Potential Impact of COVID-19 on Interactive Kiosk MarketAccording to a new market report published by Transparency Market Research titled ‘Interactive Kiosk Market (Type: Floor Standing, Wall Mount, and Others; End-use Industry: Retail & Hospitality, Financial Services, Healthcare, Media, Communication & Entertainment, and Government) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027, the global interactive kiosk market is expected to reach US$ 43,697.0 Mn by 2027, expanding at a CAGR of 6.1% from 2019 to 2027.
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In terms of volume, the global interactive kiosk market is expected to reach 8,140.6 ‘000 units by 2027, expanding at a CAGR of 5.8%. Based on region, the global market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America.
The interactive kiosk market in North America is mature and is the second-largest market globally. North America witnesses a significantly high number of non-cash transactions and this number is increasing owing to a surge in the use of interactive kiosks and ATMs. The U.S. dominates the interactive kiosk market in North America. In the U.S., as per the Diary of Consumer Payment Choice Report 2015 and 2018 by Federal Reserve, the market share of cash transactions have decrease to 30.0% in 2017 whereas share of debit and credit cards have maintained a market share of 45.0-48.0% between 2015 and 2017.
Interactive kiosks have been used for a long time in the U.S. Moreover, the versatility of interactive kiosks has been increasing for the last few years. A significantly high number of ATMs are in use in the U.S. Moreover, penetration of banking services is high in the U.S. According to the FDIC (Federal Deposit Insurance Corporation), survey in 2017: FDIC National Survey of Unbanked and Under banked Households, the share of unbanked households in the U.S. is only 6.5%. ATMs serve a major banking channel for consumers in the U.S. Consequently, the interactive kiosk market in the U.S is expanding.
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Europe is the third-largest market for interactive kiosk, globally, and it is a mature market. Europe follows North America, in terms of number of non-cash transactions, globally. In Europe, the U.K., Germany, and France are prominent markets for interactive kiosks. The baking industry is mature in Europe, and ATMs are a major banking channel. Rise in card payment and mobile commerce is driving the demand for interactive kiosks.
China is a prominent market for interactive kiosk in Asia Pacific, followed by Japan and India. In terms of ATM volume, China is a major market and accounts for more than 75.0% share of the global ATM market. India is also a prominent interactive kiosk market and demand for ATMs is increasing in India. In both China and India, rise in millennial population, increase in penetration of digital technologies, and government initiatives for financial inclusion are boosting the number of banking consumers. Consequently, banks are introducing ATMs in order to serve this large pool of new consumers. Japan is a major exception to this trend, as the number of ATMs has declined in Japan, as the cost and maintenance of an ATM in the country is higher than the fee it generates. The number of ATMs is expected to rise in other countries in Asia Pacific also, such as Myanmar, Bangladesh, and Pakistan.
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