Self-Service Technology Market: Global Size, Opportunities, Historical Analysis, Development Status, Business Growth and Forecast: 2022-2031

The Global Self Service Technology Market generated revenue of US$ 26.56 billion in 2022 and is expected to grow at a CAGR of 10.7% during the forecast period 2022-2031, to reach a market size of US$ 56.8 billion by 2031. Today’s fast-paced world is being increasingly characterized by technology-facilitated transactions. Today, customers prefer to interact with technology to create service outcomes instead of interacting with a service provider. With the rapid growth of technologies, various innovations are introduced in order to facilitate people’s needs and necessities. One of the innovations that have gathered great popularity among customers is Self-Service Technologies (SSTs). Self-service technologies (SSTs) are technological interfaces that enable customers to produce a service independent of direct service employee involvement. Major self-service technologies include automated teller machines (ATMs), automated hotel checkout, banking by telephone, and services over the Internet, such as Federal Express package tracking and online brokerage services. To add on, digital transformation has tremendously changed the interaction between the company as well as customers and service offerings. Developments in technology such as smartphones and IoT have also surged the need for instant fulfillment among consumers. Over time, self-service technology has grown from being an alternative way of handling certain tasks to becoming a primary channel given the benefits it entails. Some of the benefits associated with Self-Service Technologies are stated below:
• Convenience, both for the user and for the service provider: Lifestyle changes started during the second half of the 20th century meant that customer has become busier than ever and time is considered a valuable asset, so anything that saves time is considered a welcome addition
• The growing importance of delivering experiences: service providers view self-service technology as an opportunity to improve levels of customer satisfaction (and therefore retention) by using it to create products and services with an experiential focus
• Cost-effective: Self-service technology makes economic sense given the lower cost of online interactions vs frontline staff
• Demographic changes: Millennial generation and other digital natives feel at ease handling self-service technology
• Changes in expectations of Consumers: nowadays, most consumers prefer hands-on experience and a more interactive approach to technology that offers convenience and speedy transactions
• Self-service technology reflects the 24/7 culture we now live in, the evolution of self-service technology is almost a natural result of recent changes in society and in the business world

Numerous service providers are using a wide range of technologies to allow customers to consumer services or products electronically without direct contact. As self-service technologies are prominent in banking and financial services, in a similar fashion, food and beverage restaurants have also introduced self-service technologies mainly in the form of tablet computers in order to empower consumers to place orders and pay bills. Self Service technologies can also be found in the tourism and hospitality industry which are airline ticketing machines, automatic teller machines, and computer-based booking services. Further instances of SSTs in tourism and hospitality industry also include Ticket Vending Machine (TVM) for train and rail mode of transport, mobile application to book hotel rooms such as Trivago, and, navigation application such as WAZE for directions, check-in kiosk in hotels, self-service kiosk for food ordering, and self-service information terminal usually found in a mall. Furthermore, in the retail industry, surveys show that more than 65% of retail customers prefer self-service options over sales assistants, whereas other studies suggest that up to 80% of surveyed shoppers would prefer shopping at venues that only offered self-check-out. It has been anticipated as per the survey that more than 85% of companies expect that self-service will be the fastest-growing channel in customer service by 2021 across the globe. However, lack of understanding encompasses to be the prominent bottleneck hampering the flourishing trend of self-service technologies. For instance, in the present scenario, connected consumers have high expectations of the brands they deal with. It has been found that over half i.e. 53% of US adults are likely to abandon an online purchase if they can’t find a quick answer to their question. Also, around 45% of consumers stated they’d spend just 5 minutes searching for information on a company website before giving up and going elsewhere.
“ATM segment dominated the Global Self-service technology market, with 82.2% share in 2019”
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 and is expected to maintain its dominance throughout the forecast period 2020-2026. However, the Kiosks segment is expected to witness the highest CAGR growth of 14.1% during the analyzed period. These technology-based interactions are expected to become a key criterion for long-term business success.

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“Beverage Vending Machine-generated revenue of US$ 943.41 million in 2019”
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. specialized product vending machines are expected to witness a CAGR growth of 11.5% during the forecast period.
“Brown Label ATM dominated the ATM segment of the Global Self-service technology market in 2019”
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 and is expected to grow at a CAGR of 12.3% during the analyzed period. Smart ATM segment is expected to witness the highest CAGR growth of 14.8% during the forecast period 2020-2026.

“Ticketing Kiosk dominated the Self-service kiosks segment market, accounting for 40.7% share in 2019”
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 patient Self-service segment is expected to generated revenue of US$ 354.59 million by 2026. The banking & Financial kiosks segment is expected to witness the highest CAGR of 16.5% during the forecast period.

“Asia-Pacific dominated the Global Self-service technology market in 2019”
For a deep-dive analysis of the industry, detailed country-level analysis is conducted for major region/country including North America (US, Canada, Rest of North America), Europe (Russia, Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia, Rets of Asia-Pacific) and Rest of the World. Asia-Pacific generated revenue of US$ 9,726.81 million in 2018 and is expected to witness a CAGR growth of 12.0% during the forecast period 2020-2026. Rising urban population paired with the demand for time-saving technology in countries such as India, China and other emerging Asian countries would help the region to remain dominant during the forecast period.

Competitive Landscape-Top 10 Market Players

Azkoyen Group, Kiosk Information System, Crane Corp, Fujitsu, IBM, Glory Ltd, Vendrite, Embross, NCR Corporation, Beta Automations, are some of the prominent players operating in the self-service technology industry. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

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Reasons to buy:

• Current and future market size from 2020 to 2026 in terms of value (US$)
• Combined analysis of deep-dive secondary research and input from primary research through Key Opinion Leaders of the industry
• Country-level details of the overall consumption of Self-Service Technology
• A quick review of overall industry performance at a glance
• In-depth analysis of key industry players
• Detailed analysis of export & import scenario of the industry
• A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis and start ups
• The study comprehensively covers the market across different segments and sub-segments of the market
• Region/country Covered: North America (US, Canada, Rest of North America), Europe (Russia, Germany, UK, France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia, Rets of Asia-Pacific) and Rest of the World.

Customization Options:

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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