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Self-Service Technology Market Industry Analysis and Forecast 2020-2026

- By univdatos
Publish Date : 2021-05-14 05:32:47
Self-Service Technology Market Industry Analysis and Forecast 2020-2026

Research report presented by UnivDatos, Emphasis on Product Type (Vending Machine, Automated Teller Machine, Kiosks), Vending Machine Type (Beverage, Candy, Snacks, Gumball, Cigarette), ATM Type (Conventional, Brown Label, White Label, Smart ATM, Cash Dispenser), Kiosks Type (Photo, DVD, Ticketing, HR& Employment, Patient Self Service, Information Providing, Banking & Financial, Specialized), Solution Type (Deployment, Managed Services) and Geographical analysis (key regions and countries).

As per the research report, The Global Self Service Technology Market generated revenue of US$ 26.56 billion in 2019 and is expected to grow at a CAGR of 10.7% during the forecast period 2020-2026, to reach a market size of US$ 56.8 billion by 2026. Technology-facilitated purchases are becoming more common in today's fast-paced world. Instead of dealing with a service provider, consumers nowadays tend to communicate with technologies to build service results. With the exponential advancement in technology, new inventions are being launched to meet people's demands and requirements. Self-Service Technologies is one of the developments that has gained a lot of traction from consumers (SSTs). Self-service technologies (SSTs) are technical interfaces that enable customers to deliver a service without the intervention of a service employee. Automatic teller machines (ATMs), automated hotel checkout, telephone banking, and Internet-based systems such as FedEx package monitoring and online brokerage services are all examples of major self-service innovations. Furthermore, digital innovation has drastically altered the way businesses engage with their clients and service offerings. Consumer demand for instant satisfaction has increased as a result of technological advancements such as smartphones and the Internet of Things. Because of the opportunities it provides, self-service technology has evolved from being an alternate method of completing such activities to being a main channel. The below are some of the advantages of self-service technologies:

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  • 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

A variety of applications are being used by a number of service providers to enable consumers to access services or goods electronically without having to interact with them directly. In the same way as, self-service technologies are common in banking and financial services, food and beverage restaurants have implemented self-service technologies, mostly in the form of tablet computers, to allow customers to position orders and pay bills. Airline ticketing machines, automated teller machines, and computer-based booking systems are examples of self-service technology used in the travel and hospitality industry. 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, Agoda.com and Booking.com, 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, polls indicate that over 65 percent of supermarket consumers choose self-service services over sales associates, although other studies reveal that up to 80 percent of surveyed shoppers would choose to shop at stores that only offered self-checkout. According to the poll, more than 85 percent of businesses believe that by 2021, self-service will be the fastest-growing medium of customer service around the world. However, a lack of awareness remains the most significant bottleneck impeding the growth of self-service technology. In the current situation, for example, linked customers have strong expectations of the products with which they interact. About half of US adults, or 53%, are likely to abandon an online order if they can't find a simple response to their question, according to a study. In addition, almost half of customers said they would only spend 5 minutes looking for details on a company's website before abandoning it and moving elsewhere.

For a detailed analysis of the applications in the Self-Service Technology Market browse through – https://univdatos.com/report/self-service-technology-market-current-scenario-and-forecast-2020-2026

“ATM segment dominated the Global Self-service technology market, with 82.2% share in 2019”

Vending machines, ATMs, and kiosks are the three product categories that make up the global self-service technology industry. The ATM segment led the industry in 2019 and is projected to continue to do so in the forecast period 2020-2026. The Kiosks market, on the other hand, is predicted to rise at the fastest rate of 14.1 percent over the forecast era. This technological interaction are predicted to become an important criteria for long-term market performance.

“Beverage Vending Machine-generated revenue of US$ 943.41 million in 2019”

The soda, sweets, chips, gumball, tobacco, and advanced product vending machines fall into the vending machine product group. By 2026, candy vending machines would have produced US$ 991.59 million in sales. During the projected era, advanced commodity vending machines are predicted to expand at a CAGR of 11.5 percent.

“Brown Label ATM dominated the ATM segment of the Global Self-service technology market in 2019”

The traditional, brown label, white-label, smart ATM, and cash dispenser segments of the global self-service ATM market are further divided. Brown Label ATM had sales of US$ 6,447.24 million in 2019 and is forecast to rise at a CAGR of 12.3 percent over the next five years. During the forecast period 2020-2026, the smart ATM segment is projected to rise at the fastest rate of 14.8 percent.

“Ticketing Kiosk dominated the Self-service kiosks segment market, accounting for 40.7% share in 2019”

The market is divided into photo, DVD, ticketing, HR& Jobs, patient self-service, information providing, and banking and financial kiosks based on the kiosk product segment. By 2026, revenue from the patient Self-service market is estimated to reach US$ 354.59 million. During the forecast period, the banking & financial kiosks segment is projected to grow at the fastest rate of 16.5 percent.

“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 produced revenue of US$ 9,726.81 million in 2018 and is projected to rise at a CAGR of 12.0% from 2020 to 2026. In countries like India, China, and other developing Asian countries, the urban populations combined with a demand for time-saving technologies would help the region maintain its dominance over the forecast era.

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.

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.

Category : business

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