Self-service kiosks are computer devices that have been designed to assist people in performing specific tasks independently.
The rising penetration of self-service kiosks in the retail industry is the key growth driver for the global self-service kiosk market.
Self-service kiosks have proven beneficial in the retail industry since they provide information to consumers about the different available products without them having to visit departmental stores to physically check the product.
Some of the other industries that have widely deployed self-service kiosks in the last few years include healthcare, BFSI, transportation, and entertainment.
Also, improving customer convenience and value by leading service providers has fueled the demand for self-service kiosks and positively impacted the overall self-service kiosk market.
The deployment of self-service kiosks has helped customers perform key tasks such as paying bills, bank transactions, and purchasing tickets comfortably in a matter of a few minutes.
This product feature could help propel product demand in the years ahead and contribute to the growth of the overall self-service kiosk market.
Increasing mobile and smartphone penetration in both developed and developing economies worldwide, using which consumers have paid bills of different kinds could also help grow the self-services kiosks market.
Self-service kiosks have also proven to provide increased levels of data security, which could help fuel product demand, in the coming years.
Deployment of Different Advanced Technologies Could Lead to Increased Product Demand in Future
Integration of advanced technologies such as artificial intelligence and Internet of Things into kiosks could help bolster product demand and propel the global self-service kiosk market.
Also, the presence of other technologies such as Radio Frequency Identification in services such as security applications and digital payments could help grow the overall self-service kiosk market.
Other factors such as rising disposable income among different population sections worldwide could also fuel product demand in the future and bolster the overall self-service kiosk market.
COVID-19 Pandemic Propels GlobalSelf-service kiosk market
The demand for self-service kiosks had been on the rise in the last few years and the outbreak of the COVID-19 pandemic propelled it further and helped the growth of the overall market, too.
During the pandemic phase, self-service kiosks have proven useful to decrease the risk of spreading the virus by limiting the accessibility to a large number of users.
Several businesses have deployed self-service kiosks to reduce human-to-human contact. This has bolstered product demand and helped in the growth of the overall self-service kiosk market, significantly.
It is anticipated that during the post-pandemic phase, more enterprises will deploy self-service kiosks for different applications.
While self-service kiosks have been useful for many businesses globally, these products still have a few drawbacks, which could impact product demand, in the future.
The deployment of self-service kiosks incurs huge costs, in terms of purchase, process, and installation. Also, these devices incur high repair costs, when they face any issues.
The global self-service kiosk market has several well-established market players and is extremely competitive. Many of them are expected to hold a large share in the future.
Research and development undertakings to produce improved quality of products, which would meet the requirements of a large number of consumers could be a key growth strategy for leading market players, in the years ahead.
New Product Launches could help Prominent Market Players Gain a Competitive Edge over others in Future
Growth strategies such as novel product launches could help well-established self-service kiosk market players gain a competitive edge over others, in the future.
NCR Embross, a leading player in the kiosk market launched a new self-service, cash recycling ATM machine which has offered flexibility to accept, validate and store money reliably.
Collaborations with smaller players could help prominent players expand their market presence and increase their revenue shares.