Interactive Kiosk Market worth $39.1 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 20, 2022 /PRNewswire/ -- According to the new research report, the "Interactive Kiosk Market with COVID-19 Impact by Offering (Hardware and Software & Services), Type (Bank Kiosks, Self-service Kiosks and Vending Kiosks), Location (Indoor and Outdoor), Panel Size, Vertical and Region - Global Forecast to 2027", published by MarketsandMarkets™, the market is projected to grow from USD 28.8 billion in 2022 and is projected to reach USD 39.1 billion by 2027; it is expected to grow at a CAGR of 6.3 % from 2022 to 2027.
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The growth of this market is driven by factors such as enhanced shopping experience for customers, rising demand for self-service in banking & financial services, enhanced applications over conventional services and innovations in touch screen display and glass technology.
Interactive kiosk market for bank kiosks expected to grow at the highest CAGR from 2022 to 2027
Interactive kiosks are largely used for banking and financial services. The market for bank kiosks is expected to register the highest CAGR during the forecast period. The bank kiosks, through their ability to perform different functions, provide more convenient, flexible, high-performance, point-of-interaction solutions to consumers for their banking activities. The customers can complete standard transactions and get remote assistance for complex transactions through these kiosks. Factors such as the incorporation of modern technology in the banking sector and initiatives taken by banks to combine technology and the finance sector to cut down labor costs and bring about a more technical approach to banking are driving the interactive kiosk market for bank kiosks.
Panel size above 32" is expected to grow at higher CAGR from 2022 to 2027
The market for above 32" interactive kiosks are expected to grow at a higher CAGR from 2022 to 2027. The panels with sizes between 32 inches and 65 inches are mainly used in the healthcare and hospitality sectors. Besides, these screens are also used in restaurants as menu boards to indicate prices, ingredients, and waiting time of the order taken from customers, though the market has the highest growth in the healthcare and hospitality sectors. These large-sized displays are very expensive. Hence, they are primarily used in some niche applications. However, improved product performance and reduced cost are expected to open up new application areas for these displays in the corporate, educational, hospitality, and retail sectors during the forecast period.
Interactive kiosk market for software & services segment to witness highest CAGR during the forecast period
The for software & services offering segment is expected to witness higher growth during the forecast period. Software solutions play a major role as the kiosk supplies have to provide customized solutions to the sellers as per the product and location requirements. With progressing technologies, robust and user-friendly software solutions are being deployed for the smooth functioning of kiosks. Hence, the interactive kiosk market for software would experience a high growth owing to these advanced software solutions. Similarly, services that include deployment, installation, training, maintenance, upgrades, and technical support are major concerns for kiosks.
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North America held significant share of interactive kiosk market in 2021 and is expected to follow the trend by 2027
North America is expected to account for the largest share of the interactive kiosk market during the forecast period. The interactive kiosk market in North America is driven by various factors such as the need to save time, need for accuracy, high living standard compared with other regions and efficiency in retail services. Interactive kiosk manufacturers in North America are focused on manufacturing precise and fast. The retail sector in the US is moving toward a more solution-oriented approach. This has motivated manufacturers to come up with highly automated products. The favorable economic conditions prevailing in North America and the growing demand for kiosk services among customers have encouraged various end-user industries involved in mainstream automated operations to carry out easy and quick point-of-sale (PoS) services.
Key players in the interactive kiosk market include KIOSK Information Systems (US), Olea Kiosks Inc. (US), Frank Mayer and Associates, Inc. (US), Source Technologies (US), NCR Corporation (US), GLORY LIMITED (Japan), Diebold Nixdorf (US), Embross (Canada), Meridian Kiosks (US), REDYREF Interactive Kiosks (US), lilitab, LLC (US).
Apart from these, Korala Associates Limited (KAL) (US), Acante Solutions Limited (UK), SlabbKiosks (US), IntuiFace (France), Aila Technologies (US), Advanced Kiosks (US), Dynatouch (US), LamasaTech (UK), Shenzhen Lean Kiosk Systems Co., LTD (LKS) (China), are among a few emerging companies in the interactive kiosk market.
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