BFSI and Retail are Likely to Emerge as the Key Verticals for the Growth of India Interactive Kiosk Market
6Wresearch has recently published a new report titled “India Interactive Kiosk Market (2018-2024)” report provide in-depth analysis with 52 figures and 19 tables covered in 114 pages. The report thoroughly covers the Interactive Kiosk market by verticals, applications, components, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities, high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
India has witnessed higher consumer acceptance for interactive kiosk solutions among several applications over the past few years. This adoption was majorly driven by Tier I and Tier II cities which witnessed greater number of installation of passbook printers, cash deposit machines (CDM’s) as well as several retail interactive kiosk solutions. Additionally, the demand is further anticipated to grow on account of surging number of interactive kiosk installations in varied applications including transportation, bill payment, information, and telecom kiosks over the coming years.
According to 6Wresearch, India Interactive Kiosk market revenues is projected to grow at a CAGR of over 17% during 2018-24. Integration of advanced technology in interactive kiosk has resulted wide range of functions including catalog information, cash deposit, money transfer, ticket booking, etc. Further, increasing consumer adoption for interactive kiosk solutions coupled with improvement in customer experience, reduction in overall business cost as well as faster solution are expected to emerge as the key driving factors for the growth of Interactive Kiosk market over the coming years.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, “Earlier, India interactive kiosk solution was restricted to few applications only. However, in 2017, the market witnessed surging demand for cash recycler solution which is also likely to emerge as the vital factor for the growth of BFSI application. The market growth is attributed to multi solution offering of cash recyclers and growing consumer preference to avoid visit bank premises.”
“In terms of applications, in 2017, the BFSI segment led the overall market revenues where CDMs/Recyclers (Cash Deposit Machines) and passbook printers sub-segments together grabbed major portion of the overall BFSI application market.”
According to Anuj Mehrotra, Senior Research Analyst, Research and Consulting, 6Wresearch, “The Southern region of India has led the overall India interactive kiosk market revenues which is also likely to continue over the coming years. Higher consumer awareness owing to superior educational background and increasing adoption for faster and easy solution are the key driving reasons for rising demand for interactive kiosks in the Southern region. Additionally, ongoing/upcoming metro railway projects in Kochi, Hyderabad, Tamil Nadu, and Bengaluru are likely to further propel the growth of the Southern region in future.”
Some of the major players in India interactive kiosk market are Diebold, Forbes, NCR and 3M.