At 8.6% CAGR, Self-Service Kiosk Market is Surging with $21,415.4 Million of Industry Revenue by 2027

Research Reports

Mar 01, 2021

A self-service kiosk is a computer device specifically designed to leverage the user in performing specific tasks and services, such as buying tickets, paying bills, and bank transactions. They are extensively being used across retail, healthcare, entertainment, transportation, BFSI, and government, among others. They are deployed to enhance the user experience by offering several hassle-free services. The key feature of the self-service kiosks is data security, which is driving their demand.

The self-service kiosk market was valued at US$ 11,319.3 million in 2019 and it is projected to reach US$ 21,415.4 million by 2027; it is expected to grow at a CAGR of 8.6% from 2020 to 2027.

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Impact of COVID-19 Pandemic on Self-Service Kiosk Market

Any impact on the growth of industries is expected to affect the economic growth of the region negatively. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with 17,515,091 confirmed cases and 313,748 deaths as per the World Health Organization. The US is a prominent market for self-service kiosks. Retail stores were affected severely in 2020 due to the COVID-19 outbreak. According to the real estate firm, CoStar Group, as many as 12,000 stores were temporarily shut in the US in 2020; J.C Penney and GameStop were among the key retail brands that closed their stores in 2020. Similar trend was visible in the hospitality industry. However, the healthcare industry has been resilient in these times of pandemic. Enterprises that were likely to implement kiosks system in 2020 had to either delay the implementation plan or scrap it completely, thereby impacting the demand for self-service kiosks. However, as the lockdown appears to be easing and operations are resuming, the demand for self-service kiosks is expected to pick pace.

With rising technological advancements, the adoption of Intelligent Personal Assistant & Knowledge Navigator applications—such as Cortana and Siri—in self-service kiosks is constantly witnessing an increase. These self-service kiosk solutions are designed to enhance the consumer engagement with the machine by leveraging data analytics for governing the quantity sales, customer purchasing habits, and many other criteria. They also suggest the right alternatives and incentives to further boost the customer purchasing decisions. Self-service kiosks also boost the business revenues and augment the customer ties by offering major growth opportunities to the market. Several vendors are developing advanced self-service kiosks for providing enhanced online shopping alternatives to their customers in order to promote products and services across the stores. These self-service kiosks permit the interfacing capabilities to boost the retailers’ experience by providing substantial product demos as well as permitting the retailers to sell goods and items without stocking up. Furthermore, the implementation of advanced technological solutions, such as QR codes, RFID, and smartphone transactions, for payment transactions to help the consumer to check out their purchases by using smartphones, gift cards, and credit/debit cards among others. This, in turn, is throttling the growth of the self-service kiosks market.

Moreover, owing to the ongoing COVID-19 pandemic, coupled with shutting down of manufacturing unit across different sectors, all major retail stores (except stores that were offering essentials), restaurants, and hotels had withdrawn their services for at least 5 months in all the major economies. Many small retailers who were planning to implement kiosks system in the beginning of 2020 have postponed their kiosks implementation process. However, with slow recovery from COVID-19 cases in the beginning of 2021, many retail stores across the globe have started rebounding in terms of sales. The footfall in malls and restaurants in 2021 is slowly reaching the pre-lockdown situation, thereby helping the self-service kiosks market to recover.

Strategic Insights

The players operating in the self-service kiosk market focus on strategies, such as mergers, acquisitions, product development, and market initiatives, to maintain their positions in the market. A few developments by key players are listed below:

In 2020, Valyant AI declared a partnership with KIOSK Information Systems (KIOSK) to create contactless experiences driven by conversational AI across environments in which kiosks are deployed.

In 2020, Olea Kiosks Inc. teamed with UrVenue—a hospitality technology platform that powers commerce, enhances the guest experience and monetizes a resort’s real estate—according to a press release.

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