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Self Service Technology Market Expected to Grow at a CAGR of 10.7% During the Forecast Period 2020-26
Global Self Service Technology market is anticipated to reach the market valuation of US$ 56.8 billion by 2026 expanding at a reasonable CAGR of 10.7% in the course of the forecasted period (2020-2026) from US$ 26.6 billion in 2019. The advancement in Information and Communication Technology (ICT) has remarkably transformed the facets of interaction that takes place between the service providers and customers, resulting in improved service standards. Service providers have successfully introduced a technology-enabled mechanism in the form of Self-Service Technologies (SSTs) to provide convenient services to their customers in attaining better productivity and satisfaction. Moreover, the purpose aims to put forward the customer to access services by means of modern and convenient channels. ATM, online banking, mobile banking, and self-check-in machines at airports, online shopping, online bill payment etc. are some of the Self-Service technologies that have become popular amongst the customers. With the growth of multi-channel marketing, combinations of Self-Service Technologies are being used by the companies to deliver flawless customer services in major sectors including Hospitality, healthcare, Consumer goods, banking and financials and retail among others. 77% of US consumers consider “valuing my time” as the most critical part of good customer service.
Further, about 73% out of 526 shoppers surveyed said they prefer retail self-service technologies, such as self-checkout, over-engaging with store associates, etc. As per Oracle, on an average, guests using digital key rates a hotel 7 points higher than key card guests. Also, 84% of guests are likely to use digital keys again. Furthermore, 94% of business travelers and 80% of leisure travelers have expressed their interest in using mobile guest apps or smartphones to request service. With the adoption of self-service technology, the hotels' industry can empower their digital-savvy guests with a more convenient and personalized experience, it may further help the company to reduce human error and operational load. The food Chain sector is also experimenting with kiosks during the past few years. McDonald’s reported a 30% increase in the average check-in size when customers ordered from a kiosk. It is also said that a seven-second reduction in service times in fast-food restaurants could increase the company’s market share by 1-3%.
Based on the product category, the global self-service technology market is segmented into vending machines, ATM and kiosks. In 2019, the ATM segment dominated the market, however, the Kiosks segment is expected to witness the highest CAGR growth of 14.1% during the analyzed period. Vending machine product category is further bifurcated into the beverage, candy, snacks, gumball, cigarette, and specialized product vending machines. Candy vending machine-generated revenue of US$ 991.59 million by 2026. Global Self-service ATM segment is further bifurcated into the conventional, brown label, white-label, smart ATM and cash dispenser. In 2019, Brown Label ATM generated revenue of US$ 6,447.24 million. Smart ATM segment is expected to witness the highest CAGR growth of 14.8%. Based on the kiosk product category, the market is bifurcated into the photo, DVD, ticketing, HR& Employment, patient self-service, information providing and banking and financial kiosks. The banking & Financial kiosks segment is expected to witness the highest CAGR of 16.5% during the forecast period.
Additionally, for better investigation and penetration of self-service technology, the report gives an in-detailed analysis of self-service technologies adoption across the world. The market is classified into distinct regions and countries including North America, Europe, Asia-Pacific and Rest of the World. In 2019, Asia Pacific dominated the self-service technology market with a market share of 34.5%. Being one of the matured markets, increasing disposable income, surging demand for urbanization and economic development along with changing lifestyles has driven the adoption of self-service technology in Europe. Some of the major companies profiled in the global self-service technology market are Azkoyen Group, Kiosk Information System, Crane Corp, Fujitsu, IBM, Glory Ltd, Vendrite, Embross, NCR Corporation, Beta Automations. These players consistently aim to focus on product launches, innovations, M&A among others to strengthen their presence in the market.
Global Self Service Technology Market Segmentation
Market Insight, by Product Type
• Vending Machine
• Automated Teller Machine
Market Insights, by Vending Machine Product Category
Market Insights, by ATM Product Category
• Brown Label
• White Label
• Smart ATM
• Cash Dispenser
Market Insights, by Kiosks Product Category
• HR& Employment
• Patient Self Service
• Information Providing
• Banking & Financial
Market Insight, by Solution Type
• Managed Services
Market Insight, by Region
• North America Self Service Technology Market
• Europe Self Service Technology Market
• Asia Pacific Self Service Technology Market
• Rest of World Self Service Technology Market
Top Company Profiles
• Azkoyen Group
• Kiosk Information System
• Crane Corp
• Glory Ltd.
• NCR Corporation
• Beta Automations
UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Global Self Service Technology market can be customized to the country level or any other market segment.
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