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The global kiosk market size is projected to reach USD 51.05 billion by 2028 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 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, 2021-2028”. As per the report findings, the value of the market stood at USD 20.29 billion in 2020 and is expected to grow at a CAGR of 12.3% from 2021 to 2028.
The outbreak of the COVID-19 pandemic is likely to harm the kiosk market growth as the retail and tourism industries, where they 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.
Collaboration of Dispension Industries and ePortID LLC to Lift Kiosk Industry
In April 2021, Dispension Industries Inc., a pioneer in integrated retail platform announced that it has signed a partnership agreement with ePortID LLC, to improve the distribution process of synchronized products with a kiosk machine by leveraging the palm vein biometric identity verification technology. Moreover, in August 2020, Meridian, 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 self-service terminals in this suite are 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 its solutions to support their reopening measures amid the pandemic.
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Creative Utilization of Kiosk 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 kiosk. For example, Arvi, a healthcare technology start-up founded by a team of engineers from IIT Bombay, introduced contactless thermal scanning self-service terminals to support the fight against COVID-19. These machines 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 these machines across five counties in the US. This system has been designed to notify clients to get tested for COVID-19 and, using a breathalyzer test, detect the infection. Such resourceful utilization of these automated machines 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. Kiosk 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:
2017 - 2028
Value (USD Billion)
Type, Industry, Region