Business Technology

Self-Service Technology Market 2018 by Trends, Market Share, Size, Growth, Opportunities Forecast 2022

Global Self-Service Technology Market Overview

The Self-Service Technology Worldwide Market is expected to generate a market value of USD 32 billion by 2023 growing at a CAGR of 13%.  Self-service technologies refer to interfaces that enable direct generation of services without the involvement of third parties. Rising digitization has altered the way companies interact with customers and offer their services. Developments in different technologies such as smartphones and the internet of things (IoT) have fueled the need for instant fulfillment of required services. Self-service technologies aid organizations to provide their services to existing and potential consumers on demand in any desired location, without the need for any sales representatives.

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Further, rising need for products and services such as food products and banking, daily, is fueling the demand for self-service technologies deployment in the foreseeable future. To fulfill this need, organizations are resorting to automating various processes. Proliferating demand for automated machines is also driving the self-service technologies market during the forecast period.

Moreover, the introduction of different biometric security solutions such as retina scans, fingerprint sensors, and facial recognition has helped in the prevention of security breaches. This has fueled better customer satisfaction in different sectors such as banking, healthcare, commercial organizations, and border security control, further upscaling the adoption of self-service technologies. Advancements in wireless technologies such as sensors and RFIDs which offer better wireless communications has contributed to the augmentation of the self-service technologies market.

Although several factors are contributing to the healthy ascension of the global self-service technology market, some factors are hindering the market growth. The constant need to update the machine interface to keep up with the latest technology offerings is likely to pose as a major restraint in market growth. Secondly, contact centers which use intelligent voice response (IVR) systems, accessing real-time information are becoming complex, further hampering the market growth for self-service technologies.

Key Players

The global self-service technology market has many significant players including Kiosk Information Systems (US), NCR (US), HESS Cash Systems GmbH & Co. KG (Germany), Fujitsu (Japan), GLORY LTD (Japan), Azkoyen Group (Spain), Crane Co. (US), Vendrite (US), Diebold Nixdorf, Inc. (US) and IBM Corporation (US).

Industry Update

April 2019: American Jewelry and Loan is launching a self-service kiosk that allows customers to renew their loans, pick up items in pawn faster and easier, and make layaway payments. It also announced the launch of their new mobile pawn system which allows customers to renew loans, make cash-free loan/layaway payments through smartphones and computers.

Market Segmentation

The global self-service technologies market is segmented by MRFR on the basis of machine type, interface, application, and region. Based on machine type, the global self-service technologies market is segmented into ATMs, kiosks, and vending machines. The segment of ATMs is further sub-segmented into on-site ATMs, off-site ATMs, brown label ATM, and white label ATM. The segment of kiosks is segmented into photo kiosk, information kiosk, check-in kiosk, ticketing kiosk, and employment kiosk. The segment of vending machines is further sub-segmented into candy vending machine, beverage vending machine, and snack vending machine.

Based on interface, the global self-service technologies market is segmented into telephone/VR, online/internet, video/CD, and interactive kiosk. Based on application, the global self-service technologies market is segmented into retail, healthcare, food & beverages, banking, transportation, entertainment, and security & surveillance.

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Detailed Regional Analysis

The global self-service technologies market is geographically segmented into Europe, Asia Pacific, North America, and Rest of the World. Asia Pacific is estimated to grow at a rapid pace owing to a proliferated adoption of self-service technologies by SMEs as well as large enterprises to augment their presence and enhance their service offerings.

Among these segments, North America is estimated to be at the forefront of the global self-service technologies market during the forecast period. Some of the major factors fueling growth to the market in North America include the rising demand for automated machines for instant access to services and the presence of advanced infrastructure which enables a smoother deployment of self-service technologies, through seamless connectivity for these devices. Further, developed countries such as the U.S., Canada, and Mexico are observed to heavily invest in the research and development of wireless communication technologies, causing the ascension of the market in North America.

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