Self-Service Technology Market Overview:
Global Self-Service Technology Market is expected to garner $31.75 billion by 2020, registering a CAGR of 13.98% during the forecast period 2015 - 2020. Self-service technologies are gradually shifting the customer’s approach of interacting with firms to create service results. Self-service technologies enable customers to produce a service independent of direct service employee involvement. The global self-service technology market is technology driven as it involves automated tailored machines (ATM), self-service vending machines and interactive kiosks. Notable factors affecting the self-service technology market include demand for self-service machines and automated devices, wireless communication, technology advancements and remote management. These major factors have led to the widespread adoption of self-service technology among customers in rural as well as urban areas
Customers expect instant services and are therefore, opting for automated devices to reduce their manual operating tasks. The seamless performance of the self-service machines enhances the overall customer satisfaction. The facility to provide real time notifications via cloud based network is positively affecting the self-service technology market. The remote management feature reduces the maintenance cost and enables the machine to perform uniformly. Self-service kiosks are more than information providing centers. These Internet-connected, full-service shopping assistants help to understand the shopper behavior and support social media activity - while helping customers organize lists, consider ideas, locate merchandise, and pay for merchandise.
The self-service technology market by types of machines are segregated into three types including ATMs, Kiosks and Vending Machines. Vending machines are further segmented into beverage vending machine, candy vending machine, snacks vending machine, gumball vending machine, cigarette vending machine and specialized vending machines. ATMs’ are subdivided into conventional, white label, brown label, smart and cash dispenser types. The self-service technology market is further segmented on the basis of geography i.e. North America, Europe, APAC and LAMEA.
Value Chain of Self Service Technologies Market
The value chain of self-service technology market includes various stakeholders such as component manufacturers, hardware providers, system integrators, network providers, operators, deployment and customers. These stakeholders perform different roles in their specific areas and add more value to the products. Advancements of self-service technologies would create a competitive edge due to initiatives from each stakeholder in the value chain. The use of self-service technology machines help companies to strengthen their pricing power by improving operating margins. The global self-service technology market analysis is provided for the year 2014-2020.
Asia-Pacific was the major revenue generating region for the overall self-service technology market. This region would dominate the market with regard to revenue contribution throughout for the forecast period. Asia-Pacific region is growing at a significant pace with increasing awareness and rising consumer spending tendencies towards such products. Regions like North America, Europe, Japan and China have already reached their saturation phase, thereby limiting the growth of this market. Also, government regulations for health and safety as well as tracking of users limits the growth in some regions. However, booming retail industry paired with emerging economies like India offers numerous opportunities for the growth of this market. The self-service technology market size is the summation of the revenues generated from component type including ATMs, Kiosks, and vending machines.
Top factors impacting Self-Service Technology market
Upsurge in the demand of automated systems
Customers expect instant services and are therefore, opting for automated devices to reduce their manual operating tasks. The seamless performance of the self-service machines enhances the overall customer satisfaction. Increasing use of automated systems therefore drives kiosks, vending machines and ATM’s. Followed by secured transactions of ATM’s, Kiosk and Vending machines, customers prefer self-service technology as compared to manual dealings. Therefore, demand for these type of automated devices would increase and eventually drive the overall self-service technology market.
Growth of self-service technology industry in developing countries
Self-service technologies have been introduced in developed regions like North America and European countries since decades. Widespread awareness about numerous benefits of self-service machines is responsible for affecting the growth of this industry. Besides urban areas, the manufacturers and service providers are now aiming at rural areas to further enhance the market growth. Number of ATMs installed in rural India has increased to 31,350 since 2010 and the number is expected to grow till 2020. There has been a rise in the number of installations of vending machines and interactive Kiosk installations in the developing regions.
Self-service technology products viz. ATMs, Kiosk and Vending Machines undergo various technological advancements. ATM manufacturers are now opting for anti-skimming voice recognition systems and biometric devices in an effort to reduce the frauds occurring frequently at ATM machines. Cloud based technology used by wireless devices helps in minimizing financial frauds. Enhanced security standards would foster a growth in the demand for self-service products. Consumers can also perform financial transactions such as vending machine payment and other financial transactions through their smart phones which would eventually lead the market to grow at a faster rate.
- This study comprises analytical depiction of the global self-service technology market with the trends of current and future scenario to depict the investment pockets in the market
- Determination of the overall market attractiveness and understanding of the profitable trends for gaining a stronger coverage in the self-service technology market.
- The report throws light on information regarding key drivers, restraints, and opportunities with impact analysis
- The current market is quantitatively analyzed and projected for the years 20142020, which have been provided to highlight the financial appetency of the market
- Porter’s Five Forces model analysis of the industry illustrates the potency of the buyers and suppliers participating in the self-service technology market
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain
- The study includes the self-service technology market share for key industry players.
Self Service Technology Market Key Segment
The market is segmented on the basis of type and geography.
- Conventional ATM
- White Label ATM
- Brown Label ATM
- Smart ATM
- Cash Dispenser
- Photo Kiosk
- DVD Kiosk
- Ticketing Kiosk
- HR and Employment Kiosk
- Patient self-service Kiosk
- Information providing Kiosk
- Banking and Financial Kiosk
- Others (Restaurants, Tele kiosk and Building Directory)
- Vending Machine
- Beverage Vending Machine
- Candy Vending Machine
- Snack Vending Machine
- Gumball Vending Machine
- Cigarette Vending Machine
- Specialized Vending Machine
- North America (NA)
- Europe (EU)
- Asia Pacific