Self Service Technology Market growing 15.8% CAGR during 2016-2021

Zion Research has published a new report titled “Self Service Technology Market For ATM, Kiosk Machine and Vending Machine: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 - 2021.” According to the report, the global self service technology market accounted for USD 15.70 Billion in 2015 and is expected to reach USD 37.75 Billion by 2021, growing at a CAGR of around 15.8% between 2016 and 2021.

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Advances in technologies have allowed service providers to incorporate different technologies into the delivery of their services. Increasing awareness for active safety systems and enhanced security in the financial transaction are expected to contribute impulse growth to the self service technology market. Biometric security services including fingerprint recognition, voice recognition has helped consumers to do their financial transaction securely.

ATM segment dominated the self service technology market with over 70% share of total revenue in 2015. The emergence of biometric security service technology is expected to flourish the demand of this segment in the years to come. Kiosks segment is expected to exhibit impulse growth in the forecast period due to the emergence of digital kiosks which are more user-friendly. Increasing demand for cashless payment systems is expected to prompt the demand for vending machine segments.

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North America was the largest market for self service technology due to the high technology adoption rate. The emergence of new business models is expected to exhibit stable growth in North American self service technology market. Rising urbanization across countries like China and India with exponential growth in the banking sector is projected to witness considerable growth over the forecast period in Asia Pacific region.

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Some of the key players involved in global self service technology market include Crane Merchandising Systems, NCR Corporation, Kiosk Information Systems, Inc, Azkoyen S.A, Glory Ltd, and Fuji Electric Retail Systems amongst others.

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