According to the report, the global self-service technology market accounted for USD 15.70 Billion in 2015 and is expected to reach USD 37.75 Billion by 2021, growing at a CAGR of around 15.8% between 2016 and 2021.
Self-service technologies (SST) are technological evolution which allows customers to produce services independently i.e. without the involvement of direct service employee executive. Self-service technologies are replacing many faces to face interactions. Self-service technologies mainly intended to make service transactions more convenient, faster and accurate.
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Increasing demand for self-service machines and automated devices drives the self-service technology market. Increasing awareness for active safety systems and enhanced security in a financial transaction is expected to contribute impulse growth of self-service technology market. Biometric security services including fingerprint recognition have helped consumers for the secure financial transaction. Furthermore, rising adoption of self-service machines by consumer goods and service sector industries are expected to propel the growth of self-service technologies market. Moreover, emerging trends in self-service technology market are likely to open new market avenues in the near future. However, hacking of personal data and other security threats may affect the growth of self-service technology market.
Based on the type, the global self-service technology market is bifurcated into ATM, kiosks machines, and vending machines. ATM has been further classified into a cash dispenser, brown label, white label, smart ATM and conventional ATM. Kiosks are classified under DVD kiosk, ticketing kiosk, banking, and financial kiosk, hr and employment kiosk, photo kiosk, the information providing kiosk and others.While the vending machine has been sub-segmented into snacks, beverages, specialized and others. ATM machine was the leading segment of the global self-service technology market in terms of demands 2015. and the segment is expected to lose its market share through the forecast period due to the emergence of the multifunctional machine.
North America was the largest market for self-service technology market in the world due to the high technology adoption rate. Rising urbanization across countries like China and India with exponential growth in the banking sector is projected to witness considerable growth over the forecast period in Asia Pacific region.
The key player’s operative in the global self-service technology market includes Crane Merchandising Systems, NCR Corporation, Kiosk Information Systems, Inc, Azkoyen S.A, Glory Ltd and Fuji Electric Retail Systems amongst others.