Global Interactive Kiosks Market 2022-2028

Global Interactive Kiosks Market 2022-2028

Global interactive kiosk market is projected to witness a modest growth rate of 6.2% during the forecast period (2022-2028). The global interactive kiosk market was valued at $24.8 billion in 2021. Rising adoption of the cloud platform is considered as one of the major factors augmenting the growth of the market. The growth is attributed to the faster deployment of new capabilities such as the introduction of advanced technologies such as AI. Through a cloud-based deployment model, a consumer can remotely control the content on screen by using user-friendly cloud-based screen management software offered by several companies such as Cloud Touch. The interactive kiosks are considered as an ideal solution to bring branches into the digitalized age, in turn, enhances the banking experience. The transition towards self-service banking services is attributed to its advantageous factors such as it saves the time of a user. These factors are significantly propelling the growth of the global interactive kiosk market.

There are several factors that are driving the market growth; however, there are certain factors that play a significant role in impeding the market growth. This includes the high initial cost of interactive kiosks along with the requirement of kiosk maintenance services at a regular interval. According to OMR Analysis, the average installation cost of interactive kiosk ranges from $3,000 to $10,000 in the US; together with the software, the cost of installation of kiosk reaches to $20,000, which includes the deployment of customized kiosk software in the interactive kiosk system. Such high cost of installation of the kiosk is regarded as one of the major factors for the lack of kiosk installation across the globe. Furthermore, the increasing transition towards mobile kiosk is one another factor hindering the growth of the market. There is an increasing trend of mobile wallets for purchasing of online groceries, goods, and services, as it offers consumers faster checkout, enhanced security features, and loyalty rewards integration.

The report includes the types of kiosks, their deployment type, and their end-user across different regions globally. The Interactive kiosks market is surging at a significant pace owing to the rapid adoption of artificial intelligence (AI), machine learning, and extensive use of IP-based devices. Interactive kiosks are generally computer terminals that involve human-machine interactions which contains sets of information in a structured method. These kiosks find significant applications in number of public facilities where relaying information in a structured method and in real-time is of utmost importance. Facilities such as airports, banking facilities, railway stations, healthcare, and retail shops are some of the areas, wherein the presence of interactive kiosks can deliver the information without any need for human interference.

Global interactive kiosks market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is expected to be the dominating region in 2018 owing to early adoption of cloud-based technologies and large adoption of kiosks at airports. Moreover, increasing demand for general vending machines across various retail and consumer goods shops is further fueling the market growth in the region. For instance, giant retailing stores, such as Walmart and Target, are using interactive kiosks as a checkout counter in their various stores across the US. In addition, interactive kiosks are also being used extensively in educational facilities including libraries in the US. As per Bibliotheca, a library technology company in the US, the Fayetteville Public Library has the busiest self-service checkout kiosk in the entire North American region. However, Asia-Pacific region is expected to be the fastest growing region due to rapid urbanization coupled with increasing population across the emerging economies of the region such as China, India, and Indonesia.

Furthermore, the market consists of several market players that are prominently offering interactive kiosks to cater to a wide range of customers across the globe. Some of the market players such as IBM Corp., Intel Corp., Meridian Kiosks LLC, Diebold Nixdorf, Inc., Slabb, Inc., and Posiflex Technology, Inc are contributing significantly into the market growth. These market players adopt various strategies in order to stay competitive in the market. Strategies such as mergers & acquisitions, partnerships & collaborations, and product launch are majorly being adopted by market players. For instance, Phoenix Kiosk and Red Dot Net were acquired by Slabb, Inc. in 2017. These acquisitions enabled Slabb, Inc. to expand its product offerings by including the kiosk models of both the companies.