Currently, the kiosk (self-service/ interactive kiosk) market has a great potential to empower customers and enable them to do things on their own. Self-service kiosks have made breakthrough progress, and this can be seen in their expansive, time-saving, and cost-effective solutions that strike the right chord with consumers.
Self-service kiosks are showcasing myriad product dispensing capabilities. In addition, there has been the evolution of self-service kiosks for cryptocurrency mining. These sophisticated kiosks utilize a multi-algorithm mining platform that helps mine and cull out the most profitable coins that will give customers maximum return on investment.
While self-service kiosks in banking are automating banking solutions such as mortgage approvals, some digital kiosks are also being used as an advertising platform by small-scale and large-scale businesses. These allow business stakeholders to interact with customers in a very cost-efficient manner. Such a rapid and paradigm shift in kiosk technology will continue to drive the kiosk (self-service/ interactive kiosk) market in a significant manner.
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6 out of 10 Self-service/Interactive Kiosks are Sold to the Retail Industry
Self-service/interactive kiosks are in the limelight now with the advent of robotics, AI, and analytics. User-friendly and interactive experiences through kiosks have fueled the growth of this market amid many competitors within this arena. With the increasing use of kiosks across versatile industrial applications, the market for kiosks (self-service/ interactive kiosks) is anticipated to grow to a valuation of ~US$ 2.4 billion by 2027.
Kiosks (self-service/interactive kiosks) have been ubiquitous across various channels, especially in retail outlets such as shopping malls and product showrooms. Digitization has teamed up with retail to provide a novel, convenient, and cash-less experience to shoppers.
According to TMR analysts, the retail segment of the kiosk (self-service/ interactive kiosk) market holds ~60% volume share of the market, due to increased competition as well as growth of retail as a consumer industry.
Kiosks are becoming speedier, dynamic, and more efficient and versatile. This can be evidenced in the massive innovations that have been promulgated in the kiosk (self-service/ interactive kiosk) market.
- Dressing room/ trial room kiosks are allowing customers to access custom-built software that is powered by an IOS device. Through this, they can view product portfolios, ask for other sizes and styles, check for gift options, and access a host of other options without having to leave the fitting/ trial room. Store managers can receive notifications and give the customer the desired feedback that he/she wants.
- Hands-free kiosks use an emerging ‘machine vision technology’, wherein, the customer can use pointing gestures for his on-screen selections. The kiosk assimilates the customer demographics and responds accordingly.
- Robotic kiosks use advanced analytics and AI to enable express check-outs. The kiosk recognizes the customer as per his/her age and gender, and gives out customized information. It also prompts receipt and bar code scanning.
These newer kiosk functionalities are re-shaping the way we think and approach retail. With the shopping experience becoming more convenient for the shopper and kiosk deployer, the kiosk (self-service/ interactive kiosk) market will continue to gather momentum.
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Digital Signage and Airport Kiosk Technology are Opening New Avenues of Growth
Airport Kiosks and e-gates are not only adding intrinsic value to the customer experience, but are also leveraging customer spending. The kiosk (self-service/ interactive kiosk) market will witness the fastest growth in the transportation segment over the forecast period.
In order to avoid long queues and delays at airports, airport managements are increasingly turning to self-service, automated kiosks for bagging, document scanning, flight re-booking, and check-ins. Smart kiosks at airports are using digital biometrics ID management to automate the entire travel experience, right from check-in to boarding. This driving factor is expected to have a high impact on the market’s growth during the forecast period.
Interactive digital signage kiosks are a critical technological intervention for displaying pertinent information and keeping customers engaged across different industry verticals. Sophisticated AI tools on digital signage kiosks are rapidly changing the kiosk (self-service/ interactive kiosk) market, allowing installers to get maximum gains on their investments, and giving users a diversified shopping experience. The elimination of printed signage is not only a cost-effective strategy but also reduces the wastage of paper. Since the software used in digital signage involves rapid updation, the entire process becomes cheaper and more efficient. Such a digitally-immersive experience will bolster the demand for digital signage kiosks and give an impetus to the growth of the kiosk (self-serving/ interactive kiosk) market.