Market Research Future has Published a Half-Cooked Research Report on the Global Self-Service Technology Market.
According to the newest report by Market Research Future (MRFR), the global self-service technology market is slated to acquire a significant market valuation of USD 73.8 Billion by 2030, at a steady 11.87% CAGR over the review period.
The daily usage of products and services offered by industrial sectors such as banking, and food industry, and others, among consumers, is increasing at a rapid pace. To meet this growing demand and offer high-quality customer services, establishments are seeking the help of automated processes. The increasing demand for automatic machines to meet consumer demand is fueling the growth of self-service technology market and is expected to retain its surge over the review period. Additionally, the introduction of biometric security solutions such as facial recognition, fingerprint sensors, and retina scans helps in avoiding security breaches and other deceitful activities. This enhances customer satisfaction in application sectors such as banking, healthcare, commercial organizations, and border security control, which consequently influences the growth of the market in the assessment period. Also, developments in wireless technologies such as sensors and RFIDs that provide wireless communication is further fueling the growth of self-service technologies market. On the other hand, the machine interface needs to be continuously updated to remain in sync with the latest technology aids, which is a crucial challenge in the market presently. Moreover, in case of contact centers which make use of intelligent voice response (IVR) systems in present times, access to real-time information is becoming complicated, which is expected to hinder the market growth over the forecast period.
Segmental Analysis
The global self-service technology market is segmented based on the interface, machine type, and application.
Based on the machine type, the market is segmented into kiosks, ATMs, and vending machines. ATM is sub-segmented into smart ATM, off-site ATM, on-site ATM, brown label ATM, white label ATM, and others. Kiosks are sub-segmented into ticketing kiosk, photo kiosk, information kiosk, employment kiosk, check-in kiosk, and others. Vending machines are sub-segmented into beverage vending machine, candy vending machine, snack vending machine, and others. On the basis of the interface, the market is segmented into the interactive kiosk, telephone/IVR, online/Internet, and video/CD. Based on the application, the self-service technology market is segmented into security & surveillance, banking, retail, healthcare, transportation, food & beverage, entertainment, and others.
Regional Analysis
The geographical analysis of the market of self-service technology is conducted for North America, Asia-Pacific, Europe, and the rest of the world.
North America is accounted for the largest region in terms of value and is likely to dominate the self-service technology market during the forecast period. The chief factors influencing the adoption rate of self-service technology in this region are growing demand for automated machines to avail services rapidly, and connected infrastructure which provide unified connectivity for the devices. Additionally, established economies such as Canada, the US, and Mexico are investing heavily in research and development projects of wireless communication technologies such as RFIDs and sensors which is anticipated to fuel the self-service technology market growth in the region over the assessment period.
Asia-Pacific is accounted for the fastest-growing region in the market and is anticipated to grow at a rapid growth rate through the forecast period, owing to the growing adoption of self-service technologies in enterprises, both large and SMEs, in order to expand their presence and improve their service offerings. Rising consumer expenditure towards the automation of services is also expected to fuel the growth of the market over the assessment period.
Key Players
The major market players in the global self-service technologies market identified by MRFR are NCR (US), Kiosk Information Systems (US), HESS Cash Systems GmbH & Co. KG (Germany), GLORY LTD (Japan), Fujitsu (Japan), Crane Co. (US), Diebold Nixdorf, Inc. (US Azkoyen Group (Spain), Vendrite (US),), and IBM Corporation (US).