(I-BusinessNews.Com, June 26, 2021 ) The global Self Service 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. Self-Service 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. Self-service kiosks are extensively used in retail industry, entertainment, healthcare, transportation, government & BFSI and education among others. 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 self-service kiosk market.
Self Service Kiosk Market Segment Analysis – By Usage
Food ordering held the largest share in the Self-Service 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 self-service kiosk are commonly used in travel, theme parks and film theatres. Ticketing self-service kiosk offers the end user the ease of printing their tickets. Ticketing self-service 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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Self Service Kiosk Market Segment Analysis By End Use Industry
The Retail sector held the largest share in the Self-Service 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, self-service kiosks are the best working alternative to save time during the check-ins and check-outs.Self-service 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.
Self Service Kiosk Market Segment Analysis – By Geography
APAC held the largest share in the Self-Service 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.
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Self Service Kiosk Market Drivers
Advances in technology are enabling the usage of self-service kiosk
Advanced technology such as incorporating Intelligent Personal Assistant & Knowledge Navigator applications such as Siri and Cortana in self-service kiosks has increased the market growth. This self-service kiosks market is improved the consumer engagement with the machine by leveraging data analytics to determine individual purchasing habits, quantity sales and several other criteria and recommend the right incentives and alternatives to affect customer purchase decisions. It would boost revenues and enhance customer ties, providing the market with a major growth opportunity. Vendors are likely to continue to run interactive self-service kiosks to provide their customers with online shopping options and to promote products and services that are not in stores. Such interfacing capabilities complement retailers by offering convincing product demos and also allowing retailers to sell goods without stocking up.
The outbreak of COVID-19 pandemic drives the market growth
Self-service 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. Self Service 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 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 self-service 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.
Self Service Kiosk Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Self Service Kiosk Market. Diebold Nixdorf, SLABB, NCR, Embross, Kiosk Information System, Toshiba TEC, OLEA Kiosks, Azkoyen, Hitachi and Crane are considered to be the key players of the Self Service Kiosk Market.
Acquisitions/Technology Launches/Partnerships
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.
Key Takeaways
The increasing convergence of emerging technologies such as artificial intelligence and the Internet of Things into electronics is increasing manufacturers’ focus on advances in traditional kiosks. As a result, high production of self-service kiosks is proliferating due to increasing demand from various sectors.
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 self-service kiosks.
Increased smartphone and tablet adoption, along with mobile payment preference, has also had a positive impact on the growth of this market.
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