Kiosk Market to Soar at 12.5% CAGR till 2027; Increasing Focus on Enhancing Customer Purchase Experience in the Retail Industry to Boost Growth: Fortune Business Insights™
September 22, 2020 at 10:58 AM EDT
Pune, Sept. 22, 2020 (GLOBE NEWSWIRE) -- The global Kiosk Market size is projected to reach USD 46.25 billion by 2027, exhibiting a CAGR of 12.5% during the forecast period. Rising adoption of smart and interactive kiosks across several retail outlets will upswing the growth of this market, states 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”.
The report states that the global market value stood at USD 18.15 billion in 2019 and provides the following:
Unprecedented Downfall in Tourism & Retail Operations amid COVID-19 to Halt Growth
The Kiosk Market growth is unlikely to escape the fury of the COVID-19 pandemic as the crisis has caused a major setback to the tourism and retail industries. According to the UN World Tourism Organization (UNWTO), international tourist numbers fell by 98% in May 2020, resulting in an approximate loss of USD 320 billion for the global tourism industry. The retail industry has been suffering as well, since lockdowns and social distancing measures are forcing consumers to stay at home, leading to sharp decline in foot traffic in retail outlets. For example, according to the Trust for Retailers & Retail Associates of India (TRRAI), the Indian retail sector is likely to face a 25-30% business impact. In tourism, kiosks are extensively utilized for booking tickets, taxis, filling out immigration forms, getting flight information, etc. In retail, these are necessary to simplify shopping for customers. With activities in both sectors contracting, the demand for kiosks will inevitably plunge during the pandemic.
Rapid Expansion of Retail Sector in China and India to Favor the Asia Pacific Market
With a market size of USD 4.85 billion in 2019, Asia Pacific is anticipated to lead the Kiosk Market share during the forecast period. The primary factor fueling the regional market is the speedy growth of the retail sector in India and China, where the popularity of self-service terminals in retail stores in soaring. In addition, increasing investment by companies in smart kiosks in the region will generate multiple opportunities for the expansion of the market.
In Europe and North America, the installation of kiosks in retail outlets is accelerating as stores are looking for solutions to reduce customer-salesperson interactions and make the purchase experience as smooth as possible.
Key Players to Concentrate Energies on Developing Cutting-Edge Solutions
Key players in this market are concentrating their innovation energies on developing kiosks equipped with cutting-edge technologies, which is enabling them to cement their market position. These products are designed to function across multiple domains, ensuring high customer satisfaction and broadening the companies’ sales potential.
List of Key Companies Profiled in the Market Report:
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.