The global interactive kiosk market is projected to be valued at USD 30.53 billion by 2023, at a CAGR of 5.69% during 2017–2023, as per a report by MarketsandMarkets.
How is the integration of intelligent personal assistant and knowledge navigator technology creating opportunities in the market?
Interactive kiosks are being integrated with various technologies that have enhanced their application in different industries such as entertainment, education, and transport, along with the major application area of retail industry. The integration of intelligent personal assistant and knowledge navigator technologies, such as Siri and Cortana, may lead to real-time problem-solving. The growing use of global positioning system (GPS) technology in Telekiosks has increased their usability in serving customers in remote areas. In addition, its use as a tracking device may also help hospitals and government organizations to keep visitors’ record. Developments in the retail industry have increased the demand for vending machines, which is also expected to offer avenues for the growth of the interactive kiosk industry over the next 7 years. The payment arena is also impacting this market; few systems have incorporated technologies such as near field communication (NFC), 2D barcodes, and biometrics to accept payments through mobile wallets and other schemes.
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Why technological change remains a major challenge in the market?
The changes in the technological environment create a great impact on the sustainable success of kiosk application. It is important for the end-users to understand the inherent problems and strategic issues associated with kiosks. With the rapidly evolving technology, interactive kiosk manufacturers need to update their offerings constantly with new technologies since the latest technology becomes outdated in a short time span.
High initial cost and need for regular maintenance of interactive kiosks
The initial cost of the installation of kiosks is high, and the software required for every kiosk is customized as per its intended functions. The cost is dependent on design, function, and location—indoors or outdoors. Also, the authorization of the interactive kiosks requires high expenditure. As a result, many of the providers rent the interactive kiosk systems for certain period if the use is temporary or if they are not capable of investing a high amount in the installations. However, even if the maintenance cost of the system is high, the maintenance of hardware and software ensures smooth operations of the systems. As these kiosks are touchscreen displays, entire communication is based on the interactive displays, and technical fault or damage to it would cause the system to a standstill. Many providers opt for tougher screens in the high-traffic areas, where the screens are more likely to be damaged
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