Self-Service Kiosk Market to hit US$ 21,415.4 Million, Globally, by 2027 at 8.6% CAGR: The Insight Partners

According to our latest market study on “Self-Service Kiosks Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software, and Service), Type (Information, Ticketing, Patient Interactive, Check-In, Employment, and Others), and End-user (Retail, Hospitality, Healthcare, Financial Services, and Others),” the market was valued at US$ 11,319.3 million in 2019 and it is projected to reach US$ 21,415.4 million by 2027; it is expected to grow at a CAGR of 8.6% from 2020 to 2027. The report highlights key factors driving the market and prominent players with their developments in the market.

The self-service kiosks offer several benefits to service providers, such as optimization of the overall cost of businesses by reducing the infrastructure set-up and labor cost. The self-service technologies permit the user to manage various services independently, without the participation of any representatives. They offer a higher level of customer satisfaction by offering control over their purchase decisions. These factors have led to the widespread adoption of self-service interactive kiosks in the urban areas. Furthermore, to boost the urban living, self-service kiosks offers several valuable services—such as advertising, live transit feeds, free unlimited Wi-Fi access, and emergency notifications—to users. Rising adoption of Internet of things (IoT) and other smart connected devices is further adding value to consumer experience. Smart kiosks are integrated with the world-class technologies, such as machine-to-machine communication, cloud, and IoT. Therefore, by leveraging these advanced technologies/ platforms, the self-service kiosks offer cost-effective access to information.

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The self-service kiosk market was dominated by North America in 2019. The US, Canada, and Mexico are the major economies in North America. The US is a developed country in terms of modern technology and IT infrastructure. Technological advancements have led to highly competitive markets across North America. The region hosts several technological giants that invest significant amounts in the development of robust technologies. The US has been clearly past the phase of early adoption of self-service kiosk solutions. With continuous increase in data transactions in B2C, B2B, and more, several organizations and their partners are projected to grow in the near future.

Numerous enterprises are showing interest in self-service kiosk solutions to interchange their data accurately, efficiently, and safely. North America holds the largest self-service kiosk market share due to the high demand from the finance, retail, travel, entertainment, and healthcare industries. Mounting focus of the retailers on meeting the emerging customer requirements is further boosting the investments in the development of interactive kiosks in this region. The adoption of self-service kiosks solution has resulted into increased efficiency and cost savings across the US government and it is motivating other organizations.

Impact of COVID–19 Pandemic on Self-Service Kiosks Market

The emergence and rapid spread of COVID-19 virus has paralyzed numerous countries, including developed as well as developing. The continuous surge in count of infected patients is threatening several industries across the globe. The subsequent disruption in production and operation processes due to the COVID-19 outbreak has led to the hindrance of export and import of raw material and goods across the borders. Due to limited revenue growth in 2020, several owners of retail stores, malls, restaurants, and theme parks have postponed their plans of implementing self-service kiosks. However, as COVID-19 recovery rate has begun improving each day, self-service kiosks are likely to gain traction. It is anticipated to boost consumer spending by approximately 30% (as per the industry experts). Therefore, enterprises are expected to invest and implement kiosks in the coming months of 2021, which would, in turn, surge the demand for self-service kiosks. The impact of COVID-19 pandemic on Asia Pacific self-service kiosks market was marginal in 2020.

Self-Service Kiosk Market Forecast to 2028 - Latest COVID-19 Analysis at https://bit.ly/3yL100M

Rise in Technological Advancements to Support Adoption of Self-Service Kiosks

With rising technological advancements, the adoption of Intelligent Personal Assistant & Knowledge Navigator applications—such as Cortana and Siri—in self-service kiosks is constantly witnessing an increase. These self-service kiosk solutions are designed to enhance the consumer engagement with the machine by leveraging data analytics for governing the quantity sales, customer purchasing habits, and many other criteria. They also suggest the right alternatives and incentives to further boost the customer purchasing decisions. Self-service kiosks also boost the business revenues and augment the customer ties by offering major growth opportunities to the market. Several vendors are developing advanced self-service kiosks for providing enhanced online shopping alternatives to their customers in order to promote products and services across the stores. These self-service kiosks permit the interfacing capabilities to boost the retailers’ experience by providing substantial product demos as well as permitting the retailers to sell goods and items without stocking up. Furthermore, the implementation of advanced technological solutions, such as QR codes, RFID, and smartphone transactions, for payment transactions to help the consumer to check out their purchases by using smartphones, gift cards, and credit/debit cards among others.

Self-Service Kiosk Market :Type

Based on type, the global self-service kiosk market is categorized into information, ticketing and check in, and employment. The information segment led the market in 2019. The information self-service kiosks system consists of patient interactive, ordering, basic information, account opening, way finding, and bill payment kiosks, among others. Intelligent patient queue management systems allow healthcare facilities to boost operational efficiency and service quality by reducing patients’ wait times and streamlining queue management process. These kiosks are web-based systems permit the check the queue status online as well as patients to easily join a queue, thus, improve the overall service quality and reduce crowds to deliver patients with excellent healthcare experiences.

The List of Companies - Self-Service Kiosk Market

ACRELEC Group
Embross
Gemalto
KIOSK Information Systems
Meridian Kiosks
NCR Corporation
Olea Kiosks Inc
Posiflex Technology Inc
VeriFone, Inc.
Diebold Nixdorf, Inc.

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The players operating in the self-service kiosk market focus on strategies, such as mergers, acquisitions, product development, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:

In 2020, Valyant AI declared a partnership with KIOSK Information Systems (KIOSK) to create contactless experiences driven by conversational AI across environments in which kiosks are deployed.

In 2020, Olea Kiosks Inc. teamed with UrVenue—a hospitality technology platform that powers commerce, enhances the guest experience and monetizes a resort's real estate—according to a press release.

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