Published On: Aug 01, 2016
A vast number of vendors spread across the globe are contributing to the favorable development presently witnessed by the global kiosk market and the number of companies venturing in the market is rising at an increasing frequency, reports Transparency Market Research (TMR) in a new research report.
The competition in the market is expected to intensify in the next few years and companies are expected to invest more in the development of products with innovative features to gain a competitive edge. With rising prevalence of cybercrimes and the increasing usage of kiosks across the banking and finance industry, incorporation of security features in kiosks capable of masking or protecting critical finance-related data of consumers will gain more prominence.
Some of the key vendors operating in the North America market, the regional market accountable for the dominant share of the global kiosk market’s revenues presently, include Kiosk Information Systems, Diebold Inc., and NCR Corporation. Other key vendors in the global kiosk market are International Business Machines Corporation (IBM) Corp., Wincor Nixdorf Ag, Slabbkiosks, and Meridian Kiosks LLC.
Promise of Improved Customer Experience and Efficient Services Work in Favor of Kiosk Uptake in Service Industries
Kiosks have proven to be excellent means for improving customer experience, appealing tech-savvy and digitally inclined consumers, and improving the efficiency of operations for the services industry. These factors have emerged as the core drivers for the increased adoption of kiosks at facilities where routine transactions and answering routine consumer questions can be more effectively handled with the help of self-sustainable machine interfaces. Organizations are also increasingly coming to terms with the fact that personnel costs can be enormously brought down by reducing manpower with kiosks.
Advertising kiosks capable of attracting an increased level of consumer interest and ultimately bringing a sizeable rise in sales by providing product information customized to the specific needs and interests of consumers are also gaining increased adoption across several industries. In the next few years, these factors will provide substantial traction to the global kiosk market.
Concerns Regarding Data Theft and Cost-intensive Installation and Authorization Procedures to Limit Market Growth
Although the growth prospects of the global kiosk market are mostly promising, the factor of security concerns pertaining to critical consumer data, especially gathered during financial transactions at kiosks, has raised suspicion among consumers unacquainted with technology advancements. The vast costs incurred during the purchase and installation of even the basic varieties of kiosks are also downsizing the overall appeal of kiosks for a select consumer base. For cost-sensitive regional markets such as Asia Pacific and Latin America, technologically advanced kiosks can be seen as unnecessary burdens on the overall investments and finances.
North America to Retain Dominance but MEA and Latin America to Present Most Promising Growth Opportunities
North America accounted for a share of nearly 42% in the global market in 2015. As a result, the regional market remained a key contributor to the overall revenues of the market in 2015 and will continue to do so in the next few years as well. However, the global kiosk market will gain the most promising returns from sales across the Middle East and Africa and Latin America regional markets over the period between 2016 and 2024. Owing to increased adoption of kiosks in the banking and financial sector will drive the MEA kiosks market at the fastest CAGR of 17.30% from 2016 to 2024.
Of the key product types in the market, the segment of vending kiosks led the market, accounting for a share of over 45% in the market in 2015. However, the segment is expected to lose its appeal to the charging kiosks segment, which will expand at the fastest 13.5% CAGR from 2016 to 2024. On a whole, the global kiosk market will expand at a 10.9% CAGR over the said period. Expanding at this pace, the market, which had a valuation of US$12.2 bn in 2015, is expected to rise to US$30.8 bn by 2024.
This review of the global kiosk market is based on a recent market research report published by Transparency Market Research, titled “Kiosk Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024.”
For this study, the market is segmented as follows:
Global Kiosk Market
- 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