New York – The global self-service technologies market is expected to grow from $32.35 billion in 2021 to $35.55 billion in 2022 at a compound annual growth rate (CAGR) of 9.9%. The self-service technologies market is expected to reach $52.13 billion in 2026 at a CAGR of 10.0%.
The self-service technologies market consists of sales of self-service technologies products by entities (organizations, sole traders, and partnerships) that empower customers to complete or gather information without the assistance of an employee. Self-service technologies offer customers the ability to interact and transact with a business via an interface, independent of direct communication with another person.
The main types of self-service technologies are ATMs, kiosks, and vending machines. ATMs are software power electronic standalone devices. which eliminates the requirement for a customer care representative to interface with the user’s bank and accounts. Through the hardware interface, the consumer can access their account and withdraw any funds that are accessible. The components of self-service technologies are hardware, software, and services. They are used in industries ranging from BFSI, manufacturing, hospitality, retail, healthcare, offices, education, and other end users.
North America was the largest region in the self-service technologies market in 2021. The regions covered in the self-service technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The self-service technologies market research report is one of a series of new reports that provides self-service technologies market statistics, including self-service technologies industry global market size, regional shares, competitors with a self-service technologies market share, detailed self-service technologies market segments, market trends and opportunities, and any further data you may need to thrive in the self-service technologies industry. This self-service technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rise in demand for self-service machines and automated devices will drive the self-service technologies market in the forecast period.A self-service kiosk is a touchscreen computer or interactive tablet that enables a customer to access information or services without having to speak to a live person.
The increasing shift among companies operating in service industries to adapt self-service machines to reduce human resources and retain existing customers with highly effective services has increased the demands for self-service machines and automated devices across the globe. For instance, in 2020, according to a PYMTS poll, self-service checkouts are used by 34.7% of retail shoppers because they have fewer lineups, and 49.4% do so because the process is quicker. Furthermore, according to a 2019 survey, if queues were the same length, 30% of customers chose to order from a kiosk in a fast service restaurant rather than a cashier. Customers have quickly gotten used to tech-enabled self-service alternatives in restaurants, so it stands to reason that hotel guests would do the same. Therefore, increasing demand for self-service machines and automated devices is expected to boost demand for self-service technologies during the forecast period.
Technological advancements have emerged as a key trend in the self-service technologies market.The companies operating in self-service technologies are focusing on developing innovative solutions with advanced technologies such as AI, blockchain, and others to meet the demand for self-service machines and automated devices, wireless communication, remote management and technology advancements in both rural as well as urban areas.
For instance, in 2021, Fuji Electric Co., Ltd. introduced an intelligent vending machine that dispenses various hygiene products such as wet tissues, masks, and disinfectant sprays.
In April 2022, Press Ganey, a US-based company provider of solutions to increase patient, member, employee, and consumer experience across the healthcare ecosystem, acquired Forsta for an undisclosed amount.Through this acquisition, Press Ganey is focused on expanding into new markets and sectors while utilizing market research, CX, and EX technology that is extremely complementary to our current healthcare products.
Forsta, is a New York-based company that provides market research, customer experience (CX), and employee experience (EX) technology.
The countries covered in the self-service technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Source: ReportLinker
