Global Self-Service Technology Market Overview
The self-service technology market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. Self-service technologies refer to interfaces that enable direct generation of services without the involvement of third parties. Rising digitization has altered the way companies interact with customers and offer their services. Developments in different technologies such as smartphones and the internet of things (IoT) have fueled the need for instant fulfillment of required services. Self-service technologies aid organizations to provide their services to existing and potential consumers on demand in any desired location, without the need for any sales representatives.
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This improves customer satisfaction in banking, commercial organizations, healthcare, and border security control, which influences the growth of the market. Also, advancements in wireless technologies such as sensors and RFIDs which offer wireless communications is further driving the growth of self-service technologies market.
However, the machine interface needs to be constantly updated to remain at par with the latest technology offerings, which is a major challenge in the market. Furthermore, in case of contact centers where intelligent voice response (IVR) systems are used nowadays, accessing real-time information is becoming complex which is expected to hamper the market growth.
Key Players
The global self-service technology market has many significant players including Kiosk Information Systems (US), NCR (US), HESS Cash Systems GmbH & Co. KG (Germany), Fujitsu (Japan), GLORY LTD (Japan), Azkoyen Group (Spain), Crane Co. (US), Vendrite (US), Diebold Nixdorf, Inc. (US) and IBM Corporation (US).
Industry Update
April 2019: American Jewelry and Loan is launching a self-service kiosk that allows customers to renew their loans, pick up items in pawn faster and easier, and make layaway payments. It also announced the launch of their new mobile pawn system which allows customers to renew loans, make cash-free loan/layaway payments through smartphones and computers.
self-Service Technologies Global Market – Segmentation
The Self-Service Technologies Market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Machine Type: Comprises ATM, vending machines, kiosks and others.
Segmentation by Application: Comprises R Retail, Banking, Healthcare, Food & Beverage, and Security & Surveillance Among Others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Self-Service Technologies Global Market – Regional Analysis
North America is dominating the global Self-Service Technologies market with the largest market share due to the increasing advancement in remote and wireless communication which is gaining demand in Self-Service Technologies market in these regions and is expected to gain growth by 2027. Global Self-Service Technologies market in Asia Pacific market is expected to grow at a substantial CAGR during 2016 to 2027 due to rapid demand for self-automated machines in which Self-Service Technologies are widely used. The European market for Self-Service Technologies market is expected to grow at a considerable CAGR (2016-2027).
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