Interactive Kiosk Market Analysis: Uncovering Emerging Trends and Consumer Preferences
The global interactive kiosk market size was valued at USD 28.45 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 7.1% from 2022 to 2030. Due to the high development in payment and security technologies, the market has witnessed rapid growth over the past few years. Many of the self-service kiosk manufacturers will continue to extract these technologies’ maximum potential and are expected to include them as an indispensable component of their product offering. Interactive kiosks help prevent long queues at public places, such as inquiry counters at railway stations, banks, and malls and check-in counters at airports. At places, such as hospitals and government offices, they help reduce the paperwork associated with visitor data collection and enhance visitors’ experiences.
An increase in product adoption in the BFSI and retail segments is expected to be a major growth driver for the market. Some of the major manufacturers are already working on developing and integrating Artificial Intelligence (AI)-based technology in interactive kiosks. For instance, ViaTouch Media has introduced AI-based kiosks, which enable shoppers to examine the products before making a purchase. As products are removed from the retailer’s shelf, a video screen above displays product information to the customer. The growing problems due to the outbreak of COVID-19 have increased the adoption of self-checkout kiosks to avoid human interaction. As self-checkout kiosks ensure social distancing in stores, they pave the way for a little human interaction.
Gather more insights about the market drivers, restrains and growth of the Global Interactive Kiosk Market
Component Insights
The hardware segment led the market and accounted for more than 45.0% share of the global revenue in 2021. The hardware segment includes kiosk equipment, such as displays, printers, and others. Enclosures, card readers, scanners, motion sensors, physical keyboards, touchpads, bill acceptors & recyclers are covered under the others segment. System integrators and independent software developers of kiosk applications develop solutions to integrate and control multiple hardware components. Manufacturers integrate software platforms with other hardware components to enhance the use of the interactive kiosk.
End-use Insights
The BFSI segment led the market and accounted for more than 51.0% share of the global revenue in 2021. Increasing demand for self-service technology in the BFSI segment is expected to propel the segment’s growth. The interactive kiosk has applications in almost every business sector, from retail, BFSI, government, healthcare, and education to entertainment. The organizations are focusing on providing customized self-service solutions. Interactive kiosk applications in retail include self-directed bill payment, self-check-in, check-out, digital signage to display product information, and advertisement with built-in customer interaction capability.
Type Insights
The Automated Teller Machines (ATMs) segment led the market and accounted for the highest revenue share of more than 49.5% in 2021. Digital transformation initiatives and growing ICT spending are expected to spur the demand for ATMs in the market. Interactive vending kiosks accept payments or payment tokens and then dispense the products. They are majorly used for dispensing items, such as packaged foods& beverages, medicines, etc. Various players in the retail and food & beverage industries are increasingly rolling out vending kiosks as a part of their efforts to improve the buying experience.
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Regional Insights
On the basis of geographies, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America regional market accounted for the largest revenue share of more than 44.0% in 2021, followed by Europe. North America is one of the largest politically stable regions and is expected to maintain the trend in the coming years. The growing market demand is a positive sign for businesses. The key manufacturing companies are now focusing on implementing innovative solutions to satisfy the tech-savvy customers’ requirements.
Key Companies & Market Share Insights
The market is characterized by the presence of a few players accounting for significant industry share. New product launches and technology partnerships are some of the major strategies adopted by key companies to strengthen their market position. Key industry players are also heavily investing in research & development projects and focusing on establishing production infrastructure to develop and offer differentiated and cost-effective self-service solutions. The Meridian, Advanced Kiosk, and Kiosk Information System have a strong market presence due to the availability of a strong R&D department and production facilities. The companies mainly focus on product innovation and effective distribution through a strong network of partners in multiple countries, such as the U.S., Germany, India, and Brazil. Some of the key players in the global interactive kiosk market include:
· NCR Corp.
· Diebold Nixdorf AG
· ZEBRA Technologies Corp.
· Advanced Kiosks
· Embross Group
· GRGBanking
· IER SAS
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