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The self services technologies market size is forecast to increase by USD 16.21 billion at a CAGR of 10.03% between 2023 and 2028. The market is witnessing significant growth due to several key trends. One of the major drivers is the increasing penetration of self-service technologies in quick-service restaurants and other industries, aiming to reduce counter wait times and enhance customer experience. Another trend is the emergence of Near Field Communication (NFC)-based payment technology, which is gaining popularity for its convenience and security. Furthermore, there is a growing preference for digital transactions and mobile wallets, which is leading to an increase in the adoption of IT-enabled self-services such as online/Internet banking, telephone/IVR systems, and automated teller machines (ATMs). The market is also witnessing the adoption of electronic products like check processing equipment, point-of-sale terminals, barcode scanners, and remote management tools with wireless communication capabilities.
Additionally, biometric security services like fingerprint recognition are being integrated into self-service technologies to enhance security and convenience. Overall, these trends are expected to drive the growth of the Self-Service Technologies Market in the coming years.
Self-service technologies have revolutionized various industries, particularly in banking and retail sectors, with automated devices becoming a norm in urban areas. These technologies, which include strong ATMs and kiosk systems, offer banking functions such as depositing checks and withdrawing cash through wireless connectivity and remote management. The integration of biometric security services, like fingerprint recognition, ensures secured financial transactions. Retail stores have also adopted self-service machines for client interactions, reducing the need for front-line service personnel. These machines offer goods and services through wireless communication, enabling quick and convenient transactions. However, with the increasing use of self-service technologies, security threats such as card skimming and information hacking have emerged.
Automated systems like vending machines and ATMs are prime targets for cybercriminals. To mitigate these risks, continuous research and development in securing self-service technologies are crucial. Overall, self-service technologies offer numerous benefits, including efficiency, convenience, and cost savings, making them an essential component of modern business operations.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The ATM segment is estimated to witness significant growth during the forecast period. Self-service technologies, including in-store efficiency solutions such as scanners, multi-purpose self-checkout systems, and beverage vending machines, continue to gain popularity in various industries. In retail, these technologies are reducing wait times and enhancing customer service through digital payment methods like contactless and cashless transactions. The deployment of cashless payments and cash-collection devices is a response to the growing demand for convenience and efficiency. However, even with the increasing trend towards digital transactions, the need for cash persists, particularly in developing countries. To cater to this demand, banks are increasingly deploying cash-dispensing ATMs and self-service cash recycling machines to reduce operational costs and improve customer satisfaction.
The benefits of self-service technologies extend beyond retail, with food and beverage industries also adopting self-service kiosks and digital menus to streamline transactions and enhance the customer experience. Overall, the deployment of self-service technologies is a strategic response to the evolving needs of consumers and businesses alike.
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The ATM segment was valued at USD 10.3 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is witnessing significant growth due to the increasing emphasis on in-store efficiency and improved customer service. In North America, this market holds the largest revenue share, with the US and Canada leading the way. The region's market expansion is driven by multinational fast-food chains and retailers, who are expanding their businesses and increasing their geographic reach. Self-service technologies, including multi-purpose self-checkout systems, scanners, cashless payments, and cash-collection devices, are increasingly being adopted to reduce wait times and enhance the overall shopping experience. Moreover, the deployment of cash-dispensing ATMs and beverage vending machines, as well as the growing acceptance of digital payment methods, are further fueling the market's growth.
Overall, the North American market is expected to continue its strong expansion during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing penetration in APAC is the key driver of the market. Self-service technologies, including automated devices with wireless connectivity and remote administration, have gained significant traction in various sectors, particularly in banking and retail industries, across countries in the Asia Pacific (APAC) region. The increasing investments in infrastructure and commercial sector development in countries like India, China, Indonesia, Japan, and South Korea, have led to a rise in the construction of retail stores, restaurants, shopping malls, hotels, and healthcare facilities. This development trend is driving the demand for self-service technologies, such as Strong ATMs, kiosk systems, and self-checkout systems, to facilitate banking functions like depositing checks, checking balances, moving money, and withdrawing money, thereby promoting financial inclusion.
Further, the proliferation of Point of Sale (POS) machines in developing economies, such as India and China, is a testament to this trend. Self-service technologies offer convenience, efficiency, and cost savings, making them an indispensable part of modern business operations.
The emergence of NFC-based payment technology is the upcoming trend in the market. Self-service technologies, including Automated Teller Machines (ATMs) and kiosk systems, have revolutionized banking services by enabling remote administration and wireless connectivity. These strong devices offer various banking functions such as depositing checks, checking balances, moving money, and withdrawing cash. With the increasing trend towards financial inclusion, banks are investing in advanced self-service technologies to cater to the growing demand for convenient and secure banking solutions. In addition to traditional ATMs, the market for self-service technologies is expanding to include NFC-based Point of Sale (POS) terminals and self-checkout systems. These technologies allow consumers to carry out transactions using their smartphones, offering the convenience of wireless connectivity and the security of biometric authentication.
However, NFC-based POS terminals are particularly popular among retailers due to their portability and contactless payment capabilities. By establishing a secure connection between the consumer's smartphone and the company's payment-enabled POS system, these devices offer a seamless and secure payment experience. The growing adoption of self-service technologies is set to transform the banking and retail industries, offering consumers greater convenience and security while reducing the need for physical interactions.
Growing preference for digital transactions and mobile wallets is a key challenge affecting the market growth. Self-service technologies, including automated devices with wireless connectivity and remote administration, are revolutionizing the way banking services are delivered. Automated teller machines (ATMs) have become a staple in financial institutions, enabling customers to deposit checks, check balances, move money, and withdraw cash outside of regular banking hours. Kiosk systems offer similar banking functions, allowing users to perform various transactions with minimal human interaction. With the increasing popularity of digital transactions, the use of ATMs and other self-service technologies is becoming increasingly important for financial inclusion. Digital wallets, such as Amazon Pay, Google Pay, Samsung Pay, and Apple Pay, are gaining prominence, offering consumers a convenient and contactless payment method.
Government initiatives, like India's Digital India and the launch of the Bharat Interface for Money (BHIM) mobile payment application, are further promoting the adoption of digital transactions and self-service technologies. These advancements not only enhance the customer experience but also offer cost savings for financial institutions by reducing the need for manual labor and physical infrastructure.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Azkoyen SA - The company offers Vitro S1 Espresso self service compact coffee machine which has been designed to provide highest quality of coffee espresso based drinks that consumes less than 60 cups per day.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Self-service technologies have revolutionized various industries by enabling automated transactions and remote administration. Automated teller machines (ATMs) are a prime example, offering banking functions such as checking balances, moving money, and withdrawing cash through wireless connectivity. Strong ATMs have expanded financial inclusion by deploying in urban and rural areas, reducing wait times at banking institutions. In retail, self-checkout systems have increased in-store efficiency and customer service by implementing digital payment methods and barcode scanners. Kiosk systems have also emerged as multi-purpose solutions for industries like food and beverage, quick service restaurants, and general merchandise. The vending machine segment, including beverage vending machines and energy-conserving vending machines, has seen significant growth due to cashless payments and zero-touch practices.
Further, self-assisted technologies have extended to various sectors, including manufacturing, hospitality, healthcare, and offices. The ATM segment, including cash-dispensing ATMs and mobile ATMs, continues to evolve with technology up-gradation and biometric security services like fingerprint recognition. Self-service kiosks and digital kiosks have become essential for enterprise mobility solutions, server and networking technologies, and storage systems in corporate sectors and commercial spaces. Despite the benefits, self-service technologies face security threats like card skimming and information hacking. Automated systems must prioritize secured financial transactions and biometric security services to maintain customer trust.
Market Scope |
|
Report Coverage |
Details |
Page number |
136 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.03% |
Market Growth 2024-2028 |
USD 16.21 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.88 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, China, Canada, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Azkoyen SA, Beta Automation, Crane Payment Innovations Inc., Diebold Nixdorf Inc., Euronet Worldwide Inc., Fujitsu Ltd., Glory Ltd., GRGBanking, HANTLE Inc., HESS Cash Systems GmbH, Hyosung Corp., International Business Machines Corp., KIOSK Information Systems, NCR Voyix Corp., NEXCOM International Co. Ltd., Toshiba Corp., Vend-Rite Mfg. Co., and XIPHIAS Software Technologies Pvt. Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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