Rising Demand for Industry-Specific Custom Kiosks Driving the Self-Service Kiosk Market Revenue Growth- Arizton
According to Arizton’s latest research report, the self-service kiosk market to grow at a CAGR of 8.71% during 2022-2028.
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The self-service kiosk market in North America is anticipated to remain stable, driven by an increase in consumer spending and the widespread adoption of customized kiosk solutions across various industries. Additionally, several countries in the Asia-Pacific (APAC) region, such as China and India, are expected to experience significant growth in the self-service kiosk market. This growth is attributed to substantial infrastructure development, particularly in the retail and food & beverage sectors. These kiosks offer features like barcode scanning, quick service at restaurants, digital signage, and efficient check-in processes. Notably, in 2022, North America and Europe emerged as the leading regions with high demand for self-service kiosks across diverse sectors. Developing countries expect to witness the highest CAGR of over 5% in 2030 due to increasing smart cities and smart infrastructure activities. China expects to be the largest contributor in terms of revenue during the forecast period. The demand for self-service kiosks in China will be driven by increased investments in retail, financial services, and food & beverage sectors. The growing penetration of adoption of self-service in retail and the invention of self-service technologies are expected to boost the demand for self-service kiosks in the market. Hence, the development of high-quality infrastructure in China and India is expected to increase demand for self-service kiosks.
Hardware Self-Service Kiosk Market Set to Soar, While Software & Services Self-Service Kiosk Market Poised for Remarkable Growth
The year 2022 witnessed a remarkable dominance of the hardware segment, accounting for a substantial 63.91% share in the global self-service kiosk market. This surge in hardware self-service kiosk products was primarily propelled by the retail sector's robust adoption. In the evolving landscape of retail, the demand for self-service options has surged, serving as a digital gateway for consumers to independently access various services. Retailers, recognizing the significance of technology, have increasingly turned to self-service kiosks to connect with customers on a larger scale. These kiosks enable virtual customer service solutions, often incorporating video call center applications, thereby offering face-to-face and immediate access to service specialists for product inquiries and billing concerns. The result is a streamlined operation that elevates customer experiences, providing a convenient and efficient means for users to engage with products or services autonomously.
Moreover, the hardware components and functionalities of self-service kiosks may vary depending on their intended use. Additionally, many market vendors have expanded their offerings to include software solutions, enhancing the efficiency and customization options available to customers in the self-service kiosk market.
Software self-service kiosks are widely used in retail, healthcare, transportation, hospitality, banking, entertainment industries, etc. They offer businesses and customers a convenient and efficient way to interact with services, products, or information, while also streamlining operations and reducing costs for businesses. In the market, some of the existing hardware kiosk vendors have expanded their service portfolio by introducing software kiosks in the market. Grubbrr, Source Technologies, Kiosk Group, KIOSK Information Systems, and others have increased their portfolio with software self-service kiosks.
Growing Demand for Industry-Specific Custom Kiosks Driven by Consumer Preferences
The market is witnessing a surge in demand for customized self-service kiosk solutions tailored to the unique requirements of diverse industries. Custom kiosks are particularly favored by sectors such as retail, banking, and various other industries due to their industry-specific needs.
This increasing preference for customized self-service kiosk products underscores the significance of delivering personalized experiences and addressing specific industry demands. Businesses are recognizing that by offering tailored solutions, they can elevate user experiences, strengthen their brand identity, and effectively cater to the distinct requirements of their clientele.
Different industries often come with their own set of unique functionalities and processes that can be efficiently addressed through customized self-service kiosks. By adapting the kiosk's functionality to the specific needs of their industry, businesses can provide specialized services, streamline operations, and better serve their target market. For instance, healthcare facilities may utilize self-service kiosks for patient check-ins and appointment scheduling, while retail establishments may focus on functions like product information dissemination, inventory management, and integration with loyalty programs.
- Over 80% of consumers prefer to purchase a brand that provides personalized experiences
- Around 83% of consumers are willing to share their data to create a more personalized experience
- Approximately 83% of digital businesses invest in personalization
- Millennial and Gen Z brand loyalty increases by 28% if they receive personalized communication
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Key Insights
- The high adoption of self-service in the retail sector along with the new inventions of self-service technologies are some of the major trends in the market.
- The growth in foreign investments in APAC will accelerate the growth of several industries, which will drive the demand for self-service kiosks.
- The self-service kiosk market in North America has been growing steadily, driven by the increasing demand for automated and contactless solutions across industries. Businesses adopt self-service kiosks to improve efficiency, enhance customer experience, and reduce operational costs.
- High preference for user-friendly service for customers and high demand for customized products will offer tremendous growth opportunities to vendors in the global self-service kiosk market.
- Moreover, the rise in the number of smart cities and smart infrastructure is likely to drive high demand for self-service kiosks in the market. Kiosks used at these places provide wayfinding assistance, security alerts, and public notifications.
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