Interactive Kiosk Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2663
Interactive Kiosk Market size is driven by the increasing demand of customers to use the self-service processes for purchasing products, gaining product information, and consuming technically-advanced services. Customers prefer to use these technologies due to the time saving and improved reliability in purchasing a variety of products. These stalls offer instant customer service without the involvement of customer service employees, who are reserved for answering more unique questions and enquiry. Companies save the cost of appointing a large number of employees and human resources by incorporating these systems thereby contributing to the market growth.
The key advantage of these devices is the cost reduction for various industries, especially the retail sector by minimizing the size of customer service & sales teams and eventually reducing the overall cost. These interactive systems aid in analyzing the customer behavior by collecting certain customer data & information, enabling companies to understand consumer preferences and catering to them in a more efficient manner. The increasing government initiatives for incorporating these machines for ease in the e-governance activities such as providing information about government programs, services, local tourism and publicizing new government websites or initiatives are contributing to the interactive kiosk market growth.
A major factor hindering the interactive kiosk market is the technical obsolescence occurring in the functional operations. Problems in machines, such as failure at critical times, lacking automatic upgrades, and high repair costs, pose significant challenges to the industry participants. These machines incur a very high total cost of ownership, hindering the market growth. The compliance with regulations is another challenge to the industry growth.
Major trend in the interactive kiosk market include the evolution of touchscreen systems that aid several applications such as ticket vending, bill payment, banking activities, and showing directional maps. The innovation in electric vehicle technology is creating large opportunities for the interactive kiosk market. The advancements in technology also increase the availability and reliability of these machines as emergency warning systems. The security of outdoor kiosks is improving, allowing these systems to provide emergency warnings in critical situations in towns and cities. The emergence of augmented reality is anticipated to drive the market growth. By implementing augmented reality, information is accessed from kiosks to smartphones, allowing users to tap the system database and get a video or picture of the surroundings. The feature aids customers to know the surroundings with a better understanding.
In the interactive kiosk market, payment kiosk machines are expected to witness growth over the forecast timeline. The growth can be attributed to the transaction ease and the speed of these systems, allowing customers to pay bills quickly without any hassle or by contacting staff members. These machines are available in various shapes and sizes from mounted options to outdoor standalones. The wayfinding kiosk segment in the interactive kiosk market is rapidly growing and is expected to gain large revenue shares over the forecast timeline. The wayfinding machines are increasingly utilized in airports, universities, roads, and shopping centers, where they help the visitors with 2D and 3D maps to give a better directional understanding and ease in traveling.
Retail applications in the interactive kiosk market are rapidly growing and witnessing an increasing demand for these products. Increasing demand is due to the reduction in the cost of customer interaction and engagement, increased sales, and ease in delivering ROI. These machines are highly affordable for the retail sector as compared to human workers as the machines work continuously in an efficient manner. Furthermore, the BFSI sector is increasingly utilizing these machines due to benefits offered such as digitization in the banking services, improving customer experience and brand reinforcement. Services such as ATMs, passbook printing machines, and cash deposit machines are used daily by consumers to save time and effort, contributing to the market growth.
The U.S. interactive kiosk market has witnessed growth in the recent years and is expected to maintain a dominant position. The demand is due to early adoption of advanced technologies in the country, customer demand for personalized services, and increasing investments from various industry verticals in the implementation of these systems to enhance the customer service. Emerging economies including India, China, and South Korea are expected to have a high demand in the interactive kiosk market. The growth in these countries is due to the digitization of products and services, the development of the retail sector, and the increasing purchasing power of consumers.
Industry participants in the interactive kiosk market include Partteam & OEMKiosks, Acante, Aila Technologies, Inc., Evoke Creative Limited, Olea Kiosks, Globaltronics, Inc., Diebold Nixdorf, Intuilab SA, NCR Corporation, Phoenix Kiosk, IBM Corporation, IER SAS, Zebra Technologies, and Zivelo LLC. The industry is highly fragmented in nature with the presence of a large number of participants. Several players in the interactive kiosk market are increasingly focusing on new product development or innovations and merger & acquisition strategies to sustain the intensive industry competition. For instance, in May 2018, Zivelo LLC announced its acquisition over Oak Labs, a software company providing efficient retail technology. The acquisition enables Zivelo to offer efficient software development tools other than its hardware and services offerings.
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