Kiosk Finds Large Application in Finance and Banking Sector Making Market Worth US$30.8 bn by 2024
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.
Vending Kiosks Emerge as Most Popular Product
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.
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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.
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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.