Self-Service Kiosk Market to Worth US$ 21,415.4 million by 2027- Global Analysis and Business Growth by 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.

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Impact of COVID-19 Pandemic on Self-Service Kiosk Market

Any impact on the growth of industries is expected to affect the economic growth of the region negatively. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak, with 17,515,091 confirmed cases and 313,748 deaths as per the World Health Organization. The US is a prominent market for self-service kiosks. Retail stores were affected severely in 2020 due to the COVID-19 outbreak. According to the real estate firm, CoStar Group, as many as 12,000 stores were temporarily shut in the US in 2020; J.C Penney and GameStop were among the key retail brands that closed their stores in 2020. Similar trend was visible in the hospitality industry. However, the healthcare industry has been resilient in these times of pandemic. Enterprises that were likely to implement kiosks system in 2020 had to either delay the implementation plan , thereby impacting the demand for self-service kiosks. However, as the lockdown appears to be easing and operations are resuming, the demand for self-service kiosks is expected to pick pace.

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.

Company Profiles

• 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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