Kiosk Market to Soar at 12.5% CAGR till 2027; Increasing Focus on Enhancing Customer Purchase Experience in the Retail Industry to Boost Growth: Fortune Business Insights™
Pune, Sept. 22, 2020 (GLOBE NEWSWIRE) -- The global Kiosk Market size is projected to reach USD 46.25 billion by 2027, exhibiting a CAGR of 12.5% during the forecast period. Rising adoption of smart and interactive kiosks across several retail outlets will upswing the growth of this market, states Fortune Business Insights™ in its report, titled “Kiosk Market Size, Share & COVID-19 Impact Analysis, By Kiosk Type (Retail, Financial, QSR, Tickets & Billing, Information, Self Service & Others), By Industry (Retail, BFSI, Hospitality, Entertainment & Gaming, Airports & Hotels, IT/ Telecommunication, & Others), and Regional Forecast, 2020-2027”.
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Self-service and interactive kiosks embedded with smart technologies are being increasingly deployed in the retail industry as they provide quick access to customers to check out the products they wish to buy. They also boost employee efficiency, as the employees, free from catering to individual customers, can engage in more productive tasks in the store. As a result of these benefits, retail brands and outlets are actively installing these terminals in their shops to maximize customers’ shopping experience. For example, New York & Company is merging its in-store and online retail operations by launching self-service kiosks in select stores across the United States. Similarly, Amazon Go is planning to launch retail stores in London, which will have grab-and-go kiosks and will be devoid of any cashiers or salespersons.
The report states that the global market value stood at USD 18.15 billion in 2019 and provides the following:
- Meticulous examination of all market segments;
- Careful study of the trends and other factors influencing the growth of the market;
- Actionable research into the regional developments and competitive milieu of the market; and
- Comprehensive analysis of the overall industry outlook and market prospects.
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Unprecedented Downfall in Tourism & Retail Operations amid COVID-19 to Halt Growth
The Kiosk Market growth is unlikely to escape the fury of the COVID-19 pandemic as the crisis has caused a major setback to the tourism and retail industries. According to the UN World Tourism Organization (UNWTO), international tourist numbers fell by 98% in May 2020, resulting in an approximate loss of USD 320 billion for the global tourism industry. The retail industry has been suffering as well, since lockdowns and social distancing measures are forcing consumers to stay at home, leading to sharp decline in foot traffic in retail outlets. For example, according to the Trust for Retailers & Retail Associates of India (TRRAI), the Indian retail sector is likely to face a 25-30% business impact. In tourism, kiosks are extensively utilized for booking tickets, taxis, filling out immigration forms, getting flight information, etc. In retail, these are necessary to simplify shopping for customers. With activities in both sectors contracting, the demand for kiosks will inevitably plunge during the pandemic.
Rapid Expansion of Retail Sector in China and India to Favor the Asia Pacific Market
With a market size of USD 4.85 billion in 2019, Asia Pacific is anticipated to lead the Kiosk Market share during the forecast period. The primary factor fueling the regional market is the speedy growth of the retail sector in India and China, where the popularity of self-service terminals in retail stores in soaring. In addition, increasing investment by companies in smart kiosks in the region will generate multiple opportunities for the expansion of the market.
In Europe and North America, the installation of kiosks in retail outlets is accelerating as stores are looking for solutions to reduce customer-salesperson interactions and make the purchase experience as smooth as possible.
Key Players to Concentrate Energies on Developing Cutting-Edge Solutions
Key players in this market are concentrating their innovation energies on developing kiosks equipped with cutting-edge technologies, which is enabling them to cement their market position. These products are designed to function across multiple domains, ensuring high customer satisfaction and broadening the companies’ sales potential.
- January 2020: Advanctech introduced the UTK-932 Outdoor Self-Service Kiosk, a highly customizable kiosk having design-to-order features, at the 2020 NRF tradeshow. The kiosk boasts of a 32-inch touchscreen and a robust structure, designed for easy use for SUV and sedan drivers as well as on-foot customers.
- September 2019: US-based VeriFone Holdings, an expert in point-of-sale terminals, announced the acquisition of Zivelo, a leading provider of digital signage solutions based in Arizona. The acquisition will allow VeriFone to expand its footprint in the US Kiosk Market as well as gain access to Zivalo’s flagship offerings.
List of Key Companies Profiled in the Market Report:
- iQmetrix (Canada)
- Embross (Canada)
- Diebold Nixdorf, Inc. (United States)
- SITA (Switzerland)
- KIOSK Information Systems (United States)
- ZIVELO (United States)
- Glory Global Solutions (International) Limited (United Kingdom)
- Advantech Co., Ltd. (Taiwan)
- NCR Corporation (United States)
- Olea Kiosks Inc. (United States)
- Meridian Kiosks (United States)
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Detailed Table of Content
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Supply Chain Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Primary Interview Responses
- Global Kiosk Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Kiosks Type (Value)
- Tickets & Billing
- Self Service
- Others (Photo Kiosks, etc.)
- By Industry (Value)
- Entertainment & Gaming
- Airports & Hotels
- IT/ Telecommunication
- Others (Luxury, etc.)
- By Region (Value)
- North America
- South America
- Middle East & Africa
- Asia Pacific
- By Kiosks Type (Value)
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