Self-service Kiosks Set to Revolutionize Food Service and Retail Industries
Technological advancements and innovations have enabled the development of self-service technologies and services, including automated teller machines, ticketing machines, and mobile scanning. Self-service kiosks are increasingly being used in shopping malls, airports, banks, hospitals, amusement parks, etc. Within the self-service kiosk market, enhancing consumer convenience has remained the focal point around, wherein new technologies and innovations have been increasingly developed– a trend that is expected to continue in the upcoming years. Consumer demand for self-service kiosks are on the rise, as more number of consumers are becoming affluent with evolving consumer technologies. For several decades, service providers have continued to offer a range of self-service delivery tools, including Internet-based services, interactive voice response systems, self-service kiosks, and mobile self-services, among others.
The advancements within the self-service kiosk market have predominantly offers value to both, consumers as well as service providers. While service providers continue to offer additional value to their customers, including enhanced user experience, convenience, customization, and reduced waiting time, benefits on the supply-side include, seamless demand fluctuation, standardization of services, minimized labor costs, and widening opportunities across the commercial sector. Self-service kiosks have emerged as one of the most advanced and user-friendly self delivery services due to which, the demand curve is expected to ascend during the forecast period. At the back of these factors, the global self-service kiosk market is expected to attain a market value of ~US$ 9 Bn by the end of 2030.
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Soaring Demand from Restaurants and Retail Stores to Boost Market
Technological advancements coupled with focus on improving consumer experience are some of the major factors that are expected to drive the self-service kiosk market. Major developments in technology have played an imperative role in boosting user experience in restaurants and retail stores. Self-service kiosks are likely to revolutionize the shopping and dining experience of consumers worldwide. While the adoption of self-service kiosks is projected to remain the highest across North America, the self-service kiosk market in the Asia Pacific and Europe is gradually gaining ground. Business players across the retail sector are increasingly installing self-service kiosks to enhance the shopping experience of their customers.
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Although the advent of the e-Commerce sector in the last decade has taken the retail space by storm, a significant number of customers are opting to shop at physical stores and locations. Over the past few years, the retail revolution has gained considerable momentum, especially across the brick-and-mortar stores worldwide. Retail stores and convenience stores such as Amazon Go and supermarkets, along with casual dining and fast-casual restaurants are increasingly integrating automated tools and services to the businesses to gain an edge over their competitors. In the current scenario, while touchscreen self-service kiosks are primarily being installed to take orders in retail stores, the adoption of physical barcode scanners and self-checkout counters for the payment is also witnessing a consistent growth– a trend that is expected to continue over the assessment period. Automated kiosks are on course to becoming a potential game-changer within the restaurant and retail space.
Interactive and User-friendly Self-service Kiosks to Remain Popular Among Consumers; COVID-19 to Impact Market Growth
Companies operating within the self-service kiosk market are increasingly seeking ways to enhance the customer value quotient of their solutions and services. The advent of new technologies within the self-service kiosk market is expected to play an imperative role in influencing consumer shopping and dining patterns. Consumers are likely to embrace new self-service kiosks technologies and continue to benefit from the same. Service providers within the current market landscape are projected to focus on tapping into the surge in demand for customized products and create products that align with the same. Food chains such as McDonald’s and Taco Bell continue to install more number of self-service kiosks across their outlets worldwide, which in turn has led to a consistent rise in the overall footfall.
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While the demand for user-friendly and automated self-service kiosks is expected to gain momentum during the assessment period, the COVID-19 pandemic is anticipated to hinder the growth of the self-service kiosk market, particularly in 2020. Lockdowns, trade restrictions, and disruptions in the supply chain are some of the factors that are likely to dent the demand for self-service kiosks, particularly until the pandemic does not subside. Market players are expected to focus on the development of voice-based self-service kiosks, as touch-based self-service kiosks are likely to lose traction due to the COVID-19 pandemic.
Self-service Kiosk Market: Overview
- Self-service kiosks are popular as an interactive computer terminal, providing consumers access to products and information
- In terms of information, self-service kiosks provide data about inventory availability, queuing, menus, travel plans, and other facts
Self-service Kiosk Market: Regional Overview
- Asia Pacific is the fastest growing region in the self-service kiosk market. China accounted for 30.5% share of the Asia Pacific market in 2019. Large number of kiosk installations in metro cities is driving market demand.
- North America is the fastest growing region in terms of value and volume. Consumers are more inclined toward purchasing products from kiosks in the U.S. and Canada. High disposable income coupled with demand for quick shopping experiences by decreasing queue waiting time is driving the market growth. The U.S. accounted for major market share in North America.
Self-service Kiosk Market: Market Trends
- Increasing user acceptance of non-cash transactions among the global population is one of the key driving factors for growth of the self-service kiosk market. Card transactions in different countries is also one of the major growth drivers of the market. The market in Brazil grew by 13% in the first half of 2018 compared to the previous year.
- Food kiosk segment accounted for a major share at the global level. In terms of payment method, non-cash payment segment is expected to expand at a higher pace in the coming years
Self-service Kiosk Market: Drivers, Opportunities, and Restraints
- The global retail industry has experienced exponential growth in the last couple of years. Growth of economies coupled with balanced inflation rate in developing countries has propelled cashless purchase in the retail industry. Supermarkets account for majority share of the retail industry. The combination of higher income levels, economic stability, extended credit, and creation of new jobs has allowed millions of consumers to rise from lower-income segments and are now known as ‘the new middle class.’
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