Adopting a revenue-sharing model will help penetrate the touchless solutions market, says Frost & Sullivan
To ease people’s fears regarding personal hygiene and safety and return to pre-pandemic stability, businesses across all industries are incorporating contactless/no-touch solutions in existing operating models. Adopting these practices will lower personal proximity, minimizing the chances of virus transmission. Frost & Sullivan’s recent analysis, Global Contactless Services Industry, finds that organizations’ need to reduce avoidable contact among individuals will drive investments in touchless technologies in the post-COVID-19 era. Additionally, increased spending on contactless solutions to offer a better digital customer experience (CX) will result in a nearly 10% rise in customer retention.
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“To save costs and enhance the contactless customer experience, organizations are automating traditional commerce and customer service methods,” said Partha Sarathi Chakraborty, TechVision Industry Analyst at Frost & Sullivan. “Additionally, companies are providing seamless, no-touch experiences to their customers to expand their consumer base, which will increase revenue inflows for organizations.”
Chakraborty added: “Organizations are adopting contactless solutions across all major industry segments with technological advancements that will aid them in making strategic and corrective decisions. This will inflate the demand for no-touch retail, digital wallet payment, and touchless biometrics solutions.”
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Frost & Sullivan identified the following growth opportunities in the global contactless services market:
- Start-ups providing contactless solutions should adopt a revenue-sharing model with existing suppliers to penetrate the market strategically.
- Technology enablers should establish a remotely accessible central command center and integrate data from various devices to implement no-touch solutions.
- Advanced technologies, such as digital twins and edge computing consultations, should be merged into existing automation solutions for healthcare companies to achieve a competitive advantage.
Global Contactless Services Growth Opportunities is the latest addition to Frost & Sullivan’s TechVision research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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