The global self-service technology market size is anticipated to account for USD 46.03 billion by 2027, growing with 6.7% CAGR over the forecast duration, as per a new study by Million Insights. The growth if the market is attributed to the several benefits offered by the self-service technologies to both consumers and businesses. Growing adoption of this technology by organizations is driven by the increasing focus on enhancing the consumer experience. Several sectors such as hospitality, financial services, airports and others are increasing deploying self-service technology.
Financial service providers are one of the major adopters of this technology as it eases the burden on their employees along with improving the customer services. Increasing demand for the paper-based transaction has propelled the use of ATMs. Although, the increasing digital payment has significantly reduced the demand for cash, yet cash remained the major source of purchasing. The growth Europe cash transaction was positive as reported by the World Cash Report.
Growth in digitalization in the retail industry has supplemented the growth of the market in the past few years. Changing customer preferences have resulted in the advent of advanced self-service technologies. The technology provides various benefits in retail including reducing the waiting time for customers, thereby, enhancing the customers' satisfaction. Emerging countries such as China and India are witnessing a rapid rise in the number of retail stores, which, in turn, is projected to augment the market growth.
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Further key findings from the report suggest:
• In 2019, the ATM category held the largest share in the self-service technology market. Further, it is predicted that the segment would reach USD 22.1 billion in 2027.
• Based on the product, the vending machine is anticipated to witness the highest CAGR from 2020 to 2027.
• By 2027, the retail division is likely to hold more than 30% share.
• Owing to the increasing demand for vending machine, self-kiosk and ATMs, Asia Pacific led the market in 2019. Further, the region is expected to continue its domination over the forecast duration.
Million Insights segmented the global self-service technology market on the basis of product, application, and region:
Self-service Technology Product Outlook (Revenue, USD Billion, 2016 - 2027)
• Vending Machines
Self-service Technology Application Outlook (Revenue, USD Billion, 2016 - 2027)
• Travel & Tourism
• Others (Hospitality, Education, Government, etc.)
Self-service Technology Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
List of Key Players of Self-service Technology Market
• AZKOYEN, S.A.
• HYOSUNG TNS
• KIOSK Information Systems.
• HESS Cash Systems GmbH
• Crane Co.
• Toshiba Tec Corporation.