Declining costs of hardware and introduction of highly sophisticated technology at a sustained pace are making kiosks a medium of enhanced profitability and increasingly a means of improving the customer experience for a number of industries. While kiosks have existed in the global market for many decades, their sales have taken off only in the past few years.
Transparency Market Research states that the global kiosks market held an opportunity of US$12.2 bn in 2015. The market is expected to expand at a 10.9% CAGR over the period between 2016 and 2024 and rise to a valuation of US$30.8 bn by 2024.
Vending Kiosks Emerge as Most Popular Product
In terms of products, the segment of vending kiosks dominated the global kiosk market, accounting for over 45% of the global market in 2015. Vending kiosks dominate owing to the fact that the choice of what they can be used to offer to the consumer is rising at a substantial pace in the global market. The segment is expected to exhibit a healthy 11.5% CAGR over the period between 2016 and 2024. However, the segment of charging kiosks is expected to expand at the fastest pace across all chief product types in the kiosks market over the said period. The segment is expected to exhibit a CAGR of 13.5% from 2016 to 2024. Demand will be primarily driven by the rising consumer base of electrical vehicles and mobile computing devices across the globe.
Need for Enhanced Consumer Experience and Quick Service Drive Increased Adoption of Kiosks in Retail Sector
The retail sector was the largest segment by end-use in the global kiosk market accounting for 54.5% in 2015. Most of the retail outlets are offering self-checkout kiosks to customers for faster processing of the purchases. Not only is the factor of faster services stimulating the adoption of kiosks in the retail sector but the fact that kiosks help save space in the physical world. As many as six self-checkout kiosks can fit in the space required to set up a single traditional checkout system. This factor can act as a huge determinant of the overall success of a retail outlet with limited operational space.
Dominant but Mature Regional Markets for Kiosks to Witness Sluggish Growth
From a geographical standpoint, North America dominated the global kiosk market in 2015. The region accounted for a share of nearly 42% in the global market in 2015 and is expected to remain a key contributor to the overall revenues of the global kiosk market in the next few years. Europe accounted for the second-largest share of 22% in the global kiosks market in 2015. From 2016 to 2024, the mature kiosk markets in these regions will witness moderate growth. The North America market will expand at a 10% CAGR and the Europe market will expand at a 7.2% CAGR over the said period.
MEA and Latin America to Present Most Promising Growth Opportunities
In the years to come, the global kiosks market is expected to witness the most promising growth in the Middle East and Africa (MEA) and Latin America regional markets. The banking and finance and aviation industries in these regions will drive the increased need for a variety of kiosks in the next few years. The kiosks market in the MEA region will expand at an enormous CAGR of 17.30% over the period between 2016 and 2024. Asia Pacific kiosks market will also exhibit modest growth over the period, at a 6.4% CAGR, much of which will be driven by the retail industry.
The competitive landscape of the global kiosk market features high competition and the presence of a large number of companies. Investments aimed at the development of products with innovative and technologically advanced features are rising in the market and many new vendors are making inroads at a rapid pace. Some of the key companies operating in the market presently are International Business Machines Corporation (IBM) Corp., KIOSK Information Systems Inc., Wincor Nixdorf Ag, Slabbkiosks, NCR Corp., and Meridian Kiosks LLC.
A kiosk is an electronic device that provides information which is basically interactive in nature. Modern consumers demand more interactive features and the liberty while purchasing a commodity. Hence, a major section of the retail companies are contemplating incorporating kiosks in their businesses.
This research report on the kiosk market provides detailed analysis of the kiosk devices and helps understanding the driving forces behind the popularity of kiosk in the market. It also provides analysis of major sub-segments of the global kiosk market for the next nine years. This report includes extensive analysis of industry drivers, restraints, market trends, and market structure. The market study provides comprehensive assessment of stakeholder strategies and imperatives for succeeding in the business. The report has segregated the market based on type, end-use, and geography.
Other important points covered in the research study include:
- Definitions, estimates, and forecast (revenue) of the kiosk market for the period from 2016 to 2024
- Analysis of the global market and respective sub-segments
- Recent developments of major players and strategies followed by them
- Profiles of major market participants to help better understand their contribution in the market
The research report provides a comprehensive assessment of stakeholder strategies, and the imperatives for succeeding in kiosk market. The report includes competitive analysis of various market segments based on type and end-use for kiosks, and in-depth cross-sectional analysis across different geographical segments of the kiosk market. The report segregates the kiosk market based on different geographies into North America, Europe, Asia Pacific, Middle-east and Africa and Latin America.
For detailed understanding of the kiosk market, all these segments have also been estimated in terms of revenue (US$ Mn) for the geographies mentioned above. The market research study analyzes the kiosk market worldwide, and provides historical revenue estimates in terms for the years 2015 and 2014, along with the market forecast for the period 2016 to 2024. Market forecasts have been analyzed considering the impact of various economic, political, social, legal, operational and technological factors influencing market growth
The kiosk market is segmented as follows.
- Self-Service Kiosks
- ATM (Automated Teller Machine)
- Locker Kiosk
- Charging Kiosk
- Others (Web Payphone, Gaming)
- Transport (Airport/Railway/Bus) Operator
- Banks, Advertisers
- Petrol Station
- Commercial Complex (Education, Hospital)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America