The market for self-service technology is expected to grow at a CAGR of around 15.7% from 2020 to 2027 and expected to reach the market value of around US$ 77.7 Bn by 2027.
Self-service technologies (SSTs) are interfaces that provide services to customers without the involvement of direct service employees. These services are replacing many face-to-face service interactions and ensuring transactions to be more accurate, convenient, and faster. Some of the examples of self-service technology include automatic teller machines (ATMs), self pumping at gas stations, self-ticket purchasing on the internet and self-check-out at hotels and libraries among others.
The increasing investment by various industries in self-check kiosks and POS systems to enable a faster shopping experience with easy access to information about the availability of the products is driving the market growth. The retail market is one of the major industries facing the challenge of consumer requirements, where self-service technology can help with an easy and hassle-free shopping experience along with better quality. The vending machines are expected to experience growth owing to language barriers in various countries, such as Malaysia and Singapore, among others with a high tourism rate where these machines can provide help to the visitors with hassle free access for beverage, candy, snack, specialized, cigarette, and gumball. Additionally, the expanding usage across retail stores or big scale enterprises, wherein the system is used for dispensing food or beverages or any other suitable product from the system is driving the market growth
On the other side, the covid-19 pandemic has declined the usage and demand of self-service technology on retail stores as many of the stores have shut down their operation for the period and people have shifted to online shopping options instead of buying in person.
Segment Instance of Global Self-Service Technology Market
ATM segment accounted for the maximum revenue share in the global Self-Service Technology Market
On the basis of product, the ATM segment is leading the global self-service technology market with maximum revenue share (%). The ATM segment is inclusive of cash dispenser, smart, brown label, white-label, and conventional ATM. Automated Teller Machines (ATM) is the first self-service machine introduced to the public in the UK in 1967. These are available across the globe and are likely to gaining growth in the rural areas of developing and underdeveloped economies.
North America accounted for the maximum revenue share in the global Self-Service Technology Market
In 2019, North America leads the market with maximum revenue share, and the region is also projected to maintain its dominance throughout the forecast period from 2020 to 2027. The region is gaining pace on account of its advanced infrastructure and high per capita income. Additionally, the major economies including the US and Canada are the major revenue contributors.
Asia Pacific is projected to exhibit fastest growth over the forecast period from 2020 to 2027
Asia Pacific along with its major economies projected to create potential opportunities over the forecast period from 2020 to 2027. The developing infrastructure along with the increasing disposable income and government budget and plans for a technology-based economy is driving the regional market value. The expanding plans of smart city projects are further bolstering the regional market value. Moreover, the developing economies are experiencing a major boost in technology innovations and their installation is the factor anticipated to exhibit the fastest growth throughout the forecast period from 2020 to 2027.
Key Market Players
The players profiled in the report include Azkoyen S.A, Crane Merchandising Systems, Fuji Electric Retail Systems Co. Ltd, Glory Ltd., HESS Cash Systems GmbH, HYOSUNG TNS, International Business Machine (IBM) Corporation, Kiosk Information Systems, Inc., Maas International Europe B.V. HESS Cash Systems GmbH & Co., NCR Corporation, Toshiba Tec Corporation, and Vend-Rite among others.
Market By Product
Market By Application
Travel & Tourism
Others (Hospitality, Education, Government)