Kiosk Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Kiosk Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Kiosk Market is expected to reach a CAGR of 13% over the forecast period. Kiosks are being designed in such a way that information is transferred to the user (consumer) at the fastest rate. Kiosks have become a vital part of various organizations, businesses, and locations where necessary information and guidance are required. Moreover, the growing need for self-service in multiple applications for better customer satisfaction, self-control, and customer privacy helps fuel the demand for kiosks across emerging economies. Key HighlightsMoreover, on the retail front, these kiosks are increasingly being used to tap into the database of stores to instantly learn about the product features and prices, thereby reducing the need for a salesperson. Shoppers can find out whether the item they want to buy is in stock and, if not, can they order it for delivery afterward. Mall operators are also employing kiosks to help shoppers pinpoint store locations and categorize products to simplify the hassle of searching for stores, such as apparel or jewelry.Further, the growing inclination toward adopting ATMs in banking sectors and other industries is also driving the growth of this market. With an increasing population and growing adoption of banking services, the demand for ATMs is increasing significantly. Considerable investments in this sector, primarily to provide reliable ATMs and kiosk systems, are helping the growth of this market. Moreover, kiosk systems are presumed to mainly influence the consumer perspective by delivering accessible and better customer service and innovative service deployment kiosk systems, especially in retail sectors and other emerging industries, thereby driving the growth of the systems across emerging economies.Further, under the COVID-19 pandemic, in April 2020, Defense Research and Development Laboratory (DRDL) Hyderabad added another product portfolio of Defence Research and Development Organization (DRDO) to battle COVID-19 by developing COVID Sample Collection Kiosk (COVSACK). The unit was developed in consultation with the Employees' State Insurance Corporation (ESIC) doctors, Hyderabad. Healthcare workers use this kiosk to take COVID-19 samples from suspected infected patients. The patient under test walks into the kiosk, where healthcare professionals take a nasal or oral swab from outside through the built-in gloves.Key Market TrendsHospitality is Expected to Witness Significant Market Growth Restaurants across the globe operating through counter service are adopting kiosk systems for line busting. They allow customers to place their orders through kiosks rather than waiting in line at the counter. Additionally, as shorter lines lead to faster service, which can result in happier and more loyal customers, fast-casual restaurants also use self-service kiosks. Further, the increasing penetration of street food in Japan is catering to the demand for kiosks. Japan, one of the densely populated countries with 127 million people, is one of the major markets in the vending machine having 5.52 million vending machines installed. The lack of crime rate, rising cost of labor, and adoption of automation have boosted the vending machine market in Japan. Moreover, the increasing penetration of quick-service restaurants, especially in the growing economies, is anticipated to be one of the significant drivers of market growth over the forecast period. According to Tillster, the global leader in powering digital ordering, delivery, couponing, and loyalty solutions, by 2024, the self-order kiosks market is expected to reach approximately $30.8B, with a significant portion coming from food and beverage kiosks, thereby fueling the market growth. Moreover, many hospitals across the globe also use the patient kiosk interface as an educational tool, providing patients with information about their departments and facilities (so that they can direct themselves to appropriate areas of the hospital). Various hospitals are launching these kiosks to facilitate a smooth patient journey; For instance, In September 2020, Apollo TeleHealth announced to launch of smart health kiosks. These kiosks would allow for the screening and diagnosis of various health parameters with the help of connected devices and integrated technologies. AI and automation also disrupt almost every industry’s operations in irreversible ways. These trends propel the adoption of interactive and self-service kiosks in nearly every industry. To cater to the robust demand, the vendors are constantly launching new kiosks in the studied segment. In February 2021, Partteam & OEMKiosks introduced Transact EXO, a self-serve ticketing and payment kiosk. The electronic or paper ticketing kiosk allows customers to buy tickets autonomously in train stations, subway stations, buses, or at the entrance of a park, museum, or cinema. The kiosk has an anti-vandalism alarm system and can accept coins, bills, and debit cards. Asia-Pacific to Have Fastest Growth Rate Countries such as China, India, Japan, Australia, and Singapore are adapting to self-service technology in the Asia Pacific region. The primary application of kiosks is in banking and financial industries, food and beverages store, and convenience store. With a growing banking sector and increasing investments from private and governmental organizations across the region, the demand for ATM systems is rising rapidly, fueling the country's kiosk market growth. Many retail stores are increasingly employing self-check of kiosks and POS systems, which enable users with a faster shopping experience. It also provides an enhanced customer database while reducing overall costs by eliminating the need for labor, thereby increasing the efficiency of the stores. Many regional product and service industries follow the customer focus approach to attract more consumers to use their products and grow in the sectors. For instance, the retail market is one of the significant industries facing challenges in meeting consumer requirements. Regionally, users are very price-sensitive and keen on purchasing products and services. Thus, it is crucial for companies and stores to provide quality customer services and enhance the user experience while using the product or buying it from stores, fueling the adoption of KIOSK systems across preferred stores for a smooth and hassle-free shopping experience. In August 2021, Missfresh Ltd, Chinese fresh food e-commerce and physical retail chain announced that it deployed vending machines at more than 5,000 businesses in Beijing, such as movie theaters, offices, wedding studios, and entertainment venues. Further, the tourism industry across the region is growing at a record rate, thereby augmenting the demand for the employment of kiosk systems to eliminate communication barriers and provide a better user experience to tourists. According to the National Bureau of Statistics of China and China Tourism Academy, international arrivals in China amounted to approximately 27.47 million in 2020, which was expected to reach nearly 32 million in 2021, despite the impact of COVID-19. Such ongoing development over the region ultimately results in higher profits, thus impacting the various end-user industry to invest in kiosks, thereby providing users with better buying experiences and services during the forecast period.Competitive Landscape The kiosk market is highly fragmented due to the included players across the value chain of the kiosk market, including hardware, software, and solution vendors. The solution providers have begun manufacturing hardware to minimize overhead expenses and improve economies of scale. Moreover, the market is highly competitive and technology-driven. The market comprises many small players accounting for little market share individually. In May 2022, Acrelec, which develops customer experience technology for quick-service restaurants, acquired Odema, a UK-based IT services company. This acquisition expands the current product line and offers complete end-to-end services to all our existing and new customers through innovation. In January 2022, Arcelec announced a partnership with NCR corporation to enable NCR customers to access Acrelec's rich suite of the drive-thru, digital signage, and kiosk solutions for restaurants. This partnership aims to be a one-stop solution for kiosks and digital menu boards for quick-service and fast-casual restaurant chains across the U.S. and international markets to deploy new technology in restaurants based on content automation that simplifies IT projects and in-store operations. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Please note: This publisher does offer titles that are created upon receipt of order. 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