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The global Interactive Kiosk Market is estimated to surpass $35.8 billion mark by 2026 growing at an estimated CAGR of more than 6.4% during the forecast period 2021 to 2026. Interactive Kiosks are computer devices designed to help people in performing specific tasks and services on their own like paying bills, buying tickets, bank transactions and others. It’s a standalone device in a public place used for contributing information or for any kind of promotional purpose, often incorporating an interactive display on screens. Interactive kiosks market has a cut-throat competition for the big players in the market with its huge demand from various industries like Entertainment, Hospitality, banking and other industries.. They enhance the user experience to make services hassle free and matters of seconds which are of paramount importance to the comfort level of consumers. Data security is a key feature of kiosks which is driving the demand of Interactive Kiosk market.
Interactive Kiosk Market Segment Analysis – By Usage
Food ordering held the largest share in the Interactive Kiosk market in 2020 and is growing at a CAGR of 9.21% during the forecast period. Self-ordering kiosks are constantly gaining traction in the transformation of the way orders are delivered in fast-service restaurants with a high footprint. Popular fast-food restaurants such as McDonald’s, KFC, and Pizza Hut have already embarked on the most ambitious transition, integrating a range of emerging technology and ground-breaking cashless payment service concepts. The COIVD-19 pandemic has further unlatched doors for self-ordering kiosks in the food ordering application. Ticketing printing Interactive Kiosk are commonly used in travel, theme parks and film theatres. Ticketing Interactive Kiosk offers the end user the ease of printing their tickets. Ticketing Interactive Kiosk uses modern and it combines with any configuration, whether they are put outdoors in the open or inside the premises, helps to improve customer service.
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Interactive Kiosk Market Segment Analysis – By End Use Industry
The Retail sector held the largest share in the Interactive Kiosk market and is anticipated to grow at a CAGR of 7.28% through the forecast period. As they provide information and advertise the offerings to shoppers without the need for actual entry of shoppers into the retail stores, the demand for kiosks for retail applications is increasing. It also helps the attention of consumers to be attracted to in-store product details and promotional displays of goods and services. Whereas, the growing shopping malls in emerging country also drive the market growth. Checking-in/check-out at hotels take too much time on front desks. So, Interactive Kiosks are the best working alternative to save time during the check-ins and check-outs. Interactive Kiosks at hotels or resorts provide access to onsite dining and room service menus and ordering, salon reservations, local car rental services, all at a touch of a button. This results in increased customer satisfaction by allowing guests to access concierge functions.
Interactive Kiosk Market Segment Analysis – By Geography
APAC held the largest share in the Interactive Kiosk market in 2020 up to 33%. This can be attributed to rapid urbanization and consumer preference for convenience. The contactless payment option helps clients to complete transactions easily, conveniently, and safely. In addition, growing acceptance in the banking and financial services sector is also driving the region’s market growth. According to RBI, India on-site ATMs increased to 112,458 in 2019 from 104,011 ATMs in 2018. In Japan, the retail market is one of the big industries facing a threat to customer requirements. Users prefer stores that have a simple and trouble-free shopping experience, but also deliver higher service. Thus, various industries are investing in self-check kiosks and POS systems, which enable a faster shopping experience with easy access to information about the availability of the products. In addition, the adoption of interactive kiosks is also on the rise as a result of the COVID 19 pandemic. For instance, to minimize the risk of cluster infection by reducing human interaction during the COVID-19 pandemic.
Interactive Kiosk Market Drivers
Growing Demand for ATMs
The growing growth of contactless payment systems, combined with the need of reduce processing times at various counters, interactive kiosk demand is increasing as it avoid long-standing queues, while providing operating efficiency. With a rising population and increasing public awareness of banking services, demand for ATMs is growing at a fast rate. Large investments in this sector to provide secure ATM-based self-service kiosk systems are contributing to the development of this market. According to Retail Banking Research, 4 million ATMs will be deployed worldwide by 2021 and Asia-Pacific will expand by 46% and account for well over half of the global number. As, growing number of ATM’s across world wide, accelerating the demand for market. According to RBI data, India had 104,011 on-site ATMs in 2018, with rapid population growth and post-recession digitization. In addition, the convenience of performing all kinds of banking operations, such as check deposits, balance-sheet surveys, money transfers, money withdrawals, and much more, makes people focus on 24*7 service ATMs rather than going to banks within defined hours. It also helped the bank to ease the workload of catering to so many people and to make the process smooth at the end of the process. The increasing trend towards the adoption of ATMs in the banking and other industries is one of the key factors driving the growth of this industry.
The outbreak of COVID-19 pandemic drives the market growth
Interactive Kiosks can help to reduce the risk of spread of diseases in many places by limiting accessibility to a wide number of users. Many businesses are using self-serving to minimize human-to-human encounters with most day-to-day activities by replacing the interaction with a human-to-machine interface. There are various ways that self-service technologies can help battle COVID’19. Interactive Kiosks eliminate the need for person-to-person contact, Help in maintaining user confidence and specialized kiosks to prevent transmission of the virus and spread of COVID’19. Self-service machines with temperature recognition systems held at the doors of various stores/hotels help to test people based on their body temperatures and allow for those with normal temperature conditions to check in.
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Interactive Kiosk Market Challenges
High upfront investment and ongoing financial crisis to hinder market growth
Several businesses are automating the sales process by deploying smart kiosks involving the delivery of large amounts of capital. This involves purchase costs, process costs and costs incurred with the repair of the facilities. In addition, in the wake of the current pandemic, businesses are facing difficulties in responding to changing hourly demands. The corporations are already facing a serious cash shortage, which means that they are also forced to lay off some of their workers. This is likely to have an effect on businesses in the coming years, with the magnitude of the recession rising on a regular basis and hindering unparalleled economic growth. Several expenses are involved in the implementation and operation of Interactive Kiosks, such as kiosk software costs, touchscreen, 24*7 technical assistance, software administration, installation and so on. The high construction and repair costs of ATMs, vending machines and kiosks pose a threat to business development in emerging economies.
Interactive Kiosk Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Interactive Kiosk Market. Diebold Nixdorf, SLABB, NCR, Embross, Kiosk Information System, Toshiba TEC, OLEA Kiosks, Phoenix Kiosk Inc., Meridian Kiosks Inc and Kontron are considered to be the key players of the Interactive Kiosk Market.
Hitachi Omron Terminal Solutions acquired Interblocks Limited, which was a provider of various payment-related software products and services. With the acquisition the company accelerate the development of solutions with cash and non-cash transaction channels like Automated Teller Machines, mobile banking or smartphone-based payment, bank counters and others.
NCR added SelfServTM 63 a cash recycling ATM, a self-service device specially designed for premium floor space and offers flexibility in accepting, validating and storing cash quickly and reliably.
With the usage of Interactive Kiosks in retail practices to enhance customer experience and analyzing public behavior are playing a significant role in driving the market. It has a various advantages like efficiency of sales, reduced transaction time, improved interaction, enhanced service are driving the market.
Security related applications and development in retail and entertainment industries are the major divers of the market. Kiosks helps various industries to save time, and to increase the number of users that approach at a time as it gives effective information in less time is further driving the market.
Technological advancements such as Near-Field Communication (NFC) and Radio Frequency Identification (RFID) in the field of digital payment and security applications have also contributed to the expansion of applications and the use of Interactive Kiosks.
Related Reports :
A. Bank Kiosk Market
B. Biometrics Banking Market
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