Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Market Insights- Global Kiosk Market
An interactive kiosk is a computer terminal that features specialized hardware and software that provides access to applications and information for entertainment, commerce, communication, or education. Kiosks can be manned or unmanned while unmanned kiosks can be digital or non-digital. Interactive kiosks have been used in hospitality, retail, and food services, in order to enhance customer service and simplify operations. Kiosks are employed at high foot traffic settings such as hotel lobbies, shops, and airports. For instance, kiosks allow users to check out a library book or issue a hotel key card or order a shop’s catalog when items are not in stock. The global kiosk market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
The global Kiosk Market was accounted for US$ 81.1 Billion in terms of value and 25,004 Units in terms of volume in 2019 and is expected to grow at CAGR of 5.9% for the period 2019-2027.
Market Dynamics- Drivers
- Improvement offered in customer experience is expected to drive growth global kiosk market during the forecast period
Kiosks can aid the owner to offer new opportunities for income generation. A kiosk involves advanced programing and specialized hardware that streamline the entire customer interaction process and leads to real-time interaction between a prospective buyer and kiosks. Moreover, it can offer various advantages to customers, which are not provided by other technological advancements. For instance, gas stations are largely run on digital processes and customers make payment at the pump. The technology that is used to swipe credit cards or select fuel has an additional option of streaming video content while petrol is being pumped. It can be used to provide quick entertainment or display certain strategic advertisements. Moreover, most customers in today’s generation do not appreciate any interference while choosing or deciding on buying a product. Instead, they prefer to seek any sort of technical assistance depending on their individual necessity. Thus, such benefits are expected to support growth of the market in the near future.
- Availability of customer transaction with minimal space is expected to propel the global kiosk market growth over the forecast period
A kiosk enables organizations to run their businesses in a very minimal space, which in turn reduces expenditure significantly. Several kiosks can be placed in minimal places and thus stores can take care of customers even with significantly less space. Such strategic moves are crucial for small stores and enterprises considering the limited space or land they have. As a result of this, returns on the company’s investment increase thereby increasing the possibility of expanding profit margins. Hence, these actors are expected to propel the global kiosk market growth over the forecast period.
Asia Pacific region dominated the global Kiosk Market in 2019, accounting for 38.4% share in terms of value, followed by North America, Europe, Middle East and Africa and Latin America.
Source: Coherent Market Insights
Market Dynamics- Restraints
- High cost required for installation of kiosks is expected to hamper the global kiosk market growth over the forecast period
Installing and authorizing kiosk requires significant cost. This expenditure continues to rise with timely maintenance and hardware and software components. Since majority of kiosk in operation today are touchscreen, the possibility of screens getting damaged leading to regular replacement is very high. Although screens with greater longevity are available in the market, there are certain issues regarding their clarity. Hence, such factors are expected to hamper adoption of kiosks and restrict growth of the market in the near future.
- Major issues regarding data theft are expected to hinder the global kiosk market growth during the forecast period
Although most kiosks are equipped with capability to protect from any cyber-attack, problems such as data theft are prevalent. Employees are unable to keep track of each and every customer closely, which leads to customers stealing from self-checkouts. The general trend is replacing the barcodes of high-priced items with low-priced items. This can be considered a serious threat for any business that has installed kiosks to boost sales. This restraint is expected to have a high impact on the market in the next few years and in the long run. Moreover, many businesses are still hesitant about choosing kiosk systems to store important data. This, in turn, is expected to hinder growth of the global kiosk market during the forecast period.
- Integration of digital signage can present major business opportunities
Retail kiosks with incorporation of digital signage offer distinct advantages since they do not require any human assistance. For this, a standard 110-volt outlet is needed, particularly now that internet service is available over Wi-Fi or cellular networks. Since these kiosks are unmanned, the software driving the signage needs 100% protection. Thus, kiosks are being customized with advanced signage media players. In these new-generation kiosks, signage plays the role of a virtual sales representative. With the help of touchscreen intelligence, clients can learn about the items being sold and make purchase decisions at that very moment.
- Advent of cardless ATMs can provide excellent growth opportunities
Cardless ATMs are gaining significant traction in various countries, especially the U.S. and Canada. Smartphones have enhanced the speed of transactions and have also made them secure. Moreover, majority of banks in the U.S. are installing new ATMs or rescaling existing machines with advanced technology. In these systems, a client can order cash through a smartphone app. The customer needs to enter the code received into the machine to receive cash, without using the ATM card.
Source: Coherent Market Insights
- Adoption of pathfinder kiosks is a major trend
Wayfinding or pathfinder kiosks are geo-fenced, which provides current location and locations in its vicinity. These locations can provide information to people about their location and help them reach other nearby destinations. There exist different types of wayfinding kiosks: 2D, 2.5D, and 3D. These kiosks are used in hospitals to a large extent in order to reduce the stress of patients or their relatives in terms of locating a particular place.
- Rising trend of solar kiosks
Solar kiosks are equipped with rooftop photovoltaic panels with ample power to provide for solar lighting, car batteries, mobile phones, computers, and even solar refrigerators. Furthermore, solar energy is significantly inexpensive and can offer clean energy thereby providing affordable energy sources for low-income groups. Solar Kiosk Kenya Ltd. has started its operations in Kenya. It employs a business model that enables local entrepreneurs to sell solar products and provide solar-powered services to the community.
In global Kiosk Market, by Vending Kiosk Type, Drink Vending sub-segment dominated the global market in 2019, accounting for 66.8% share in terms of value, followed by Food Vending, Photo Printing and DVD Rental respectively.
Source: Coherent Market Insights
Key players operating in the global kiosk market are ZIVELO, Acrelec, Wincor Nixdorf International, Diebold Nixdorf, Inc., Triton Systems of Delaware, FUJITSU, Slabb Inc., Glory Ltd, Q-Matic Corporation, GRGBanking, Phoenix Kiosk, IER, Olea Kiosk Inc., KIOSK Information Systems, NCR Corporation, Kontron AG, Nautilus Hyosung, and Meridian Kiosk.
- Major companies in the market are focused on partnerships and collaborations, in order to enhance the market presence. For instance, in March 2017, Acrelec partnered with Kimball Electronics, Inc., a U.S.-based company. Under this partnership, Kimball Electronics, Inc. would handle all aspects of the manufacture of wide-ranging kiosks for Acrelec in the Americas.
- Key players in the market are involved in product development, in order to gain a competitive edge in the market. For instance, in January 2017, Fujitsu Ltd. introduced a new panel-mounted thermal printer called the FTP-62GUSL series. This printer has been designed to work with self-service technologies such as ATMs, kiosks, gas pumps, and POS systems.