The self-service kiosk market is expected to garner a market value of US$ 28 Bn in 2022, anticipated to register a positive CAGR of 11% in the forecast period 2022-2032 and reach a value of US$ 79.5 Bn. As of 2021, the market was valued at over US$ 26 Bn.
With various technological advancements, self-service technologies are being used extensively at banks, hospitals, airports, amusement parks, etc. Consumer demand for self-service kiosks is rising day by day, as more and more consumers are looking for a better experience such as customization, convenience, and enhanced interface.
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What are the main uses for self-service kiosks that drive demand?
Customers should demand more individualised and user-friendly self-service kiosks during the assessment phase. At places like shopping malls, airports, hospitals, etc., where self-service kiosk technologies are customizable, interactive, and can minimise waiting times, consumers are increasingly adopting them.
The market is expected to grow during the assessment period due to the deployment of physical barcode scanners and self-checkout counters for payments. Self-service kiosks are being installed in large numbers by fast food businesses like Taco Bell and McDonald’s, which has increased overall foot traffic.
Key Takeaways:
- APAC to hold majority of the market share, with China securing about 30% of the share in the region during the forecast period.
- U.S self-service kiosk market is the fastest-growing market in terms of volume and value. As per the estimation, the country can secure about 40% of the U.S landscape.
- Based on product, the retail kiosks segment holds the majority of the market share, procuring about 55% of the global revenue.
- Based on the payment method, the non-cash payment segment is to maintain its position. The projected growth rate is 12% during the forecast period.
- Based on end-use service, the BFSI segment is likely to hold lucrative opportunities for expansion. The segment is likely to secure 30% of the revenue during the forecast period.
Growth Drivers:
- Increasing adoption of self-service kiosk technologies in hospitals, shopping malls, and airports is expected to benefit the market significantly during the forecast period.
- Growing usage of Intelligent Personal Assistant & Knowledge Navigator applications like Siri and Cortana is likely to augment the self-service kiosks market.
- The implementation of smart technologies such as; RFID, QR Codes, and smartphones transactions for convenience of payment is likely to drive the demand for self-service kiosks considerably.
Key Restraints:
- Security concerns associated with self-service kiosks are likely to hamper market growth. Public kiosks are prone to hacking which acts as a major barrier to their adoption.
Competitive Landscape:
Prominent players in the global self-service kiosk market adopt various strategies to enhance their global reach. Some of the most common methods of market expansion are acquisitions, collaborations, partnerships, and expansions.
Some of the recent developments among the key players of the market are:
- In 2020, Valyant AI announced a partnership with KIOSK Information Systems (KIOSK) to produce contactless experiences driven by conversational AI across environments where kiosks are deployed.
- In 2021, Zebra Technologies disclosed the acquisition of antuit.ai, a provider of (AI) – powered Software-as-a-Service (SaaS) solution.
Key Companies Profiled by Fact.MR
- ZEBRA Technologies Corporation
- Aila Technologies, Inc.
- REDYREF
- Source Technologies.
- Embross
- Meridian Kiosks
- NCR Corporation
- IER, Kiosk Information Systems
- Advanced Kiosks
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