Kiosk Market - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 09/08/2016 -- The North America kiosk market has been witnessing significant advancements over the past few years. Pop-up kiosks and the incorporation of digital signage offer high scope for growth over the forecast period. Emerging as an important marketing tool for businesses to reach their target audience, kiosks enable the assessment of new products as well as new geographic locations. Online retailers have been given a chance to experiment in traditional retail settings without investing in any physical presence.
The revenue of the kiosk market in North America stood at US$2.5 bn in 2015 and is expected to reach US$4.4 bn by 2024 at a 6.2% CAGR therein. On the basis of volume, the market is projected to expand at a CAGR of 6.6% from 2016 to 2024.
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Adoption Rate of Kiosks in Retail Surpasses that of Healthcare
Retail and healthcare are the most prominent applications of kiosks in North America, with the highest return on investment (ROI). Apart from these, kiosks also find application in other end-use sectors such as government, banking, financial services, and insurance (BFSI), travel and tourism, advertisement, and entertainment.
In the retail sector, kiosks are used for gift registry, inventory extension, loyalty, bill payment, and automated retail vending. Technological advancements in the retail sector are likely to fuel the use of kiosks in this application segment, enabling it to emerge as the dominant one by 2024. The adoption rate of healthcare-based kiosks is relatively slower, but is likely to pick up pace over the coming years. In the healthcare sector, kiosks are used for applications such as patient check-in and check-out, wayfinding and directory, human resource, hospital information, patient and physician communication portals, and virtual receptionist.
Benefits of Kiosks Outdo Limitations
"While the impact of kiosks in enhancing customer experience is likely to fade out in the long term, the impact of kiosks in improving sales will remain at a constant high throughout the forecast period," a TMR analyst predicts.
Kiosks have proven their worth in increasing sales as well as efficiency across a wide range of applications. Today's customers want to purchase products that are easily available, within their budget, and present the required information pertaining to ingredients, product details, nutritional value, and others. Products and information provided at kiosks cater to these very demands of the consumer, thereby boosting sales.
For instance, in 2014, lighting manufacturer RAB Lighting upped its sales by a massive 40% by using an iPad-turned-kiosk to market its latest product – the digital gondola.
On the other hand, high expenditure pertaining to the installation and authorization of kiosks threatens to hamper the growth of the North America kiosk market. "However, with ongoing technological advancements and the various benefits that kiosks present, this impact of this restraint will wane by the end of the forecast period," the analyst states.
U.S. a Clear Leader in North America Kiosk Market; Surges Ahead by Volume and Value
"The North America kiosk market will witness significant growth over the coming years, fueled mainly by the dominance of the U.S.," the TMR analyst predicts.
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In 2015, the total revenue generated by this market was pegged at US$2.5 bn, which is forecast to rise to US$4.4 bn by the end of 2024 at a strong 6.1% CAGR therein. Accounting for a revenue share just short of 90% in the North America kiosk market in 2015, the U.S. has been leading the scenario thanks to the presence of established and dynamic players. The kiosk market in the country also dominates by volume. Retail and healthcare are the two major applications of kiosks in North America, with the retail sector emerging as the dominant and the fastest growing one. Within this sector, the use of kiosks for bill payment emerged as the largest sub-segment in 2015; in the healthcare sector, the use of kiosks for hospital information held the largest share.
This review is based on the findings of a TMR report titled "Kiosk Market: North America Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."