The Global Self Service Technology market is expected to reach the market valuation of US$ 56.8 billion by 2026 growing at a CAGR of 10.7% during the forecasted period (2020-2026) from US$ 26.6 billion in 2019. Self-service technologies are interfaces that allow customers to produce their services without involving any third parties. Digital transformation has fundamentally changed the relationships and service offerings between the consumers and the business. Technology developments such as smartphones and IoT have developed a need for instant consumer fulfilment. Today, customers aren't able to wait for any service. Self-service systems allow companies to offer on-demand services to their customers from anywhere without the need for sales representatives. This also helps companies increase their market presence and boost the efficiency of their products/services. Smart ATMs, for example, allow account holders to access banking services such as withdrawal of money, check deposits, balance information, transfer of money and collect cash deposits from any location on their own.
Self-service technologies (SST) enable customers to get a service without having to interact with service providers. It's a big part of our lives, no matter the consumer is six or sixty. Some of these innovations are already well known on the market, while others are still facing resistance. The reality is that the innovations of self-service offer many advantages to both consumers and companies. The customer gets what they want quicker and easier; the company sells better, prices are that and customer service is increased, building a loyalty bond between them. The notion of self-service technology seems too many businesses like a win-win proposition. Kiosks, websites, mobile apps and other self-service technology now enable service companies to streamline transaction processes, reduce costs and potentially increase sales - all while giving the customer more control over the service process.
Based on product type, the global self-service technology market is segmented into vending machines, ATMs and kiosks. In 2019, the ATM segment dominated the market with nearly 82%, while, the Kiosks segment is expected to register the highest CAGR growth of 14.1% during the forecast period. Automatic telling machines (ATMs), best known to many as cash machines, are a proven type of self-service technology that the general public has become used to using daily. ATMs are one of the best-known examples of self-service technology of any kind. As far back as 1967, the first one was launched in the UK. These days, ATMs are not merely limited to bank branches where bank workers can be retained and loaded up. For example, one can find mobile ATMs that are placed in fields during any event or other such places, relying on wireless high-tech data communications to check balances and allow access to funds.
Further, the product type like vending machines, ATMs and kiosks are segmented based on the product category. For instance, vending machines are bifurcated into beverages vending machine, snacks vending machine, candy vending machine, gumball vending machine, cigarette vending machine and specialized vending machine, ATMs into conventional ATM, brown label ATM, white label ATM, smart ATM and cash dispenser while Kiosks into photo kiosks, DVD kiosks, ticketing kiosks, hr & employment kiosks, patient self-service kiosks, the information providing kiosks, banking & financial kiosks and other kiosks.
Based on the solution type, the market is studied as deployment solutions and managed services. Additionally, for a deep-dive regional analysis of the market, a detailed country-level analysis is conducted for major region/country including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Italy, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Singapore, and Rest of Asia-Pacific) and Rest of the World. The global self-service technology market is dominated by Asia-Pacific, which has generated US$ 9,726.81 million in 2018 and is expected to witness a CAGR growth of 12.0% during the forecast period 2020-2026. The regions dominate the market as it has a huge population base who now are becoming tech-savvy. The report also provides a detailed company profile of key players along with their market share. Some of the key players include Kiosk Information System, Azkoyen Group, Crane Corp, Fujitsu, Vendrite, Embross, IBM, Glory Ltd, NCR Corporation and Beta Automations.
Global Self Service Technology Market Segmentation
Market Insight, by Product Type
· Vending Machine
· Automated Teller Machine
· Kiosks
Market Insights, by Vending Machine Product Category
· Beverage
· Candy
· Snacks
· Gumball
· Cigarette
· Specialized
Market Insights, by ATM Product Category
· Conventional
· Brown Label
· White Label
· Smart ATM
· Cash Dispenser
Market Insights, by Kiosks Product Category
· Photo
· DVD
· Ticketing
· HR & Employment
· Patient Self Service
· Information Providing
· Banking & Financial
Market Insight, by Solution Type
· Deployment Solutions
· Managed Services
Market Insight, by Region
· North America Self Service Technology Market
o United States
o Canada
o Rest of North America
· Europe Self Service Technology Market
o Russia
o Germany
o UK
o France
o Spain
o Italy
o Rest of Europe
· Asia Pacific Self Service Technology Market
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia-Pacific
· Rest of World Self Service Technology Market
Top Company Profiles
· Azkoyen Group
· Kiosk Information System
· Crane Corp
· Fujitsu
· IBM
· Glory Ltd.
· Vendrite
· Embross
· NCR Corporation
· Beta Automations
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