Self Services Technologies Market Statistics: 2030
The global self-services technologies market was valued at $32.23 billion in 2020, and is projected to reach $88.33 billion by 2030, registering a CAGR of 10.55%.
Self-service technology facilitates in the provision of services that have modified client interactions on their own. Except for the utilization of front-line service personnel, the emphasis is entirely on generating positive outcomes. Major growth drivers of the market include operational efficiency and performance improvement, increase in popularity of real-time analysis and predictive analytics solutions, and increase in awareness among end users.
Top Impacting Factors
Rise in demand for self service machines and automated devices, wireless communication, technology advancements, and remote management affects the self service technology market industry. Major factors have led to the widespread adoption of ATM services among customers in rural as well as urban areas. In addition, the self service technology market is affected by established markets of the U.S., Europe, China, and Japan. Security threats such as card skimming and information hacking need be reduced over time. However, these parameters limit or restrict the adoption of self service technologies, thereby affecting the growth of the market.
Upsurge in Demand for Automated Systems
Customers expect instant services and are therefore, opt for automated devices to reduce their manual operating tasks. The seamless performance of the self service machines enhances the overall customer satisfaction. The increase in use of automated systems drives the demand for kiosks, vending machines, and ATMs. Followed by secured transactions of ATMs, kiosks, and vending machines, customers prefer self service technology as compared to manual dealings. Therefore, the demand for these automated devices is expected to increase and eventually drive the overall market growth.
Growth of Self service Technology Industry in Developing Countries
Self service technologies have been introduced in developed regions of North America and Europe since decades. The widespread awareness about the numerous benefits of self service machines, is responsible for affecting the growth of the self service technologies industry. Besides the Urban areas, manufacturers and service providers now aim at rural areas to further enhance the market self-services technologies market growth. There has been a rise in the number of installations of vending machines and interactive Kiosk installations in the developing regions.
Segment Review
The self-services technologies market is segmented on the basis of component, type, and end user, and region. On the basis of component, the market is divided into hardware, software, and services. On the basis of type, the market is divided into ATMs, kiosks, and vending machines. According to the end user, the market is categorized into BFSI, manufacturing, hospitality, retail, healthcare, offices, education, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the ATM machine segment dominated the global self-services technologies market in 2020, and is expected to continue this trend during the forecast period. This is attributed to the rise in trend of automation, technology up-gradation. In the coming years, the market growth is projected to be fueled by lower operating costs and the need for development in rural areas. Financial institutions continuously focus on reducing the operation costs in an effort to increase the profit margin and provide convenience to the customers in their financial transactions. This leads them to rely entirely on ATMs to automate the basic functions, such as fund transfer, account balance enquiry, and bill payments. The banks are increasing the number of ATMs in an effort to expand their ATM network in new geographies. Moreover, increase in digitization, rise in adoption of enterprise mobility solutions, and real-time support to workforce increase the need for advanced self service technologies. This, in turn, is anticipated to increase the industry spending on procuring efficient server, networking technologies, and storage systems to streamline business operations and improve the overall performance.
By Component
Hardware segment is projected as one of the most significant segments.
Region-wise, North America dominated the global self-services technologies market in 2020. It is expected to rise due to increased spending on self service technologies solutions in the U.S. and Canada, as well as the widespread use of self service technology solutions in ATMs, kiosks, and vending machines. However, Asia-Pacific is expected to witness highest growth rate during the forecast period. Tremendous investments for self service technologies industry among countries, such as China, Japan, Thailand, India, and Indonesia fuels the growth of the self-services technologies market size. In addition, the self service technology has been widely adopted in APAC region. The major revenue contributors, such as China and Japan contribute to more than 60% of the overall market share. Moreover, India and Australia now adopt this technology at a good pace. In India, the ATM industry is growing at an exponential rate. Since many banks still operate under proprietary networks, the increasing number of banking customers is likely to foster the growth of the ATM market. The demand for vending machine has grown tremendously in this region. Japan and China, being the major contributors to this growth, have now reached a point of saturation. In Japan, for the 23rd person, there is self service assistance in the form of vending machines, kiosks, and ATMs. The boom in the retail sector as well as emerging infrastructures in this region is expected to be a key factor facilitating the growth of the self-services technologies market size in this region.
By Deployment Model
Kiosks segment is projected as one of the most lucrative segments.
The report focuses on the growth prospects, restraints, and global self services technologies market share. The study provides Porter’s five forces analysis of the global self-services technologies market forecast to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the global self services technologies market trends.
By Region
Asia-Pacific is projected as one of the most lucrative region.
Key Benefits for Stakeholders
- This study includes the global self-services technologies market analysis, trends, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and global self services technologies market opportunity.
- The global self-services technologies market size is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the industry.
- The Porter’s five forces analysis illustrates the potency of buyers & suppliers in global self-service technologies industry.
Self Services Technologies Market Report Highlights
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Analyst Review
The global self-service technology market shows a promising picture for growth of technology facilitated transactions. The current business scenario has witnessed an upsurge in the usage of self-service technologies across hassle-free transactions. Self-service technologies are interfaces that allow customers to avail services independent of service employee involvement. Companies are now adopting self-service technologies in an effort to provide a better consumer experience and reduce operational costs.
The self-service technology is broadly divided into one of the three categories that include vending machines, ATMs, and self-service kiosks. Customers prefer to use these technologies as they provide fast service and hassle-free transactions. Moreover, self-service technology machines help companies to strengthen their pricing power by improving operating margins, offering customers the right product mix, thereby increasing sales per transaction. This technology has reached its saturation stage in major economies of North America, Europe, Japan, and China. Japan, a major contributor to the market, has self-service technology for every 23rd person. Presently, around 60-65% of the kiosks are installed in North America from overall global installments.
Kiosks are gaining popularity in other regions, leading to a steady demand for kiosks in the global market. Countries, such as India and Australia are witnessing a huge demand for self-service technologies. Digital kiosks is becoming more user-friendly as it is capable of undertaking difficult tasks in healthcare, banking, and other businesses. Government of various regions restricted the usage of food and beverage vending machines in many places, such as schools, colleges, thereby limiting the demand for these machines. However, companies are introducing technologically advanced products by strictly adhering to government regulations. Biometrics for self-service products have helped consumers to experience secure and safe transactions.
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