Self-service Kiosk Market To Reach USD 23760 Million by 2029, witnessing a CAGR of 4.0%| Valuates Reports
BANGALORE, India , March 28, 2023 /PRNewswire/ -- Self-service Kiosk Market is segmented By Type (Indoor Kiosk, Outdoor Kiosk), By Application (Retail, Financial Services, Hospitality, Public Sector, Travel, Food Industry, Others) : Global Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Retail Trade Category.
The Self-service Kiosk market was valued at USD 18000 million in 2022 and is anticipated to reach USD 23760 million by 2029, witnessing a CAGR of 4.0% during the forecast period 2023-2029.
Major factors driving the growth of the Self-service Kiosk market
The main drivers of the Self-service Kiosk Market growth are the increased use of self-service in the retail industry, the demand for contactless payment processing, and improved consumer experiences when shopping. Many businesses, such as retail, entertainment, healthcare, government, education, and transportation, are using this technology. They are quick and effective, which contributes to better customer service and a smooth procedure.
The requirement for automation to streamline the delivery of goods and services is one of the main growth factors for the self-service kiosk market.
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TRENDS INFLUENCING THE GROWTH OF THE SELF-SERVICE KIOSK MARKET
Retailers may avoid a lot of the problems caused by the current labor crisis by using self-service kiosks. They lower labor overhead expenses and let customers interact with things without the aid of a salesperson. As the kiosks can offer comprehensive product information and tailored recommendations, it also enables merchants to provide better customer care. Self-service kiosk usage might boost upselling as well. Self-service kiosk POS software can suggest more products to customers while they check out their existing purchases, frequently leading to higher sales. These factors are expected to drive the growth of the self-service kiosks market.
Before the pandemic, financial institutions were undergoing a steady rate of digital transformation. In this context, financial institutions place a lot of emphasis on developing or implementing new self-service technology. Financial institutions are investing more heavily in the machinery that enables automation as banking consumers become increasingly dependent on self-service banking. Banks may effectively cut costs and branch size by implementing digital branch transformation, which also gives clients a more convenient experience. These factors are expected to drive the growth of the self-service kiosk market.
Increasing the adoption of broad expansion across the hospitality industry as self-service kiosk deployment proceeded. And a large portion of this expansion was done to meet the post-pandemic labor shortages. The real deal-breaker, though, is that self-service kiosks let you provide fast, excellent service that your consumers will adore without having to increase staffing levels to pre-pandemic levels. Staff can focus their efforts on perfecting other aspects of customer care when a kiosk transfers important portions of the customer journey to the users themselves. This will further amplify the growth of the self-service kiosk market.
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SELF-SERVICE KIOSK SHARE ANALYSIS:
The major markets are the United States and Europe, both with a share of about 30%, and China and Japan, each with a share of approximately 15%. The market's income is influenced by the early adoption of the technology and the presence of numerous vendors. Also, there is a rising consumer market desire for touchless services.
With a market share of almost 70%, Indoor Kiosk is the most significant product category.
Key Companies:
- NCR
- Diebold
- Fuji Electric
- Hitachi
- Crane
- GRG Banking
- SandenVendo
- Lone Star Funds
- Sielaff
- Azkoyen Group
- Bianchi Vending
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SIMILAR REPORTS:
- The global Smart Retail market size is projected to reach USD 785 Billion by 2027, from USD 142 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 28% from 2021 to 2027.
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- The global Enterprise Mobility in Retail market size is projected to reach USD 23777590 million by 2027, from USD 5980250 million in 2020, at a CAGR of 21.3% during 2021-2027.
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- The global Retail Automation market size is projected to reach USD 16000 million by 2028, from USD 10190 million in 2021, at a CAGR of 6.2% during 2022-2028.
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