Customer-facing Technology Market: Increasing demand for digital signage is the key growth driver
These days, spending on e-commerce, customer service applications, and digital marketing is dominating technology investments as companies are focusing on acquiring and retaining customers. Expenditures on customer-facing software, hardware, and services is experiencing fastest growth. Customer-facing technology includes software or devices that a customer will interact with or experience directly. Businesses are increasing their investments in customer facing technologies to better serve their customers. As customers are becoming more comfortable interacting directly with an interface, companies are incorporating technologies in addition to a traditional advisor.
Technologies today have changed consumer behavior and it has now become difficult to provide consistent experiences to customers. In such environments, customer-facing technologies create relevant and contextual digital interactions to elevate customer experience. The customer-facing technology market includes digital signage, digital kiosks, rugged tablets, mobile Point-of-Sale (mPOS), and other devices and software applications. Customer-facing technology provides increased intelligence and improved customer service through efficient processes. Customer-facing technology is enabling improved marketing, and increased sales and customer satisfaction in industries such as retail, hospitality, etc.
Companies are using customer-facing technology to control the sensory experience of their customers, gauging their behavior and incorporating ideas in their minds. Customer-facing technology engages consumers at the point of making purchase decisions which drives its demand across all brick and mortar stores. Brands track customer movement especially in retail stores, with sensor hubs and change lighting and visual formats. Companies are using customer facing technology as an effective data capture tool for marketing initiatives such as loyalty schemes and surveys. Increasing demand for digital signage and mPOS is the key growth driver of the customer-facing technology market. Demand for digital signage is increasing for digital visual merchandising, way finding, etc.
Mobile Point of Sale (mPOS) devices are experiencing exponential growth in demand for expediting transactions. Mobile devices generate large amount of data; further, the emergence of IoT is also generating massive amounts of data. Enterprises are expected to focus on improving customer experience over the forecast period, turning this big data into business insights.
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The global customer-facing technology market can be segmented based on type, component, end-use industry, enterprise size, and region. In terms of type, the customer-facing technology market can be classified into digital devices, transactional devices, and experiential devices. Digital devices include tablets, printers, digital signage, multimedia displays, digital kiosks, and other devices.Transactional devices segment comprises Mobile Point-of-Sale (mPOS) and order fulfillment devices. Experiential devices elevate the customer experience with Internet of Things (IoT) and headless devices.
Based on component, the customer-facing technology market can be classified into hardware/devices, software/platform, and services. In terms of enterprise size, the customer-facing technology market can be bifurcated into small & medium enterprises (SMEs) and large enterprises. Based on end-use industry, the customer-facing technology market can be categorized into Banking, Financial Services, and Insurance (BFSI), retail, travel and hospitality, automotive, healthcare, and others. Retail industry is experiencing huge transformations and incorporating customer-facing technologies to improve customer experience.
Based on region, the global customer-facing technology market can be categorized into North America, Asia Pacific, Middle East & Africa, South America, and Europe. The market in Asia Pacific is fueled by the increase in adoption of technologies by a large number of small and large retailers in the region.
Key players operating in the global customer-facing technology market include Samsung Electronics Co., Ltd., Sony Corporation, LG Corporation, NEC Display Solutions, Center for Advancing Retail & Technology (CART), Panasonic Corporation, Fabcon Inc., Fujitsu Group, MobileDemand, L.C. and Diebold Nixdorf Incorporated. These players focus on the application needs of buyers and strategically develop function specific solutions. The customer-facing technology market is fragmented and established companies are focusing on enhancing their product portfolio for customer-facing technologies.