According to the recent market study by Technavio, the Self-service Kiosk Market Share in Technology Hardware, Storage & Peripherals Industry is expected to increase by USD 2.97 billion from 2020 to 2025, with an accelerated CAGR of 6%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
North America will register the highest growth rate of 41% among the other regions. US and Canada are the key markets for self-service kiosk. Moreover, market growth in North America will be faster than the growth of the market in other regions.
The self-service kiosk market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Aksor SAS - In December 2020, Acrelec, a subsidiary of Aksor, announced the launch of QTimer 2.0 with EnGage, a solution that helps in reducing the average drive-thru time by 30 seconds through the display of real-time drive-thru information.
The self-service kiosk market in North America is expected to garner significant business opportunities for the vendors during the forecast period. US and Canada are the key markets for self-service kiosks in North America. Market growth in this region will be faster than the growth of the market in the European and South American regions.
Customers in North America have always been at the forefront in terms of the adoption of new technologies, which has led to the growing implementation of self-service kiosks in the region. This will facilitate the self-service kiosk market growth in North America over the forecast period.
One of the key factors driving growth in the self-service kiosk market is the increasing adoption of contactless payment. Contactless payment is a payment method through which customers can purchase products via credit cards, debit cards, or NFC-enabled devices such as smartphones and smartwatches. Contactless payment provides customers with a fast, convenient, and secure way to complete transactions. It also helps merchants improve the in-store payment experience by reducing the time taken to make payments and, eventually, the waiting time. The rise in the use of contactless payments, contactless cards, and mobile payments is expected to drive the demand for self-service kiosks.
The growing focus on smart retail stores is another major factor supporting the self-service kiosk market share growth. A smart store is a type of brick-and-mortar retail establishment that uses smart technologies such as smart carts, smart mirrors, and others. Self-service kiosks are deployed in smart stores for self-checkout services without any human interaction. The emergence of smart stores will increase the need for self-checkout services. Such services enable customers to skip long queues as the entire transaction can be completed with the help of a card payment module integrated into self-service kiosks. Thus, the emergence of smart stores will increase the adoption of self-service kiosks during the forecast period.