Self Services Technologies Market Estimated to Generate $88.33 Billion, Globally, by 2030 at 10.55% CAGR

According to a recent report published by Allied Market Research, titled, "Self Service Technologies Market by Component, Type, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030," The global self service technologies market was valued at $32.23 billion in 2020, and is projected to reach $88.33 billion by 2030, registering a CAGR of 10.55%.

Asia-Pacific is expected to observe highest growth rate during the forecast period. Increase in investments for global self services technologies industry solutions among countries, such as China, Japan, Thailand, India, and Indonesia fuel the growth of the market. In India, the ATM industry is growing at an exponential rate. Since many banks still operate under proprietary networks, the increase in number of banking customers is likely to foster the growth of the ATM market.

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The demand for vending machine has grown tremendously in this region. Japan and China, being the major contributors to this growth, have now reached a point of saturation. In Japan, for every 23rd person, there is self service assistance in the form of vending machines, kiosks, and ATMs. The boom in the retail sector as well as emerging infrastructures in this region is expected to be a key factor to facilitate the growth of the market.

The global self services technologies market is impacted by factors, such as upsurge in the demand for automated systems, growth of self services technology industry in developing countries, technology advancements, and rise in trend of card skimming. However, government regulation and mature market are anticipated to hamper the market growth.

Based on type, the ATM segment dominated the global self services technologies market share in 2020, and is expected to continue this trend throughout the self services technologies market forecast period. This is because, ATMs have emerged as multifunctional machines in the recent years, offering customers with services, such as cash deposit, bill payments, and account statements, which was only limited to cash dispense in past.

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This additional service has benefited banks and financial institutions in their efforts to improve revenue margin, save operating time, and provide comfort to customers. This is widely adopted as the key strategy by major players in the ATM market to focus on expanding their geographical presence.

Post COVID-19, the global self services technologies market was valued at $32.23 billion in 2020, and is projected to reach $88.33 billion by 2030, registering a CAGR of 10.55%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The outbreak of COVID-19 has changed the face of self service in healthcare, manufacturing, and other non-retail sectors. The pandemic has radically shifted consumer and business behavior. With increased distancing and stringent regulations, businesses are forced to stop their operations, which limits 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. Furthermore, limited workforce availability due to lockdown and initiation of traveling and transportation has also led to extensive adoption of self service checkout systems.

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Key Findings of The Study:

1. By component, the hardware segment dominated the global self-service technologies market size. However, the services segment is expected to exhibit significant growth during the global self-service technologies forecast period.

2. On the basis of type, the ATM segment generated the highest revenue in 2020. However, the kiosks segment is expected to exhibit significant growth during the forecast period.

3. By end user, the BFSI segment dominated the global self-service technologies market size. However, the healthcare segment is expected to exhibit significant growth during the global self-service technologies forecast period.

4. Based on region, the global self-service technologies industry was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

This report gives an in-depth profile of some key market players in the self services technologies market, which include Kiosk Information Systems Inc., NCR Corporation, HESS Cash System GabH & Co., Fujitsu, Glory Ltd., Azkoyen Group, Crane Co., Maas International Europe B.V., Vent-Rite, and IBM Corporation. This study includes market trends, self services technologies market analysis, and future estimations to determine the imminent investment pockets.

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