The global self-service technology market size was valued at USD 28.3 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2020 to 2027. Increasing demand for self-service machines and automated devices, wireless communication, technology advancements, and remote management are the major factors driving the demand for Self-service Technology (SST). Additionally, the increasing influx of consumers in retail stores and the growing consumption of goods and services purchased in stores play a critical role in the growth of the market demand. The booming retail industry across the emerging economies is projected to offer numerous opportunities for growth over the next seven years. Furthermore, widespread awareness about the benefits of these machines such as ease of check-in and check-out process, reduction in congestion, and improvement in customer experience across the retail, airport, and banking applications is estimated to impact the demand positively. Besides urban areas, the manufacturers and service providers are now aiming at rural areas to enhance further self-service technology industry growth.
The COVID-19 pandemic has radically shifted consumer and business behavior. With the essential change in consumer behavior with increased distancing and stringent regulations, businesses were forced to stop their operations and, thus, limited their spending on opportunistic technologies. Despite the short-term social lockdown impact, the increased demand for groceries, medical supplies, general merchandise, and home improvement among shoppers forced businesses to adopt self-assisted technologies to promote social distancing and zero-touch practice.
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Self-service Technology Market Highlights:
- On the basis of product, the ATM segment held the largest revenue share of 51.6% in the self-service technology market in 2019. Despite the rise in new avenues of digital transactions, the need for cash among developed and developing economies is encouraging the development of ATM deployments.
- On the basis of application, the retail segment dominated the market with a revenue share of 33.4% in 2019. The need to provide quality of service and improved customer experience is encouraging retailers to adopt self-service technologies.
- On the basis of region, Asia Pacific dominated the market for self-service technologies in 2019. The growing adoption of self-service systems is anticipated to grow at a considerable pace over the forecast period.
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Self-service Technology Market Segmentation
Grand View Research has segmented the global self-service technology market on the basis of product, application, and region:
Self-service Technology Product Outlook (Revenue, USD Million, 2016 – 2027)
- Vending Machines
Self-service Technology Application Outlook (Revenue, USD Million, 2016 – 2027)
- Travel & Tourism
- Others (Hospitality, Education, Government, etc.)
Self-service Technology Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Latin America
List of Key Players of Self-service Technology Market
- AZKOYEN, S.A.
- Diebold Nixdorf, Incorporated
- Crane Co.
- HYOSUNG TNS
- KIOSK Information Systems.
- HESS Cash Systems GmbH
- NCR Corporation
- Toshiba Tec Corporation
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