The market for self service kiosk is anticipated to record a notable CAGR of around 8.80% over the forecast period 2020-2028. The shifting consumer preferences towards digital payments owing to the direct purchase through debit or credit cards without human interaction are driving the growth of the market.
Further, seamless performance and reduction in operational time offered by self service kiosk in effective buying is fostering the market growth. In addition, increasing usage of smart phones and tablets is leading to the rising adoption of mobile wallets.
Therefore, these factors along with rising digitally advanced infrastructure in banks are fostering the growth of the market. On the basis of product type, the market is segmented into food & beverage kiosk, retail kiosk, parking kiosk, information kiosk, patient interactive kiosk, check-in kiosk and others.
Research Nester published a report titled “Self service kiosk market– Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the self service kiosk market in terms of market segmentation by product type, by payment method type, by component type, by end users and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The retail kiosk segment is estimated to dominate the market on the account of availability of product information and services unified with kiosks along with the advertisements without actually entering the outlets. Further, retail kiosk eliminates long queues at billing counter and enhances customer experience. Moreover, growth in smart retail stores is capturing the attention of customers, which in turn, is propelling the growth of the market over the forecast period.
Based on the regional analysis, the market for self service kiosk is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The huge investments for the setting up of new retail stores along with the rising quick shopping experiences of consumers will account for the dominance of North America in the self service kiosk market.
The surge in adoption of self service kiosks and rising disposable income of consumers are generating huge demand for self service kiosks. Moreover, presence of several quick service restaurants in the region along with the well establishment of banking sector base is fostering the growth of the market.
The market in Asia Pacific is estimated to witness fastest growth rate owing to the rising adoption of digital solutions in healthcare infrastructure along with rapid installations of self service kiosks in metro cities. Hence, these reasons are estimated to drive the growth of the market during the forecast period.
The rising advancements in the technology for the development of security systems such as Near-Field Communication (NFC) and Radio Frequency Identification (RFID) are fostering the market growth. Further, these advancements offers convenience, seamless demand fluctuation, standardization of services and reduced waiting time to consumers and service providers.
In order to enhance customer value and consumer dining patterns, there is a notable rise in operational activities for self service kiosks. The heavy traffic volume of visitors at restaurants and retail outlets are generating healthy demand for touch screen self service kiosk. Therefore, these factors along with the increasing number of food outlets and customized products demand will propel the market growth over the forecast period.
However, high initial investments associated with self service kiosks along with the losing traction of touch based self service kiosk owing to the outbreak of COVID-19 pandemic is expected to operate as a key restraint into the growth of self service kiosk market over the forecast period.