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Self-service Technology Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2020 - 2027

Self-service Technology Market Size, Share & Trends Analysis Report By Product, By Application, By Region And Segment Forecasts, 2020 - 2027

  • July 2020
  • 90 pages
  • ID: 5949279
  • Format: PDF
  • Grand View Research

Summary

Table of Contents

Self-service Technology Market Size, Share & Trends Analysis Report By Product (ATM, Kiosks, Vending Machines), By Application (Retail, QSR, Banking, Healthcare), By Region, And Segment Forecasts, 2020 - 2027

Self-service Technology Market Growth & Trends

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. 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.

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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