The global kiosk market will expand at a 10.9 percent combined annual growth rate from 2016 to 2024, reports Transparency Market Research in a new research report. Expanding at this pace, the market, which had a valuation of $12.2 billion in 2015, is expected to rise to $30.8 billion by 2024.
Although the growth prospects of the global kiosk market are mostly promising, the factor of security concerns pertaining to critical consumer data, especially gathered during financial transactions at kiosks, has raised suspicion among consumers unacquainted with technology advancements.
With rising prevalence of cyber crimes and the increasing usage of kiosks across the banking and finance industry, incorporation of security features in kiosks capable of masking or protecting critical finance-related data of consumers will gain more prominence.
Of the key product types in the market, the segment of vending kiosks led the market, accounting for a share of over 45 percent of the market in 2015. However, the segment is expected to lose its appeal to the charging kiosks segment, which will expand at a 13.5 percent combined annual growth rate from 2016 to 2024.
North America accounted for a share of nearly 42 percent in the global market in 2015. As a result, that market remained a key contributor to the overall revenues of the market in 2015 and will continue to do so in the next few years as well.
However, the global kiosk market will gain the most promising returns from sales across the Middle East, Africa and Latin America markets over the period between 2016 and 2024. Increased adoption of kiosks in the banking and financial sector will drive the Middle East and Asia kiosk market at the fastest compound annual growth rate of 17.30 percent from 2016 to 2024.
A vast number of vendors spread across the globe are contributing to the favorable development in the global kiosk market and the number of companies venturing into the market is rising at an increasing frequency.
The costs incurred during the purchase and installation of even the basic varieties of kiosks are also downsizing the overall appeal of kiosks for a select consumer base.
For cost-sensitive regional markets such as Asia Pacific and Latin America, technologically advanced kiosks can be seen as unnecessary burdens on the overall investments and finances.