The global self-service technology market size is expected to reach USD 46.03 billion by 2027, registering a compound annual growth rate (CAGR) of 6.7% from 2020 to 2027, according to the new study conducted by Grand View Research, Inc. The market is poised to grow at a significant pace owing to the numerous benefits offered by the technology for both the customers and businesses. Organizations are increasingly adopting such technologies as a measure to enhance their service exchanges. From restaurants to banks and airports to hotels, the usage of self-service technology has increased the customer satisfaction as it infuses personal service interaction with the customers. The technology has replaced human interaction in the process of billing statements, transactions, ordering food, and waiting in queues. These increasing benefits offered by the self-service technologies are anticipated to drive the overall market.
The
self-service checkout systems have become the primary channel to provide easy
access to banking services. The continued demand for cash or paper-based
transactions across the globe has consistently driven the demand for ATM and
cash dispensing systems. Although the rise in digital mode of transactions has
varied the prevalence of cash payments, the demand for ATM withdrawals and cash
remains prevalent across various emerging economies. According to the World
Cash Report published in 2018 by G4S plc, a U.K. based security service
company, the overall growth rate of cash transactions across Europe was
positive. Furthermore, the report also highlighted that majority of the
countries had expressed constant demand for ATMs and cash withdrawals. Thus,
the need for self-service technology such as ATM remains the primary channel
for providing enhanced service 24*7.
Furthermore,
the growing trend of digital transformation in retail industry is another
critical factor responsible for market growth. The radical shift in customer
behavior and increasing consumer expectations have forced retailers to embrace
advanced technologies to provide customer satisfaction throughout their
in-store buying process. Furthermore, with the increasing popularity of
e-commerce, the retail in-store transformation has been a critical factor for
their survival. Retailers are using self-servicing technologies as their Unique
Selling Proposition (USP) to allow customers free of space to select their
in-store shopping experience. Major retailers such as Albertsons and Macy’s are
piloting such technologies to improve their in-store customer experience.
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Self-service
Technology Market Report Highlights
- The ATM
segment accounted for the largest market share in 2019 and is expected to
reach 22.1 billion by 2027, owing to the continued demand for cash
transactions across developing economies
- The vending
machine product type is expected to emerge as the fastest growing segment
over the forecast period, owing to its rising demand across corporate
sector and QSRs
- The retail
application segment is expected to account for over 30% share in terms of
revenue by 2027. This can be attributed to the growing retail in-store
transformation and the need to provide personalized customer experience
- Asia Pacific
accounted for the largest revenue share in 2019 and is expected to
register the fastest CAGR over the forecast period owing to the rise in
deployments of ATMs, mobile ATMs, self-checkout kiosks, and vending
machines among travel, retail, and other commercial applications
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Self-service
Technology Market Segmentation
Grand View Research has
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)
- ATM
- Kiosks
- Vending Machines
Self-service
Technology Application Outlook (Revenue, USD Billion, 2016 - 2027)
- Retail
- QSR
- Banking
- Travel & Tourism
- Healthcare
- Others (Hospitality, Education, Government, etc.)
Self-service
Technology Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- MEA
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.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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