(I-BusinessNews.Com, June 18, 2021 ) The global Retail Self Service Kiosk Market is estimated to surpass $30.3 billion mark by 2026 growing at an estimated CAGR of more than 7.3% during the forecast period 2021 to 2026. Self-Service Kiosks are computer devices designed to help people in performing specific tasks and services on their own like paying bills, buying tickets, bank transactions and others. Self-service kiosks are extensively used in retail industry, entertainment, healthcare, transportation, government & BFSI and education among others. However, the impact of the COVID-19 outbreak has been drastic globally. The self-service kiosk market experienced a considerable impact as a result of a disruption in the retail sector and global tourism activities along with difficulty in production. However, with reduced manpower in manufacturing facilities owning to strict government measures, the self-service kiosk steadily is gaining momentum.
Retail Self Service Kiosk Market Segment Analysis - By Implementation
Service / Transaction segment held the largest share in the Self-Service Kiosk market in 2020 and is anticipated to grow at a CAGR of 6.76% through the forecast period. There are diverse types of service/transaction kiosks ranging from electronic check drop box to advanced kiosks serving high-end functionality. Various transactions such as bill payments, dispensing and customer service are processed through service/transaction kiosks. The growing adoption of smartphones and tablets along with preference for mobile payments is driving Service / Transaction self service kiosk demand. Vending kiosks are another kiosk which is used for services or transactions, it can directly sell a product. They were previously only used to issue tickets, but have now expanded to dispensing small, basic items, such as makeup, beverages, packaged foods and others.
Retail Self Service Kiosk Market Segment Analysis - By End Use Industry
In recent years, the adoption of self-service kiosks for various products and services in the retail industry has increased. Consumer demand for interactive features and the need for freedom of choice while purchasing have led to a requirement for kiosks in retail stores. The interactive touchscreen and functional design of the kiosk make them a unique and popular tool for retailers. Therefore, a number of retail firms are considering integrating similar technology into their everyday operations. For instance, convenience stores such as Walmart and Target brand have already deployed self-service kiosks in their retail stores. The retail industry's sales have decreased globally due to the COVID 19 pandemic. The U.S. retail sales decreased by 1.1% on a month-to-month basis in November 2020. However, the pandemic has accelerated the shift from traditional stores to self-service kiosk deployed stores. Restaurants around the globe that operates through counter service are now shifting to kiosk systems for allowing their customers to place their orders through kiosks rather than waiting in line at the counter. In addition, as shorter queues lead to quicker service, which can lead to happy and more loyal customers, therefore, quick-casual restaurants are also using self-service kiosks.
Retail Self Service Kiosk Market Segment Analysis - By Geography
APAC held the largest share in the Self-Service Kiosk market in 2020 up to 35%. This can be attributed to rapid urbanization and consumer preference for convenience. The contactless payment option helps clients to complete transactions easily, conveniently, and safely. In addition, growing acceptance in the banking and financial services sector is also driving the region's market growth. The retail market is one of the big industries facing a threat to customer requirements. Users prefer stores that have a simple and trouble-free shopping experience, but also deliver higher service. Thus, various industries are investing in self-check kiosks and POS systems, which enable a faster shopping experience with easy access to information about the availability of the products. Moreover, the retail industry in India is booming, with revenues in the recent past positive. According to IBEF, India's retail market is expected to rise from USD 672 billion in 2017 to USD 1,200 billion in 2021. Increased investment by international and private players is also boosting India's retail infrastructure and is therefore having a positive impact on the market studied.
Advances in technology are enabling the usage of self-service kiosk
Advanced technology such as incorporating Intelligent Personal Assistant & Knowledge Navigator applications such as Siri and Cortana in self-service kiosks has increased the market growth. This self-service kiosks market is improved the consumer engagement with the machine by leveraging data analytics to determine individual purchasing habits, quantity sales and several other criteria and recommend the right incentives and alternatives to affect customer purchase decisions. It would boost revenues and enhance customer ties, providing the market with a major growth opportunity. Vendors are likely to continue to run interactive self-service kiosks to provide their customers with online shopping options and to promote products and services that are not in stores. Such interfacing capabilities complement retailers by offering convincing product demos and also allowing retailers to sell goods without stocking up.
Investment and Adoption in Shopping Malls and Chain Retail Stores
In shopping malls, self-service kiosks have various applications in different shops such as food, cosmetics, accessories, and others. Self-service kiosk also offers tattoos, quick hair-cuts, and astrologers facilities in shopping malls. Kiosks also, help in advertising for new companies using digital signage. Whereas the increasing trends of the self-service kiosk will enhance the overall market growth for the self-service kiosk market. Walmart is looking to invest over $1.2 Billion USD in India’s Flipkart, owing to these investments the demand for self-service kiosk is expected to grow. Due to the Covid 19 pandemic, demand for self-service kiosks in shopping malls has increased. As it helps prevent the spread of coronavirus by reducing the number of staff and reduces the workload.
Retail Self Service Kiosk Market Challenges
Lack of Technical Support
Self-service kiosks are usually installed at retail sites that lack on-site technical assistance, and remote control has become an integral aspect of many kiosk installations. Without it, the crashed self-service kiosks showing the "Blue Screen of Death" will stay unusable before a mechanic or skilled worker comes to reset the computer. The remote management kit should allow administrators to remotely troubleshoot their kiosks, significantly minimizing annoying failures and expensive on-site service visits. With the ability to remotely change configurations and upgrade apps, self-service kiosks owners can add the new content, security updates and antivirus software to their kiosks without ever making a service request. Though, Covid-19 has a positive impact on the market, there are some factors that restrain the market growth. These include, the global lockdown, disruption of global supply chain, unstable economic conditions, and declined growth of the transportation sector and restaurants due to lockdown.
Retail Self Service Kiosk Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Retail Self Service Kiosk Market. Diebold Nixdorf, SLABB, NCR, Embross, Kiosk Information System, Toshiba TEC, Posiflex, Arcelec, Hitachi and Crane are considered to be the key players of the Retail Self Service Kiosk Market.
Acrelec Group, acquired Pittsburgh-based HyperActive Technologies, a leading U.S. supplier of outdoor restaurant technology. The acquisition helped Acrelec to expand its product portfolios and strengthen its customer relationship.
Posiflex Technology, Inc. launched Paragon TK-3200 Series, and the Stellar TK-2100 Series interactive kiosks that aimed at shaping the future of retail and hospitality industries, enabling brands to interact with consumers in new and innovative ways.
The increasing convergence of emerging technologies such as artificial intelligence and the Internet of Things into electronics is increasing manufacturers' focus on advances in traditional kiosks. As a result, high production of self-service kiosks is proliferating due to increasing demand from retail sector.
According to the Payment C M LLP study, 19.4 percent of the U.S. smartphone owners used mobile payment options at Point of Sale (POS) at least once every six months in 2016. This percentage is rising exponentially and is expected to increase by more than 33% by 2021. In turn, this is estimated to contribute a direct positive impact on the deployment of these systems across a number of sectors.
The growing adoption of smartphones and tablets along with preference for mobile payments is driving Service / Transaction self service kiosk demand.
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