Press release
Self-service Technology Market- Industry Analysis, Growth and New Market Opportunities Explored
Customers have the best understanding related to the requirements and functions, using self-service technologies customer can perform all the required tasks in a short period of time. Organizations are reducing costs, increasing the customer satisfaction and deliver a standardized service with the help of self-service technology.
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Innovative technologies such as wireless communications and remote service management are expected to drive the self-service technologies. Wireless communication has enabled remote service delivery, improving the service network of companies. Also, identification technologies such as biometric security services have facilitated financial transactions by validating identity of any person. Further, fingerprint recognition technologies are used in self-service technologies to identify the customer and provide services according to the stored information. The need to provide satisfactory and convenient services with reduced costs in industries such as banking and retail is anticipated to generate demand for self-service technology.
Manual tasks are reduced significantly, resulting in reduced human errors and faster performance. Customization of services according to customer requirements is possible due to the technologies such as remote monitoring and cashless transactions. Demand for self-service kiosks is expected to increase significantly during the forecast period providing growth opportunities to self-service technology market.
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Different types of kiosks are used in the market such as the photo kiosk, ticketing kiosk and banking and financial kiosk. Customers are preferring self-service options, as it helps in reducing the check in time and increasing the customer satisfaction. Proper implementation of self-service technology is important in order to achieve customer satisfaction. Employee interaction with customers is vital in the initial stage of implementation. Customers are hesitant when a new technology is implemented, as they are not sure about the success of this new self-service technology. However, government regulations related to the tracking of customers and health and safety are restraining growth of the market. United States Department of Agriculture (USDA) has restricted the usage of unhealthy snack choices to comply with the school nutrition standards.
The self-service technology market is divided into three segments, automated teller machines (ATM), kiosks and vending machines. ATM segment is further divided into cash dispenser, smart, brown label, white label and conventional ATM. Different types of kiosks available in the market include banking and financial, informational, ticketing, digital video disc (DVD), photo, human resource and employment, patient self-service and others (telecom and restaurants). Vending machines segment is divided into beverage, candy, snack, specialized, cigarette and gumball vending machine.
Major players in the self-service technology market include NCR Corporation, Crane Merchandising Systems, Azkoyen S.A, Glory Ltd., Fuji Electric Retail Systems Co. Ltd, Kiosk Information Systems, Inc., International Business Machine (IBM) Corporation, Vend-Rite, Maas International Europe B.V. and HESS Cash Systems GmbH & Co.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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