(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 07:02 /Comserve / -- Kiosk Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Kiosk Market is expected to reach a CAGR of 13% over the forecast period 2020 - 2025. Kiosks are being designed in such a way that information is transferred to the user (consumer) at the fastest rate. Kiosks have become a vital part of various organizations, businesses, and locations where necessary information and guidance is required. Moreover, the growing need for self-service in multiple applications for better customer satisfaction, and self-control and customer's privacy helps in fueling the demand for the kiosks across emerging economies.
- Moreover, in the retail front, these kiosks are increasingly being used to tap into the database of stores to instantly learn about the product features and prices, thereby reducing the need for a salesperson. Shoppers can find out whether the item they want to buy is in stock and, if not, can they order it for delivery afterward. Mall operators are also employing kiosks to help shoppers pinpoint store locations, as well as categorization of products for simplifying the hassle to search for stores, such as apparel or jewelry.
- Further, the growing inclination towards the adoption of ATMs in banking sectors and other industries are also driving the growth of this market. With an increasing population and growing adoption of banking services among the people, the demand for ATMs is increasing at a significant pace. Considerable investments in this sector primarily to provide reliable ATMs and kiosk systems are helping the growth of this market. Moreover, kiosk systems are presumed to be mainly influencing the consumer perspective by delivering accessible and better customer service and innovative service deployment, kiosk systems, especially in retail sectors and other emerging industries, thereby driving the growth of the systems across emerging economies.
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Key Market Trends
Hospitality is Expected to Witness Significant Market Growth
- Restaurants across the globe that are operating through counter service are adopting the use of kiosk systems for line busting by allowing their customers to place their orders through kiosks rather than waiting in line at the counter. Additionally. As shorter lines lead to faster service, which can result in happier, as well as more loyal customers, due to which, fast-casual restaurants are also using self-service kiosks. Further, the increasing penetration of street food in Japan is catering to the demand for kiosks.
- Japan, one of the densely populated countries with 127 million people, is one of the prominent markets in the vending machine having 5.52 million vending machines installed. The lack of crime rate, rising cost of labor, and adoption toward automation have boosted the market of the vending machine in Japan.
- Moreover, the increasing penetration of quick-service restaurants, especially in the growing economies, is anticipated to be one of the major drivers for market growth over the forecast period. According to the International Franchise Association, the number of quick-service restaurants franchise establishments in the United States reached 194,723 in 2018 as compared to 190,649 in 2017, thereby fueling the market growth.
- For instance, in August 2018, McDonald's Corporation announced that it is spending USD 6 billion to revamp more than 6,000 stores throughout the United States, with the introduction of 2,500 interactive kiosks under its 'experience of the future' strategy restaurants. Recently MacDonald's has also created a team to increase digital customer engagement of customers looking at the rapid involvement of technology in the food industry. The efforts are towards digital ordering, personalization, payments, loyalty, and payments. All such developments by leading players in the industry are expected to provide opportunities to kiosk vendors across the globe.
Asia-Pacific to Have Fastest Growth Rate
- In the Asia Pacific region, countries such as China, India, Japan, Australia, Singapore are adapting to self-service technology. The primary application of kiosk is in banking and financial industries, food and beverages store, and convenience store. With a growing banking sector and increasing investments from both private and governmental organizations across the region, the demand for ATM systems is rising at a rapid pace, thereby fueling the growth of the KIOSK market in the country.
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- Many retail stores are increasingly employing self-check of kiosks and POS systems, which enable users with a faster shopping experience. It also provides an enhanced customer database, while reducing the overall costs by eliminating the need for labor, thereby increasing the efficiency of the stores.
- Moreover, in April 2019, the China International Self-service, Kiosk, and Vending Show (CVS), organized by UBM Sinoexpo, brought together comprehensive and cutting-edge innovations, including currency identification technology, mobile payment equipment, vending systems and accessories, automated solutions,etc. A full range of payment solutions from coin and bill processing to cashless systems, including banknote validation system and bill acceptors, are innovated in the vending machine.
- Such ongoing development over the region ultimately results in higher profits, thus impacting the various end-user industry to invest in kiosks, thereby providing users with better buying experience and services during the forecast period.
The kiosk market is highly fragmented due to the included players across the value chain of the kiosk market include hardware, software, and solution vendors. To minimize overhead expenses and improve economies of scale, the solution providers have begun manufacturing hardware. Moreover, the market is highly competitive and technology-driven. The market comprises a large number of small players accounting for little market share individually.
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview (Covers overall Impact of
-19 on the Market)
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitute Products
5 MARKET DYNAMICS
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