Self-service technology market to hit $72.51 billion
New York, U.S., May 03, 2022 (GLOBE NEWSWIRE) — Self-Service Technology Market Overview:
According to comprehensive research report by Market Research Future (MRFR), “Self-Service Technology Market” insights by Machine Type, by Interface, by Application and Region – Forecast to 2030, Market Size market will reach USD 72.51 billion, growing at a compound annual growth rate of 11.27% by 2030.
The global self-service technology market is estimated to witness significant revenue growth. The wide spread of self-service machines would be a key driver for the growth of the market.
Self-service technology offers multiple benefits by creating a better customer experience by truly engaging them with a brand. ATMs like ATMs have become essential to facilitate banking transactions. On the other hand, self-service machines like kiosks are indispensable for selling and marketing various products, from supermarkets to real estate.
Kiosks can help enable a futuristic experience for customers that can drive sales in the marketplace. These machines can also allow customers to order, book and pay directly, providing extensive product and service information. As a result, the market is witnessing increasing deployments of self-service machines across all major industries globally.
Over the past few years, many technological advancements have offered data orchestration solutions that allow development teams to build self-service applications without writing code. These applications provide access to self-service technologies and data supporting go-to-market processes such as lead routing and territory assignment, lead scoring, segmentation, campaign attribution , list loading and hundreds more.
The Dominant Key Players in Self-Service Technology Market Covered Are:
- NCR (USA)
- Kiosk Information Systems (US)
- HESS Cash Systems GmbH & Co. KG (Germany)
- GLORY LTD (Japan)
- Fujitsu (Japan)
- Azkoyen Group (Spain)
- Vendrite (USA)
- Crane Co. (USA)
- Crane Merchandising Systems (USA)
- Diebold Nixdorf Inc. (USA)
- IBM Corporation (USA)
- Beta Automations (India)
- XIPHIAS Software Technologies (India)
- HANTLE Inc. (USA)
- N and EXCOM International Co. Ltd. (Japan)
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Self-Service Technology Market Drivers
Events causing economic uncertainty around the world, such as the COVID-19 pandemic and the Russian-Ukrainian war, highlight the need to make informed decisions in near real time. Organizations realized they needed to be agile in the face of rapidly changing economic conditions and self-service analytics capabilities. During COVID-19, consumers preferred contactless payments.
Self-service technologies are evolving rapidly with massive changes in the operating model. Due to changing consumer behavior and the rise of autonomous technology and anything AI-powered, self-service kiosks and quick-service machines are poised to see demand. important. With this transformation, self-service machine operators can transform their operations into digital, smart places that require fewer people to operate.
Retailers are trying to connect physical stores to e-commerce, with AI-powered solutions, which can solve integration issues by combining digital and physical retail. Retailers can also get an overview of their other warehouses/stores. Technology personalization and computer vision should prepare retail stores for wireless technologies and smart city integration used to improve connectivity, efficiency and quality of life in cities.
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Market Segmentation Covered by Research:
The self-service technologies market is segmented into machine types, interfaces, applications, and regions. The Machine Type segment includes ATMs (onsite ATM, offsite ATM, white label ATM, brown label ATM, smart ATM, others), kiosks (photo kiosk, ticketing kiosk, information kiosk, registration kiosk, job kiosk, others), vending machines (candy vending machines, drink vending machines, snack vending machines, others) and others.
The Interface segment includes Telephone/IVR, Online/Internet, Interactive Kiosk and Video/CD. The application segment includes retail, banking, healthcare, food and beverage, transportation, entertainment, security and surveillance, etc. The regional segment includes Middle East and Africa, Americas, Asia-Pacific, Europe and Rest of the World.
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North America leads the global self-service technology market. Advancements in technology and the trend to deploy self-service machines due to labor shortage are major drivers behind the vast market demand. Also, the presence of well-established infrastructure and technology providers in the region has a positive impact on the growth of the market.
The Europe self-service technology market is expected to grow rapidly over the forecast period. Factors such as booming BFSI, healthcare sector and travel industry improving economic conditions in the region are significantly supporting the growth of the market. Businesses in the region are keen to target self-service technology to meet changing customer needs.
The Asia-Pacific self-service technology market is expected to grow at the fastest rate. Booming businesses in the retail and telecommunications sectors are helping to increase the market, enabling increased deployments of self-service machines. Additionally, other booming industries such as BFSI, media and entertainment, travel, and healthcare are providing impetus for the growth of the market.
The self-service technology market appears fiercely competitive, with several well-established players forming a competitive landscape. Well-established players incorporate collaboration, mergers and acquisitions, product/technology launches, and expansion to maintain their position in this market.
They make substantial investments to stimulate R&D activities and expansion. Growth in terms of technology and product innovation is manifesting itself in the market. Market players strive to offer standard and custom-designed technologies that provide superior performance and long-term service for discerning buyers.
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For example, on April 26, 2022, Press Ganey, a leading provider of customer experience (patients, members and employees) in the healthcare ecosystem, announced the acquisition of Forsta, a leading provider market research, customer experience (CX) and employee experience (EX) solutions to advance self-service technologies.
Together, these companies would power the future of search and experience technology. Press Ganey and Forsta deliver the data connectivity, accelerated analytics, deeply segmented insights, and DEI expertise needed to deliver seamless experiences and truly drive transformation.
With the addition of Forsta’s highly complementary market research, CX and EX technology, Press Ganey would be able to expand its presence into new geographies and industries, seamlessly coordinating with its healthcare solutions. existing health. The acquisition would also allow Press Ganey to accelerate product innovation, market expansion, unprecedented insights and healthcare industry disruption through new purpose-built self-service solutions.
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