DigitalCFO Newsroom | 13 June 2022
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.
For further information on this analysis, please click here.
“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.”
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.