Self Service Technologies Market is expected to garner $31.75 billion by 2020, registering a CAGR of 13.98% during the period 2015 – 2020.
Portland, OR -- (SBWIRE) -- 06/26/2017 -- Self-Service Technology Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $31.75 billion by 2020, registering a CAGR of 13.98% during the period 2015 – 2020.The deployment of different types of vending machines and technologically advanced kiosks have revolutionized the self-service industry by rendering an improved automation experience. The self-service technology market is primarily driven by the enterprises' need to provide more convenient services to the customers, and at the same time optimizing the cost of such services. Enterprises operating in sectors such as retail, healthcare, food & beverage, and banking would be the key demand facilitators.
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However, stringent policies and regulations imposed by governments of different countries restrain the growth of self-service machines market. For instance, in Japan, the government has banned the use of alcohol and cigarette vending machines, by youngsters below the age of 18yrs. Similar restrictions are imposed by governments in other developed regions such as UK, and US.
The kiosks segment would exhibit the highest growth during the forecast period. Asia-Pacific and LAMEA are forecasted as lucrative markets for kiosks. With the maximum number of installations, vending machines contributed nearly 57% to the overall revenue of self-service technology market in 2014. This segment is expected to grow at a steady pace, accounting for more than 50% of the overall market revenue, throughout the forecast period (2015 – 2020). Further, within the vending machine's market, the beverage vending machines that include coffee, tea, soda, cold drink and alcohol vending machines, would generate the highest revenues for this segment throughout the analysis period (2014 – 2020). ATMs have emerged as multifunctional machines in the recent years. The easy installation process and the limited space required for deploying these machines, would supplement the growth of this segment during the forecast period (2015 – 2020).
The technological advancements such as wireless communication and remote management would also facilitate the overall market growth. In addition, the integration of biometric security services such as fingerprint recognition, which ensure secured financial transactions, would boost the market growth.
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The demand for self-service machines and automated devices, wireless communication, remote management, and technology advancements, largely impact the self-service technology market. The ongoing trend reflects a broader adoption of self-service technology products and their installations at public places. The challenge for manufacturers is to provide these self- service machines at an effective cost. In addition to the challenges posed by different government regulations, surviving in a competitive market is a major challenge for companies operating in the self-service technology market.
Key Findings of Self-Service Technology Market:
- The growth of the global self-service technologies market would be supplemented by the increasing demand for self-service machines in order to reduce manual tasks and enhance the quality of customer service.
- Increased adoption would be witnessed across key sectors such as retail, banking and finance, and healthcare, over the forecast period (2015 – 2020).
- The vending machine segment contributed the maximum revenue share of 57%, to the overall revenue of self-service technology market in the year 2014.
- North America accounted for the maximum adoption of self-service technologies with 44% share in the overall global revenue.
- Asia-Pacific and LAMEA are forecast as the most lucrative markets in terms of growth, owing to developments in the retail and consumer goods sector and the adoption of advanced technologies
The report also outlines the competitive environment of the global self-service technology market, providing a comprehensive study of the key organic and inorganic strategies adopted by market leaders. The companies are focusing on product launch and technological advancements as key strategies to maintain their leading positions. The key players in the industry such as Kiosk Information Systems, NCR Corporation, Crane Co., Vend-Rite, and Glory Ltd. are engaged in the process of developing new solutions and are majorly focusing on providing better services whilst upgrading the security features of the existing self-service products. Prominent companies profiled in the report include Kiosk Information Systems Inc., NCR Corporation, HESS Cash Systems GmbH & Co., Fujitsu, Glory Ltd., Azkoyen Group, Crane Co. (USA), Mass International Europe B.V. (Netherlands), Vend-Rite and IBM Corporation.
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