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The self services technologies market size is estimated to grow/decline at a CAGR of 10.03% between 2024 and 2028. The Self Services Technologies Market is experiencing significant growth, particularly in the Asia-Pacific region (APAC), where penetration is on the rise. Commercial buildings and corporate offices are increasingly adopting self-service systems to enhance efficiency and reduce operational costs. In the quick-service restaurant (QSR) sector, the need for self-service technologies is becoming increasingly imperative. These systems enable customers to place orders and make payments autonomously, thereby reducing wait times and improving overall customer experience. The deployment of self-service technologies in APAC is expected to continue its upward trajectory, driven by the region's burgeoning population, urbanization, and the growing preference for contactless interactions.
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In today's digital era, automated devices with wireless connectivity have revolutionized the landscape of banking services and retail stores alike. Robust ATMs and kiosk systems equipped with advanced banking functions enable convenient transactions such as depositing checks and managing accounts through remote administration. These systems leverage wireless communication and biometric security services like fingerprint recognition to ensure secured financial transactions and protect against security threats such as card skimming and information hacking. The increasing demand for self-service technology has extended beyond urban areas, enhancing client interactions and reducing reliance on front-line service personnel. Self-service machines, akin to ATM services, offer access to a wide range of goods and services, promoting efficiency and customer satisfaction. As technology evolves, automated systems including vending machines continue to innovate, providing seamless experiences while addressing evolving security challenges in the digital and physical realms.
Key Self Services Technologies Market Driver
One of the key factors driving growth in the self services technologies market is the growing penetration in APAC. Countries in APAC such as India, China, Indonesia, Japan, and South Korea, have witnessed an increase in investments in infrastructure and commercial sector development, including retail stores, restaurants, shopping malls, hotels, and healthcare facilities. The construction of such projects is rapidly increasing in these countries owing to the availability of a large customer base that frequents retail outlets and shopping malls. The construction of such spaces will lead to a rise in the number of retail outlets, restaurants, and payment processing locations, which will increase the demand for self-service technologies in the region. There is increasing penetration of POS machines at grocery stores and convenience stores in developing economies, such as India and China.
Significant Self Services Technologies Market Trend
The emergence of NFC-based payment technology is a key self services technologies market trend during the forecast period. Several retail outlets are making use of NFC-based self-service POS terminals to allow consumers to pay for their purchases. One of the main reasons that big players are choosing to offer the NFC-based mobile payment option is the security features that prevent both the consumer and retailer from accessing the card information or security code without authorization. Owing to the rise in the demand for contactless payments, there has been a significant increase in the number of NFC-ready self-service POS terminals. The high penetration of NFC-based mobile handsets is one of the prime factors driving the growth of the global self-services technologies market. Thus, the growing penetration of NFC-enabled self-service POS terminals is expected to propel the growth of the global self-services technologies market.
Major Self Services Technologies Market Challenge
The growing preference for digital transactions and mobile wallets will be a major challenge for the self services technologies market during the forecast period. Digital transactions that are carried out through digital wallets are gaining prominence. A wide range of digital payment methods is available to consumers, including digital wallets, such as Amazon Pay, Google Pay, Samsung Pay, and Apple Pay. In recent years, the digital payment mode has witnessed tremendous growth over other alternatives, such as payment through cash and debit or credit cards. These factors can discourage the use of ATMs and vending machines that accept cash or cards. Government initiatives in India, such as Digital India, are aimed at promoting digital payment methods such as Unified Payments Interface (UPI) and mobile wallets. Therefore, the growing preference for digital transactions and the lower adoption of ATMs can hamper the growth of the global self-services technologies market.
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 - AZKOYEN SA is a public company headquartered in Spain. It is a global company, with limited information regarding its financials and limited information regarding its employee strength is available. Its revenue from global self services technologies is a key component of its overall revenues.
The market research and growth report also 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.
The ATM segment is estimated to witness significant growth during the forecast period. Even though there has been a rise in digital transactions in countries worldwide, the need for cash for transactions in developed and developing countries has continued to encourage the deployment of ATMs. Furthermore, due to the growing need for banks to reduce their operational costs and increase customer satisfaction levels, banks are increasingly deploying self-service cash recycling machines and cash-dispensing ATMs. Factors such as the demand for small-value transactions among retail consumers are spurring the deployment of self-service ATMs.
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The ATM segment accounted for USD 10.29 billion in 2023 and showed a gradual increase during the forecast period. Moreover, banks have also collaborated with market vendors to deploy technologically advanced and near-field communication (NFC)-enabled ATMs. For instance, Oman Arab Bank collaborated with NCR Corp. to become the first bank in Oman to deploy NFC contactless card-reading ATM technology. The technology has helped make ATM transactions more secure and faster than card-enabled transactions. Thus, such advancements will augment the growth of the global self services technologies market during the forecast period.
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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. North America accounted for the largest revenue share of the global self services technologies market during the forecast period. The US and Canada accounted for the highest market shares in the region during the same year. The growth of the regional market can be attributed to the market expansion plans of multinational fast-food chains and retail outlets, as well as the growing adoption of self-service technologies in these outlets.
Moreover, the multinational fast-food chains in North America have a significant opportunity to expand their businesses and are focusing their efforts on increasing their geographic penetration in both existing and new domestic markets. There is a high demand for franchisees for these fast-food brands. These brands focus on increasing the number of outlets. McDonald Corp. planned and opened nearly 500 restaurants across the US as well as its internationally operated market segments. Additionally, the company's developmental licensees and affiliates will contribute capital to the opening of over 800 restaurants in their respective markets. The company allocated about half of its capital expenditure toward new unit expansion across the US and internationally operated markets. These new outlets will be equipped with self-service kiosks and point-of-service (POS) terminals.
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.
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Automated teller machines (ATMs) have evolved beyond simple cash transactions, now enabling checking balances, moving money, and withdrawing money with ease. They promote financial inclusion by providing access to banking services in rural areas and commercial spaces alike. Integrated with self-service cash recycling devices and multi-purpose self-checkout systems, ATMs enhance in-store efficiency and reduce counter wait times at quick service restaurants and retail segments. Cashless payments and self-checkout systems further streamline operations in food & beverage vending machines and general merchandise stores, supported by IT-enabled self-services and electronic products. Technologies like biometrics and barcode scanners bolster security in point-of-sale terminals and digital kiosks, ensuring zero-touch practices and protecting against tax cheats and information security threats. As financial institutions embrace enterprise mobility solutions and networking technologies, the ATM machine segment continues to evolve with technology up-gradation, catering to diverse needs in the corporate sector and beyond.
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 forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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. |
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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