The self-service technology market is anticipated to grow at a CAGR of 6.5% during the forecast period. Self-service technologies software interface or hardware enables consumers to utilize the services without any direct contact with the service provider. The increasing use of self-service technologies is making the mode of the transaction more accurate, convenient, and faster. The growth of the self-service technology market is mainly attributed to the fact that it saves valuable time for staff and administration while serving a large consumer base. Hence, the ability to adapt to different requirements and serve more customers promptly is making self-service technology an integral part of businesses. Additionally, reliable and dedicated self-service portals also help in improving the organization's overall brand image. This is also anticipated to drive the self-service technology adoption among organizations across the globe. 

Segmental Outlook 

The global self-service technology market is segmented based on the type of machine and end-use. Based on the type of machine, the market is sub-segmented into self-service ATM, self-service kiosks, and self-service vending machines. Among these, the ATM segment tends to hold a prominent share in the market while vending machines tend to exhibit significant growth during the forecast period. Based on the end-user, the market is sub-segmented into retail, QSR, BFSI, healthcare, and others.

Global Self-Service technology Market Share by End-Use, 2019 (%)

The BFSI Segment to Grow with Considerable Rate

The BFSI segment is anticipated to grow with a significant CAGR in the self-service technology market during the forecast period owing to the continuous initiative towards the digital age of banking. The adoption of various self-service technology machines is offering the convenience that consumers are seeking in the process related to banking. Moreover, the adoption of self-service technologies is also enabling banks and other financial institutions to serve their customers both at the branch and away from the branch. Additionally, the trend among consumers of banking online with the use of smartphones and increasing use of ATM is also fueling the segmental growth of the market. 

Regional Outlooks

The global self-service technology market is further segmented based on geography into North America, Europe, Asia-Pacific, and the Rest of the World. North America is estimated to hold a significant share in the self-service technology market. The growth is attributed to the increasing acceptance of self-service technologies among the population of the region. Additionally, the presence of a large self-service technology service providing brands in the region is also expected to impact the regional market share. In addition to this, the increasing adoption of self-service technologies by the end-use industries such as hospitality, healthcare, banking, and others is also driving the growth of the market.

Global Self-Service Technology Market Growth, by Region 2020-2026

Asia-Pacific to Exhibit Considerable Growth in the Self-Service Technology Market

Asia-Pacific is anticipated to be the fastest-growing region in the self-service technology market during the forecast period. The growth of the market is attributed to the increasing adoption of the system in BFSI and other end-users. It can also be used to improve customer services in the retail, foodservice, and hospitality sectors. The booming retail industry in developing countries such as India is also expected to new growth opportunities to the market. Moreover, the region incorporates a significant number of vending kiosks and self-service kiosks. China has many ATMs installed in the country whereas India mainly includes banking kiosks at its place.

Market Players Outlook

Some of the key players of the self-service technology market include Azkoyen Group, Glory Global Solutions (International) Ltd., GRGBanking, NCR Corp., Kiosk Information System, and FUJITSU Ltd., Toshiba Tec Corp., Co., Crane Co., and others. The market players are considerably contributing to market growth by adopting various strategies to stay competitive in the market. Some of the recent developments in the self-service technology market include:

• In May 2019, Oman Arab Bank collaborated with NCR Corp. to become the first bank in Oman to deploy NFC contactless card-reading technology. The technology can make ATM transactions more secure and 15% faster than card-enabled transactions.
• In February 2019, Zenig and KIOSK demonstrated self-service healthcare innovations at HIMSS 2019. Zenig provides easy-to-use, effective patient-centered healthcare solutions. Partnering with KIOSK would allow Zenig to seamlessly pair their innovative software platform with KIOSK robust hardware offerings.
• Embross, a Canadian company launched a new kiosk in the name of Velocity kiosk series in September 2018, which is made for self-working in any environmental conditions. This new kiosk is having an extensive array of component options that help to improve guest experience, service, and maintenance, airport options, among others.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global self-service technology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.