Global Kiosks Market Projected to Exhibit a CAGR of 13.3%, Increasing Focus on Customer Engagement to Favor the Market Growth: Fortune Business Insights
Pune, Aug. 26, 2020 (GLOBE NEWSWIRE) -- The global kiosk market size is anticipated to witness remarkable growth on account of the rise in the adoption of technological advancement in machinery and equipment and reach USD 45.7 billion by the end of 2026. Kiosk technology is used for providing applications and information on commerce, education, entertainment, and other business purposes. According to a recent report published by Fortune Business Insights titled “Kiosk Market Size, Share and Industry Analysis 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 Regional Forecast, 2019 - 2026,” the market value stood at USD 16.9 billion in 2018 and is likely to rise at a CAGR of 13.3% between 2019 to 2026.
Kiosks are primarily used in businesses as they offer information and application on several sectors including entertainment, education, commerce, and others. It is estimated that kiosks can help businesses grow as a kiosks system enhances customer buying experience, saves time & cost, and increases customer base. In addition to this, kiosk machines are a great way to feature a new product or service, thus helping in branding and advertising. Spurred by these benefits, the kiosks market demand is expected to spur in the foreseeable future. Customers now demand interactive features while making a purchase decision, which is encouraging companies to adopt kiosk technology. This, in turn, will foster the kiosks market growth over the projected horizon.
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Kiosks to Predominantly Benefit the Retail Space
As per type, there are different types of kiosk systems. These include retail, financial, QSR, tickets & billing, information, self-service, and other kiosks. Of these, financial kiosks are expected to hold the majority share in the global market. Financial kiosk services help in the bill payment for courts or utilities. In addition to this, one of the most recent trends seen is the use of customer-friendly android and iPad tablet kiosks for selling financial services. Apart from the financial kiosk, retail kiosks are also expected to cover a considerable share in the market, favoring the kiosks market size. As per the report, retail kiosks account for 19.1% of the share in the overall market. These types of kiosks are majorly installed at specialty retailers, department stores, convenience stores, and grocery stores. Some of the distinguished services offered by retail kiosks are wayfinding directories, product lookup, employment, and others. These services are meant to enhance customer awareness and improve their overall retail experience. A strategically-placed retail kiosk can offer a wealth of information to a tech-savvy customer. The customer can further seek information by browsing through latest stores and more.
Experience and Engagement: The 2 Important E’s in Retail Industry
Retail stores are increasingly installing kiosks to increase customer experience. Furthermore, these stores continue to maintain their focus on customer engagement as it helps them to understand their customers better. Retail stores use kiosks for digital advertising, wending products, bill payment among others. For instance, ViaTouch Media announced the launch of an AI-based interactive kiosk, helping customers to automatically prepare bill while they pick products from merchandising selves. Other companies are also planning to offer pre-emptive maintenance and remote monitoring services with an aim to track functioning, problems if any, and maintenance of kiosks. Owing to such benefits, the kiosks market revenue is expected to surge in the forecast years.
North America and Europe to Contribute Major Shares Owing to Presence of Advanced Banking Foundation
Both Europe and North America are holding significant shares in the market on account of the rise in preference for shops that do not hire salespeople for revenue generation. Consumers can follow the self-help service and can purchase goods and products. In 2018, Europe earned a revenue of USD 4.5 billion. Additionally, most of the banks lack proper infrastructure in terms of technology especially in rural areas. Employing kiosk solutions in such areas will help expand banking operations thereby augmenting the market growth.
Asia Pacific on the other hand is likely to rise rapidly in the coming years with India, Japan, and China on the lead. This is owing to the rise in the adoption of self-service kiosks throughout the merchandising and servicing sectors to improve consumer engagement.
Producers Offering Remote Monitoring and Pre-emptive Maintenance Services for Better Revenue Generation
The market is fragmented in nature on account of the presence of many players. They are aiming at digital transformation by investing in technological developments and digital solutions such as Near-field Communication (NFC), Radio-Frequency Identification (RFID) in security, and digital payment options. Besides this, players are engaged in developing services that can help companies to schedule maintenance, track operations, and identify problems. The increased efforts to offer pre-emptive maintenance services and remote-monitoring services will help players gain a competitive edge in the market in the coming years.
Major Industry Developments of the Kiosks Market include:
May 2019 – Dell Technologies OEM Solutions and ZIVELO entered into a joint venture for offering full-service turn-key kiosk solutions in the North American market.
June 2019 – A new location with the XPR Kiosk machine was inaugurated by Asian Grill following the implementation of XPR’s mobile application and self-ordering kiosks.
List Of Key Companies Profiled in Kiosk Market Are:
- NCR Corporation
- Glory Global Solutions (International) Limited
- Meridian Kiosks
- KIOSK Information Systems
- Olea Kiosks Inc.
- Advantech Co., Ltd.
- Diebold Nixdorf, Inc.
- Other players
Quick Buy – Kiosk Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101374
Detailed Table of Content
- Research Scope
- Market Segmentation
- Research Methodology and Assumptions
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Price Trend Analysis
- Porter’s Five Forces Analysis
- Consolidated SWOT analysis of Key Players
- Global Kiosks Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (US$ Mn and Million Units)
- Retail Kiosks
- Financial Kiosks
- QSR Kiosks
- Tickets & Billing Kiosks
- Information Kiosks
- Self Service Kiosks
- Market Sizing Estimations and Forecasts – By Industry (US$ Mn)
- Entertainment & Gaming
- Airports & Hotels
- IT/ Telecommunication
- Market Analysis, Insights and Forecast – By Geography (US$ Mn)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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