PUBLISHER: The Business Research Company | PRODUCT CODE: 1484859
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484859
Retail self-service refers to a practice where customers can complete their purchases in-store without assistance from retail staff. This system empowers customers to independently manage different aspects of their shopping experience, including product discovery, checkout processes, and inventory management, enhancing control, convenience, and efficiency during their shopping journey.
The main components of retail self-service kiosks include hardware, software, and services. Hardware components provide interactive interfaces for customers to browse products, make selections, input data, process payments, and print receipts or tickets. These components include various types such as point-of-interaction kiosks and ticketing kiosks. Retail self-service kiosks find applications in various settings such as convenience stores and supermarkets.
The retail self-service kiosk market research report is one of a series of new reports from The Business Research Company that provides retail self-service kiosk market statistics, including retail self-service kiosk industry global market size, regional shares, competitors with a retail self-service kiosk market share, detailed retail self-service kiosk market segments, market trends and opportunities, and any further data you may need to thrive in the retail self-service kiosk industry. This retail self-service kiosk market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The retail self-service kiosk market size has grown strongly in recent years. It will grow from $21.45 billion in 2023 to $23.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historic period can be attributed to several key factors. These include heightened cost reduction initiatives, consumer demand for convenience in shopping experiences, regulatory compliance and security concerns driving innovation, the adoption of remote management and monitoring solutions, and intensified competition prompting market differentiation efforts.
The retail self-service kiosk market size is expected to see strong growth in the next few years. It will grow to $33.43 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The forecasted growth can be attributed to several key factors. These include expanding into emerging markets, bolstering data analytics capabilities, a heightened focus on sustainability and eco-friendly solutions, and advancements in inventory management practices. Moreover, major trends expected in the forecast period encompass the integration of augmented reality (AR) technologies, adoption of voice-activated interfaces, utilization of blockchain-based payment systems, integration with robotics and automation solutions, and the rise of subscription-based services and membership programs.
The burgeoning adoption of contactless payments is anticipated to drive significant growth in the retail self-service kiosk market. Contactless payments represent a secure and convenient payment method allowing customers to make purchases without physically swiping their card or passing it to another individual. The proliferation of contactless payments is fueled by various factors, including convenience, the promotion of digital wallet adoption, enhanced security measures, and reduced cash handling expenses. Contactless payments offer customers a swift, hassle-free, and secure transaction experience at self-service kiosks. For example, reports published by UK Finance in March 2024 revealed that the total value of contactless transactions in 2023 amounted to £27.5 billion ($34.7 billion), marking a 7.2% increase from £25.7 billion ($32.4 billion) recorded in December 2022. Consequently, the expanding utilization of contactless payments is a key driver propelling the growth of the retail self-service kiosk market.
Leading players in the retail self-service kiosk market are directing their efforts towards developing innovative kiosk solutions, such as high-performance kiosks built on the Windows operating system (OS), to enhance their product offerings. The introduction of the new high-performance kiosks, leveraging the Windows OS in conjunction with Samsung's latest interactive self-service display, exemplifies this trend. For instance, in May 2023, Samsung Electronics Co. Ltd., a South Korean information technology company, unveiled KMC-Windows, an upgraded Windows version of the Samsung Kiosk tailored for retail self-service applications. This advanced kiosk model features an interactive 24-inch display with expanded software compatibility, catering to diverse industries including food and beverage, retail, travel, and healthcare. It boasts high-performance computing capabilities and full compatibility with major ordering, point-of-sale, and property management system software, enhancing operational efficiency across various sectors.
In December 2023, Redyref Interactive Kiosks Products, a prominent US-based manufacturer of innovative self-service kiosks, completed the acquisition of Livewire Digital for an undisclosed sum. This strategic acquisition underscores Redyref's commitment to delivering cutting-edge customer engagement solutions across a spectrum of industries, including retail, hospitality, healthcare, entertainment, and transportation. The acquisition aims to revolutionize customer engagement by offering captivating indoor and outdoor interactive kiosks. Livewire Digital, a US-based digital kiosk solution company, specializes in providing interactive self-service kiosk software and services, aligning with Redyref's vision to enhance customer engagement through advanced technology solutions.
Major companies operating in the retail self-service kiosk market are Samsung Electronics Co. Ltd., Verifone Inc., Hitachi Ltd., Schlumberger Limited, NCR Corporation, Diebold Nixdorf Inc., Sanden Holdings Corporation, Kontron AG, Fuji Electric Co.Ltd., Elo Touch Solutions Inc., Telpo Technology Co. Ltd., Fabcon Inc., Evoke Creative Limited, KIOSK Information Systems Inc., Japan Cash Machine Inc. Ltd., Saudi Economic and Development Company, Meridian Kiosks LLC, Frank Mayer and Associates Inc., Pyramid Computer GmbH, Voxson Pty. Ltd., RedyRef Interactive Kiosks, LamasaTech Inc., Optical Phusion Inc., Olea Kiosks Inc., Phoenix Kiosk Inc., Zytronic plc
North America was the largest region in the retail self-service kiosk market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail self-service kiosk market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the retail self-service kiosk market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retail self-service kiosk market consists of revenues earned by entities by providing services such as product information, self-checkout, wayfinding, navigation, and reservations. The market value includes the value of related goods sold by the service provider or included within the service offering. The retail self-service kiosk market also includes sales of self-checkout kiosks, ordering kiosks, product ordering kiosks, digital signage kiosks, feedback and survey kiosks. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Retail Self Service Kiosk Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on retail self service kiosk market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for retail self service kiosk ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The retail self service kiosk market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.