Self-service technology is an interface that allows customers to avail services on self-help basis. It does not involve any employee. This technology intends to make transactions more accurate, efficient, and fast. Such technologies include automated teller machines (ATMs), self pumps at gas stations, and check-outs at hotels. One of the major drivers of the self-service technology market comprises adoption of these technologies across end-users. Some of the end-users include healthcare, banking, food & beverages, and retail industries.
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The market is projected to reach USD 39.1 billion by 2022. Its industries can provide fulfilling services and optimize their costs, raising the customer base in the long run. Upcoming trends like wireless communication & remote management also ensure expansion in the self-service technology market. Innovations like contactless ATMs and biometrics guarantee safety of these technologies.
Regulations concerning vending machines would remain a market restraint. For instance, the Japanese government has banned teenagers below 18 to operate cigarette & alcohol vending machines. ATMs (automated teller machines), kiosks, and vending machines are the products of the market. ATMs accounted for more than 80% share in 2014. They are equipped with services like cash deposits, bill payments, and account statements.
This reduces the workload of banks & financial institutions and improves their revenue margins. Kiosks should enjoy a CAGR of around 21% during 2015 to 2022 (forecast period). Healthcare kiosks allow patients to renew their identity cards in case of appointments or bill payments. Vending machines are predicted to generate huge incomes during the forecast period. They accounted for 58% of the overall demand in 2014.
North America dominated the self-service technology market in 2014. It would exhibit stable growth rate over 9% till 2022. Scientific innovations & novel business models will add regional revenues. Asia Pacific is expected to be lucrative, given the influx of foreign investments in the region.
Players like Kiosk Information System, Diebold, NCR Corporation, and Euronet Worldwide operate in the global self-service technology market. They indulge in collaborations and enter agreements to maintain their foothold in the market. These players also come up with novel solutions and offer enhanced services.
Information Source: Grand View Research