The rapid growth in self-service machines, wireless communication, and automated devices make it convenient for the customers to access services such as self-baggage check-in, ticket booking, self-check-out, information display and payment transactions used in retail stores, restaurants, hotels, airports, railway stations, malls, and metros. These enables customers to meet their own service demands and facilitates entire service experience with 24/7 availability without engaging with store representatives and waiting in long queues. This has resulted to a significant rise in demand for interactive kiosks. Furthermore, many banks and retail stores, owing to their limited infrastructure and work-force are turning towards cost-effective solutions to expand their operations and serve a larger consumer base. This is anticipated to significantly expand the interactive kiosks market. CLICK TO DOWNLOAD SAMPLE REPORT
Studies have shown that majority of the people across the world are more convenient and versed towards touch screen devices and have shifted their preference to mobile payments option. This has created a direct positive impact on the deployment of touch screen technology devices which helps access specific information and allows retail industries to reach out customers in a more effective way. Owing to these personalized and customized experience along with the ease in transaction process, interactive kiosks have positively impacted the market growth. Moreover, with the inclusion of AI enabled innovative technologies such as GPS tracking and radio-frequency identification, manufacturers have come up with remote monitoring and scheduled maintenance services to facilitate business operations with high efficiency. This is propelling the growth of the interactive kiosks market.
Rising demand for self-service devices, innovative interactive kiosks with touch screen display in retail stores and enhanced shopping experience for customers are some of the factors boosting the market growth. The interactive kiosks market is anticipated to record a significant CAGR over the forecast period, i.e., 2020-2028. The market is segmented by end user into BFSI, transportation, retail, hospitality, healthcare, and entertainment. Based on this, the segment for retail is anticipated to hold the leading share in the market on account of its in-store product information and promotional displays which attracts customer without the need for actual entry of shoppers in the stores. Further, retailers offer services such as self-directed bill payment, check-out, and digital signage.
Despite the advanced development in technology, there is high initial cost involved in setting up interactive kiosks as well as risk of intrusion of cyber frauds. This factor is estimated to hinder the growth of interactive kiosks market in the future.
Our in-depth analysis of the interactive kiosks market includes the following segments:
On the basis of regional analysis, the interactive kiosks market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for interactive kiosks in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market interactive kiosks. Moreover, there is an increased demand from retail, entertainment, travel, finance, and healthcare industries along with the growing emphasis on customer service and satisfaction in this region which further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of rapidly expanding transportation infrastructure and high-tech services offered by retail and tourism industries. Additionally, owing to the digitalization in payment services, there is an increased penetration in banking and finance as well as in food and beverages sector, especially in countries such as China, India and Japan. This factors further raise the demand for interactive kiosks.
The interactive kiosks market is further classified on the basis of region as follows:
June 2018: One of the industry leading kiosk manufacturer and software developer, Meridian Kiosks, announced that the company has expanded their self-service solutions by including a lineup of automotive specific kiosks.
October 2017: The U.S. Department of Transportation (DOT) announced that it has come into an agreement with Spirit Airlines and Alaska Airlines/Virgin America for expanding greatly the availability of airport kiosks. These airport kiosks are anticipated to be made accessible to individuals with disabilities.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh