Self-service Kiosk Market to Surge at 11% CAGR, Transforming Retail and Food Service Industries - Analysis by TMR

Technological advancements and innovations have enabled the development of self-service technologies and services, including automated teller machines, ticketing machines, and mobile scanning. Self-service kiosks are increasingly being used in shopping malls, airports, banks, hospitals, amusement parks, etc. Within the self-service kiosk market, enhancing consumer convenience has remained the focal point, wherein new technologies and innovations have been increasingly developed- a trend that is expected to continue in the upcoming years. Consumer demand for self-service kiosks is on the rise, as more consumers become affluent with evolving consumer technologies. For several decades, service providers have continued to offer a range of self-service delivery tools, including Internet-based services, interactive voice response systems, self-service kiosks, and mobile self-services, among others.

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Market Size and Growth

The advancements within the self-service kiosk market predominantly offer value to both consumers and service providers. While service providers continue to offer additional value to their customers, including enhanced user experience, convenience, customization, and reduced waiting time, benefits on the supply side include seamless demand fluctuation, standardization of services, minimized labor costs, and widening opportunities across the commercial sector. Self-service kiosks have emerged as one of the most advanced and user-friendly self-delivery services due to which, the demand curve is expected to ascend during the forecast period. At the back of these factors, the global self-service kiosk market is expected to attain a market value of ~US$ 9 Bn by the end of 2030.

Market Segmentation

Self-service kiosks are segmented based on product and payment methods. In terms of product, the market is divided into new food kiosks, beverage kiosks, retail kiosks, parking kiosks, electric vehicle charging kiosks, patient interactive kiosks, information kiosks, employment kiosks, check-in kiosks, automated teller machine kiosks, and others. On the basis of payment methods, the market is classified into cash payment and non-cash payment. This segmentation allows for a detailed analysis of various segments and their potential growth in the industry.

Regional Analysis

Asia Pacific is the fastest-growing region in the self-service kiosk market. China accounted for a 30.5% share of the Asia Pacific market in 2019, driven by a large number of kiosk installations in metro cities. North America is the fastest-growing region in terms of value and volume, with consumers in the U.S. and Canada more inclined toward purchasing products from kiosks. High disposable income coupled with the demand for quick shopping experiences by decreasing queue waiting time is driving market growth. The U.S. accounted for a major market share in North America.

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Market Drivers and Challenges

Technological advancements coupled with a focus on improving consumer experience are some of the major factors expected to drive the self-service kiosk market. Major developments in technology have played an imperative role in boosting user experience in restaurants and retail stores. Self-service kiosks are likely to revolutionize the shopping and dining experience of consumers worldwide. However, the COVID-19 pandemic is anticipated to hinder the growth of the self-service kiosk market, particularly in 2020. Lockdowns, trade restrictions, and disruptions in the supply chain are some of the factors likely to dent the demand for self-service kiosks until the pandemic subsides.

Market Trends

Companies operating within the self-service kiosk market are increasingly seeking ways to enhance the customer value quotient of their solutions and services. The advent of new technologies within the self-service kiosk market is expected to play an imperative role in influencing consumer shopping and dining patterns. Consumers are likely to embrace new self-service kiosks technologies and continue to benefit from the same. Service providers within the current market landscape are projected to focus on tapping into the surge in demand for customized products and create products that align with the same. Food chains such as McDonald's and Taco Bell continue to install more self-service kiosks across their outlets worldwide, leading to a consistent rise in overall footfall.

Competitive Landscape

Competition in the global self-service kiosk market is very high, with a large number of small and large-scale players present in the market. Companies are opting for various strategies to increase their market share, including mergers & acquisitions, and product innovation and development. Asia Pacific is an emerging region attracting companies to set up their manufacturing plants in China, India, South Korea, and Japan. Some of the key players operating in this market include Advanced Kiosks, Embross, IER, Kiosk Information Systems, Meridian Kiosks, NCR Corporation, REDYREF, Aila Technologies, Inc., and ZEBRA Technologies Corporation.

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Future Outlook

The global self-service kiosk market is expected to grow at an impressive CAGR of 11% during the forecast period. The market growth can be primarily attributed to the consistent rise in demand from the food and retail sectors. Improving consumer convenience and providing value to customers should remain a priority for service providers operating in the current self-service kiosk market landscape. While the adoption of self-service kiosks is expected to be the highest in North America, the Asia Pacific will emerge as a hotbed for development during the forecast period.

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