickets & Billing Kiosks, Information Kiosks, Self Service Kiosks & Others), By End-Use Industry (Retail, BFSI, Hospitality, Entertainment & Gaming, Airports & Hotels, IT/ Telecommunication & Others) and Geography Forecast till 2026” highlights that the market potential will widen owing to the increasing technological advancements and unattended retail growth.
Several businesses are installing kiosks machines to transform the way they function and offer better services. In addition to this, kiosks systems are likely to alter the economics of several industries. The main function of kiosk devices is to offer automated self-service by minimizing the dependency on sales people. This, along with business empowerment, is expected to drive the kiosks market growth in the forthcoming years. Some of the main applications include point-of-sale systems, ATMs, and self-pay gas pump units. Kiosk machine helps a firm to focus on their line of business while customers handle queries on their own. These queries include checking product price or exploring a catalogue.
Companies install different types of kiosks as they can increase their revenue-generation of organizations, thereby improving customer satisfaction. The increasing demand for advanced facilities across sectors such as retail, healthcare, and travel & tourism has compelled enterprises to adopt kiosk technology, thus surging the kiosks market share. It is becoming challenging for companies to allocate customer service owing to the increasing visitor movement. To tackle such challenge, companies adopt interactive self-service solutions such as ATMs, advanced vending machines, and others.
Different types of kiosks are used depending on the business requirement and level of customer engagement. These include retail, QSR, Information, Self-service, Tickets & billing, Financial, and Others. Among these, financial services witness the highest demand for financial kiosks. By end-use, retail industry is expected to transform the way customers interact and involve with brands, favoring the kiosks market size.
ViaTouch Media’ AI-based Kiosks Enable Automatic Billing for Customers While They Pick Products from Shelves
“Companies in the market are continuously concentrating on technological developments and R&D budget related to digital solutions,” says a lead analyst at Fortune Business Insights. “Companies are installing kiosk devices integrated with technologies such as Near-field communication (NFC) and Radio-frequency Identification (RFID) to ensure secure transactions,” he added. For instance, an automated retail solution provider called ViaTouch Media announced the introduction of an interactive kiosk. This kiosk is AI-enabled and can automatically create bills when customers are busy picking products from retail selves. In addition to this, the kiosk system is integrated with audio-visual screen, helping customers by automatically displaying the product information. Several companies plan to offer remote monitoring services, allowing other companies to identify problems and track functioning of kiosks. Such facilities can reduce the number of unexpected by allowing companies to increase system uptime.
Several companies are trying to expand their presence in developing countries, making it difficult for regional firms to compete, especially regarding price pint and quality. The competition is growing and is expected to intensify in the foreseeable future, thereby impacting the kiosks market revenue.
Rising Adoption of Self-service Kiosks in China, India, and Japan to Boost the Market in Asia Pacific
The biggest growth contributors of market are Europe and North America. As per the report, the market in Europe was valued at US$ 4.54 Bn in 2018 and is expected to hold a major share in the market until 2026. Presence of well-established banking infrastructure and growing technological advancements are expected to create growth opportunities for the market in these regions. Moreover, banks in rural areas are planning to upgrade their services by installing kiosks to increase their customer base and improve operational efficiency.
The market in Asia Pacific is also expected to rise at a strong rate owing to the rising adoption of self-interactive kiosks in countries such as India, China, and Japan.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/kiosks-market-101374
The global kiosks market can be segmented into the following categories:
By End-Use Industry