Self service Market Expected to register a CAGR close to 13.3% during 2018 – 2023 | Top Key Vendors - ACCENTURE, WIPRO, TECH MAHINDRA, COGNIZANT TECHNOLOGY SOLUTIONS, CAPGEMINI, GENPACT, IBM, ORACLE

The self-service market was valued at USD 21.2 billion in 2017 and is projected to reach USD 45.3 billion by the end of 2023, growing at a CAGR of 13.3% over the forecast period of 2018 -2023. The scope of the report is limited to the type self-service and its uses in various industries. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Self-service systems are interactive devices with a user interference designed to serve the user needs for different operations. These terminals use specialized hardware and software components developed to provide information and other applications to the users.
With the growing demand for intelligent vending machines, technological advancements, and ever-expanding small and medium enterprise, the self-service market is expected to grow. However, high cost of investment may offer some resistance to its growth.

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The market has tremendous expansion opportunities during the forecast period owing to favorable support from government’s worldwide and increased adoption of cloud-based business process outsourcing (BPO) model, especially by small and medium-sized enterprise (SMEs). Growing adoption of cloud-based services by SMEs has increased the demand for customized standard applications, used to meet specific business needs. Enterprises are moving their business process to the cloud to gain a competitive advantage across all major verticals in the emerging market. Cloud integration also ensures compliance with regulatory standards.

Key Developments in the Market
October 2017 - Wipro Digital, the digital business unit of Wipro Ltd, will acquire design and business strategy consultancy firm Cooper Software Inc for USD 8.5 million in an all-cash deal. The acquisition will strengthen Wipro Digital’s design and innovation capabilities, expanding its reach in North America

The major players include –
ACCENTURE, WIPRO LIMITED, TECH MAHINDRA, COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION, CAPGEMINI, GENPACT, IBM CORPORATION, ORACLE CORPORATION, SAP SE, FUJITSU LIMITED, COMPUTER SCIENCE CORPORATION (CSC), ADP, LLC, XEROX ACS, NORTHGATEARINSO, and NUEVORA, amongst others.

Key Developments in the Market
March 2018 - NCR Corporation launched NCR SelfServ 80 Series, a new family of ATM solutions that will help financial institutions redefine the banking experience and change the way consumers interact with the ATM forever. Through a unique combination of innovation across software, hardware, and services, consumers and financial institutions will gain many new benefits from this mobile-ready ATM solution.
September 2017 - Glory and Acrelec introduced self-ordering kiosk accepting cash and credit for Foodservice at FSTEC.

The major Players include –
KIOSK INFORMATION SYSTEMS INC., NCR CORPORATION, HESS CASH SYSTEMS GMBH & CO, GLORY LTD, AZKOYEN GROUP, and IBM CORPORATION, amongst others.

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Automated Teller Machine (ATM)
Growing inclination towards the adoption of ATMs in banking sectors and other industries is one of the primary factors driving the growth of the self-service market. With increasing population and growing adoption of banking services among the public, the demand for ATMs is growing at a rapid pace.
Moreover, huge investments to provide reliable ATMs and kiosk systems are helping the growth of this market. Kiosk systems are presumed to be largely influencing the consumer perspective by providing easy, innovative, and better customer service.

Enhanced Customer Buying Experience and Improved Customer Service
Many industries in emerging economies are struggling to attract customers and hold the existing consumers for the product or service. The retail market is one of the major industries facing challenges to meet consumer requirements. Moreover, users in the Asia-Pacific and Latin American countries are price sensitive. Thus, it is of utmost importance for companies to provide quality customer services and enhance user experience. Users in these economies prefer stores that not only provide an easy and hassle-free shopping experience, but also offer better quality. Thus, various industries are investing in kiosks as they offer easy access to information about availability of the products. Several retail stores are increasingly employing self-check of kiosks and POS systems, which enable a faster shopping experience. Kiosks help retail stores retain their customers by not only providing customer delight to customers but also eliminating the need for labor.

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