Global Self-service Technology Market by Application (Banking, Healthcare, Retail, QSR), by Product (ATM, Vending Machines, Kiosks) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global self-service technology market was valued at USD 28.3 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 6.7%) between 2020 and 2027. Numerous technological advances such as wireless communication and remote management are expected to help facilitate growth. Industry growth is expected to be driven by the integration of biometric security services, including fingerprint recognition, that secure financial transactions. These technologies allow customers to create a service without the involvement of employees.

The main factors behind the increasing demand for Self-service Technology are self-service machines, automated devices, wireless communication and technology advancements. The growing demand is also driven by the increased number of people shopping in stores and the rising consumption of goods, services and other products in these stores. Over the next seven year, the emerging economies' booming retail sector is expected to provide many opportunities for growth.

The demand will be positively affected by the widespread awareness of the advantages of these machines, such as the ease of check in and check out, reduced congestion and improved customer experience at the airport, retail and banking branches. To increase self-service technology industry growth, service providers and manufacturers are now targeting rural areas. In India, Karnataka Gramin Bank sponsored by Canara Bank in India, deployed mobile ATMs to the Gulbarga, Kalaburagi and Ballari districts of Karnataka in 2019.

Different regions have imposed energy management and power consumption rules that may reduce demand. Many places, such as schools and colleges, were prohibited from using food and beverage vending machines. This has impacted the market. Manufacturers began to promote energy-saving vending machines that not only offer added value but also help society. These energy-saving vending machines use less electricity and conserve energy compared to older models. The refrigerated vending machine that is certified as ENERGY STAR can save around 1,000 kWh per year and are 40% more efficient.

Mobile devices, connected systems and digital platforms are revolutionizing customer shopping across both digital and physical reality. All retail outlets, from convenience stores to food and drink retailers, are adopting self-service technology to offer customers a more personalized experience. These intelligent technologies provide enhanced customer service in real time. Additionally, verticals like banking, travel and tourism, healthcare, and retail are embracing automated and intelligent technology to optimize their workforce and reduce overhead costs.

The COVID-19 pandemic has had a profound impact on consumer and business behavior. Businesses are forced to cease operations due to the drastic change in consumer behavior. Despite the immediate social lockdown effect, increased demand for grocery, general merchandise and home improvements among shoppers led businesses to adopt self assisted technologies to promote social distancing. Due to limited workforce availability, lockdowns and the initiation of travel and transportation have led to widespread adoption of self-service checkout systems.

Product Insights

The segment accounted for 51.6% of the self-service market's revenue in 2019. Despite digital transactions becoming more popular, there is still a need for cash in both developed and developing countries. Banks are quickly deploying cash-dispensing ATMs as well as self-service cash recycling machines to cut operational costs and improve customer satisfaction. In addition, small-value transactions are a key factor in the rapid growth of self-service ATM deployments.

The vending machines segment will be the fastest-growing over the forecast period. Market growth is being driven by the rising demand for vending machine in the corporate sector. Commercial spaces are also experiencing a boom because of the need to cut costs and reduce queues. A growing number of corporate offices and commercial projects will also contribute to the adoption of vending machines.

Application Insights

With a 33.4% revenue share in 2019, the retail segment was dominant. Retailers are increasingly turning to self-service technology to improve customer service and quality. Vending machines and kiosks are the most popular technologies. Retail stores are seeing increased demand due to the increasing number of shoppers and the need for a hassle-free checkout experience. Retail segment growth is also driven by the increasing use of self-checkout systems and interactive kiosks in various retail sectors like supermarkets, convenience stores, specialty shops, and convenience stores.

Over the forecast period, the Quick Service Restaurant (QSR), application segment will experience the fastest CAGR at 8.4%. The increasing number of QSRs and the increased demand for QSRs, as well as the need to reduce counter wait times with fewer employees, are driving the demand for self-service systems. The market is also driven by increasing competition between restaurants to offer efficient service while still maintaining low operational costs. QSRs are also embracing automated self-service systems to increase guest satisfaction, order accuracy and make their business more efficient.

Regional Insights

Asia Pacific was the dominant market for self-service technology in 2019, with a 33.9% revenue share. Over the forecast period, self-service technology adoption is expected to increase at a rapid pace. The market is being driven by factors such as the increased deployment of ATMs, self-service kiosks and vending machines in emerging economies. The region's growing awareness of this technology and their rising spending habits are expected to drive the market. These machines are in high demand due to rising urbanization in countries like India, China, Japan, and the exponential growth of the banking sector.

North America was the second largest regional segment of the market. The largest revenue share was held by the U.S. Market growth is being driven by increased spending in the travel and transportation, banking, and retail sectors on intelligent and self-assisted technologies. This is due to the rapid rise of IT-enabled self services in the region.

Market Share Insights & Key Companies

NCR Corporation, Kiosk Information System and FUJITSU are the key players in this market. Due to the existence of large and small vendors offering SST systems around the world, the market is highly competitive and fragmented. The ATM market is concentrated by product type, with established players like NCR Corporation, Diebold Nixdorf Incorporated, GRGBanking, Hyosung NNS, Hitachi-Omron Terminal Solutions, Corp. Established players have a wider customer base and more sales channels which allows them to reach broader audiences across the globe. Hitachi-Omron Terminal Solutions (Corp's Thailand subsidiary) received in February 2020 an order from the Government Savings Bank of Thailand for ATM monitoring and assistance. This was in partnership with Platt Nera International Limited.

Leading players are always involved in improving their services and upgrading security features in existing systems. Established players also work with technology providers, banks, and retailers to transform their businesses. NCR Corporation, for example, entered into a partnership with Raymer Oil in October 2019. Raymer Oil is a North Carolina-based family-owned company that owns 46 Fast Phil's convenience shops. The agreement stipulated that NCR Corporation would digitally transform all Fast Phil's convenience stores and offer self-checkout technology across the U.S. The following are some of the most prominent players in the self service technology market:

• AZKOYEN S.A.

• HYOSUNG TNS

• KIOSK Information Systems.

• HESS Cash Systems GmbH

• Crane Co.

• Toshiba Tec Corporation.

Up Market Research published a new report titled “Self-service Technology Market research report which is segmented by Application (Banking, Healthcare, Retail, QSR), by Product (ATM, Vending Machines, Kiosks), By Players/Companies Crane Co, HESS Cash Systems GmbH, Toshiba Tec Corporation, KIOSK Information Systems, AZKOYEN SA, HYOSUNG TNS”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Self-service Technology Market Report Segments:

The market is segmented by Application (Banking, Healthcare, Retail, QSR), by Product (ATM, Vending Machines, Kiosks).

Self-service Technology Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Self-service Technology Market

Overview of the regional outlook of the Self-service Technology Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Self-service Technology Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Self-service Technology Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Banking

                2. Healthcare

                3. Retail

                4. QSR

                1. ATM

                2. Vending Machines

                3. Kiosks

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Self-service Technology Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Self-service Technology Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.