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Retail Self Service Kiosk Market Overview, Trends And Forecast 2024-2033
Retail Self Service Kiosk Market Overview
According to The Business Research Company's, The retail self service kiosk market size has grown strongly in recent years. It will grow from $21.45 billion in 2023 to $23.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increased cost reduction initiatives, consumer demand for convenience, regulatory compliance and security concerns, remote management and monitoring, competition and market differentiation.
The retail self service kiosk market size is expected to see strong growth in the next few years. It will grow to $33.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to increasing expansion into emerging markets, enhanced data analytics capabilities, focus on sustainability and eco-friendly solutions, improved inventory management. Major trends in the forecast period include augmented reality (AR) integration, voice-activated interfaces, blockchain-based payments, integration with robotics and automation, subscription-based services and membership programs.
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Market Drivers and Trends:
The expanding use of contactless payments is expected to propel the growth of the retail self-service kiosk market going forward. Contactless payments refer to a secure and convenient payment method where customers can make purchases without physically swiping their card or passing it to another person. The reasons for expanding contactless payments are convenience, encouraging the adoption of digital wallets, enhanced security, and reduced cash handling costs. Contactless payments provide customers a fast, convenient, and secure way to complete transactions at self-service kiosks. For instance, in March 2024, according to reports published by UK Finance, a UK-based non-profit organization, the total value of contactless transactions was £27.5 billion ($34.7 billion) in 2023, a 7.2% increase of £25.7 billion ($32.4 billion) in December 2022. Therefore, the expanding use of contactless payments is driving the growth of the retail self-service kiosk market.
Major companies operating in the retail self-service kiosk market are focusing on developing new kiosk solutions such as high-performance kiosks built on Windows OS, to advance their offerings to their customers. The new high-performance kiosk is built on the Windows OS with Samsung's latest interactive self-service display. For instance, in May 2023, Samsung Electronics Co. Ltd., a South Korean information technology company, launched KMC-Windows, an updated Windows version of the Samsung Kiosk designed for retail self-service applications. This new kiosk model features an interactive 24-inch display with expanded software compatibility, catering to industries such as food and beverage, retail, travel, and healthcare, offering high-performance computing power and full compatibility with significant ordering, point-of-sale, and property management system software.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Verifone Inc., Hitachi Ltd., Schlumberger Limited, NCR Corporation, Diebold Nixdorf Inc., Sanden Holdings Corporation, Kontron AG, Fuji Electric Co.Ltd., Elo Touch Solutions Inc., Telpo Technology Co. Ltd., Fabcon Inc., Evoke Creative Limited, KIOSK Information Systems Inc., Japan Cash Machine Inc. Ltd., Saudi Economic and Development Company, Meridian Kiosks LLC, Frank Mayer and Associates Inc., Pyramid Computer GmbH, Voxson Pty. Ltd., RedyRef Interactive Kiosks, LamasaTech Inc., Optical Phusion Inc., Olea Kiosks Inc., Phoenix Kiosk Inc., Zytronic plc
Retail Self Service Kiosk Market 2024 Key Insights:
• The retail self service kiosk market size is expected to see strong growth in the next few years. It will grow to $33.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Contactless Payments Driving Retail Self-Service Kiosk Market Expansion
• High-Performance KMC-Windows Kiosk For Retail Self-Service Market
• North America was the largest region in the retail self service kiosk market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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