ATM was the second highest revenue generating technology in 2014, anticipated to witness a decent growth of 8.29% during the forecast period.
Deerfield Beach, FL -- (SBWIRE) -- 05/03/2016 -- Self-service technologies are gradually revolutionizing the process of customer interaction to create optimum service results. The global self-service market is technology driven and involves the use of automated teller machines (ATM), self-service vending machines and interactive kiosks. Self-service technologies are technological interfaces that enable customers to purchase a product or avail a service independent of direct involvement of a sales or service executive. The prominent factors impacting the self-service technology market include, the rising adoption of self-service machines by consumer goods and service sector industries such as banking, healthcare, retail, and food & beverage. The demand from these industries is primarily driven by the need to provide more fulfilling and convenient services to the customers, at the same time optimizing the cost of such services. These automated machines provide a more cost effective solution by reducing the manual task, which eventually minimizes the human errors, and provide a faster and seamless performance. Additionally, the ongoing technological advancements such as wireless communication, remote management would also facilitate the market growth.
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Vending machine segment accounted for around 58% of the global self-service technology market, generating the maximum revenue in 2014. ATM was the second highest revenue generating technology in 2014, anticipated to witness a decent growth of 8.29% during the forecast period. Kiosk machines, which presently account for the smallest share, is forecasted to be the fastest growing segment during the analysis period.
North America is the biggest market for self–service technology, followed Europe and APAC, each of the regions, having comparable market shares. Stringent government regulations regarding health & safety, and tracking of users, are limiting the growth of the market in some regions. For instance, U.S. Department of Agriculture (USDA) released new Smart snacks in school nutrition standards, which are aimed to ensure that school vending machines offer only healthy choices. However, the rising adoption by the consumer goods and retail industry, particularly in the emerging economies such as India would fuel the market growth further.
Technological agreements and collaborations are the key strategies adopted by the market players to enhance their market share. The major key players in this market are Azkoyen S.A, Crane Merchandising Systems, Fuji Electric Retail Systems Co. Ltd, Glory Ltd., NCR Corporation, and Kiosk Information Systems, Inc.
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The self-service technology market is segmented into three product segments i.e. vending machines, ATM machines and self-service kiosks. Vending machines are further segmented into beverage vending machines, candy vending machines, snacks vending machines, gumball vending machines, cigarette vending machines and specialized vending machines. ATMs are subdivided into conventional, white label, brown label, smart and cash dispenser type. The different types of kiosks are photo, DVD, ticketing, HR & employment kiosk, patient self-service kiosk, information providing kiosk, banking & financial kiosks and other kiosk like restaurant kiosk, tele kiosk and building directory kiosks.
The market is further segmented on the basis of geographic regions across, North America, Europe, APAC and LAMEA.
Current and future trends adopted by the key market players are highlighted to determine the overall competitiveness of the market
Porters Five Forces analysis and a SWOT analysis of the key market players are provided to illustrate the business strategies adopted by buyers and suppliers
The technology-effective drivers and opportunities are highlighted to describe the top factors responsible for market growth
Various operating segments of the self-service technologies market are prudently analyzed to measure the potential of emerging markets
A quantitative analysis of the market through 2014-2020 is provided to highlight the market potential
KEY MARKET SEGMENTS:
The market is segmented on the basis of type and geography.
Global Self-Service Technology Market - By Type of Machines
White Label ATM
Brown Label ATM
HR and Employment Kiosk
Patient self-service Kiosk
Information providing Kiosk
Banking and Financial Kiosk
Others (Restaurants, Tele kiosk and Building Directory)
Beverage Vending Machine
Candy Vending Machine
Snack Vending Machine
Gumball Vending Machine
Cigarette Vending Machine
Specialized Vending Machine
Global Self-Service Technology Market - By Geography
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