The self-service technology market is expected to reach USD 39.07 billion by 2022, according to a new study by Grand View Research, Inc. Growing focus by enterprises for offering convenient services to the customers along with customizing cost of these services is estimated to drive demand. Deployment of several types of technologically advanced kiosks and vending machines has revolutionized the industry with an improved automation experience.
Various enterprises operating in sectors including food & beverages, retail, healthcare and banking are estimated to be the key demand facilitators. The industry is driven by smart features including NFC advancements, remote monitoring and cashles transactions.
Increasing awareness for active safety systems, changing lifestyle and enhanced security in financial transactions are projected to propel demand. Biometrics for self-service products has helped consumers to experience secure and safe transactions. However, stringent government safety regulations governing the use of vending machines can act as a restraint for industry growth.
Further key findings from the study suggest:
- ATM market accounted for over 80% of the overall demand in 2014 and is estimated to lose share through the forecast period. They have emerged as a multifunctional machines in recent years offering customers with services such as cash deposit, bill payments, and account statements, which was only limited to cash dispense in past. This additional service has benefited the banks and financial institutions to improve their revenue margin, saving their operating time and providing comfort to customers.
- Kiosks segment is expected to exhibit high growth over the next few years, reaching an estimated share of over 21% by 2022. Digital kiosks are becoming more user-friendly as they are capable of undertaking difficult tasks in healthcare, banking and other businesses.
- North America dominated the self-service technology market in 2014, and is expected to exhibit stable grow at a CAGR of over 9.0% from 2015 to 2022. Availability of technologically advanced infrastructure and emergence of new business models is expected to propel demand across this region.
- Self-service technology market share is occupied by companies such as NCR Corporation, Euronet Worldwide, Kiosk Information System, and Diebold. Technology agreements and collaborations are the key strategies adopted by the players in an effort to enhance their foothold. Different types of interactive screens are being introduced by vendors with similar but unique functionalities in an effort to communicate product related information to consumers.