Interactive Kiosk Market Overview
Growing demand for self-service terminals, customer convenience, increasing digital signage industry, along with overall growth in retail industry buoyed the interactive kiosk market growth, globally. Constant advancements in technologies are leading to an inclination of consumers toward the usage of these kiosks; developments in touch and display glass technologies expected to catalyze the market growth. Moreover, the increasing use of interactive kiosks enabling customers to avoid queues and save time, especially at service intensive places like malls, in terms of bill payments, banks in making deposits and withdrawals and railway ticketing.
An interactive kiosk is an automated terminal for public exhibit and use, that provides information and application for education, communication, entertainment, ticketing, banking, and commerce. Interactive kiosks enable customers to have a greater control over their purchasing decisions, which further ensures a higher degree of customer satisfaction. With the help of interactive kiosk, service providers are able to cater to a large number of customers with a fewer staff.
Based on offering, the interactive kiosk market can be segmented into hardware, software, and services. Based on type, the market can be categorized into tele-kiosk, photo kiosk, financial kiosk, internet kiosk, ticketing kiosk, visitor management and security kiosk, patient interaction kiosk, and information kiosk. Of these, bank kiosks category held the largest revenue share in the market, since these solutions support considerable time consumption for consumers during transferring cash or depositing funds.
Interactive kiosks in banks provide convenience to customers, and save service cost to the banks, by offering functions of prepaid/debit card kiosks, loan kiosks, and bill payment kiosks, as well as for cashing checks, transferring money, buying money orders, printing checks, accessing online banking, and printing financial statements.
Based on vertical, the interactive kiosk market can be segmented into retail, healthcare, banking financial services & insurance (BFSI), government, transportation, hospitality, entertainment, and others, wherein ‘others’ include commercial offices and education verticals. Of these, BFSI is expected to hold the largest revenue share during the forecast period, with increasing penetration of self-service systems pertaining to cheque scanners, automated teller machines (ATMs), and cash deposit machines. Additionally, consumers are increasingly relying on the self-service technologies to perform their financial activities.
North America accounted for highest penetration of interactive kiosks, attributed to the growing demand for interactive kiosks at airports, and increasing use of digital signage and self-checkout systems in retail industry. The use of interactive kiosks at several stores, such as Walmart, as checkout counters, is also proliferating the interactive kiosk market in the region.
However, APAC is expected to register the fastest growth in interactive kiosk market during the forecast period, owing to the advancements in technology, increasing purchasing power, emergence of new business models, and growing retail industry. Growing construction market, coupled with the adoption of interactive kiosks in high-end service industries, such as airports and railways, entertainment and healthcare industries, would also propel the growth of the market.
Utilizing interactive kiosks reduces the checkout time, provides more personalized services, and moreover, reduces the operational costs of the deployers. Furthermore, technology utilization increases overall throughput for the deployer. This is a major factor behind the hike in the interactive kiosk market. These systems, including hardware, software, and services requirements, fulfil the needs of what consumers expect from store attendants, while maintaining overall productivity and efficiency of purchase processes.
Moreover, labor cost account for a significant portion of overall costs in a retail store, and deployment of such systems aids in eliminating labor cost. By automating the work of cashiers and clerks, and transferring the rest to shoppers, stores save considerable labor cost. Increasing focus of businesses on cost optimization by reducing labor cost is a key factor driving interactive kiosk market.
A major opportunity for market players in interactive kiosk market lies in setting-up of tele-kiosks with global positioning system (GPS) technology. The GPS technology on highways can be effectively used to indicate road accidents. In addition, the growing use of interactive kiosk as a tracking device among various end-users, such as government organizations and hospitals to maintain visitor’s records is expected to provide potential opportunities for market players.
Interactive Kiosk Market Competitive Landscape
The interactive kiosk market is exhibited to be highly fragmented, with the presence of numerous market participants. Several market players are increasingly focusing on new product developments, and merging and acquisitions strategies, in order to sustain in the highly competitive market. For instance, in May 2018, Zivelo LLC announced the acquisition of Oak Labs, Inc., a software company, which will enable Zivelo LLC to offer software development tools portfolio along with its hardware products and service offerings.
Some of the key players in the interactive kiosk market include KIOSK Information Systems, NCR Corporation, Slabb Inc., Source Technologies, Diebold Nixdorf, Incorporated, Embross, Meridian Kiosks, REDYREF, Advantech Co. Ltd., NEXCOM International Co., and Hashtech Systems Pvt. Ltd.
The report will also provide a country-wise analysis. Some of the major countries that are covered in the report include U.S., Canada, France, U.K., Spain, Italy, Germany, Russia, China, Japan, India, Indonesia, South Korea, Australia, Saudi Arabia, Turkey, U.A.E., South Africa, Brazil, Mexico, and Argentina.