Self-Service Market - Growth, Trends, and Forecast (2020 - 2025)
The self-service market is segmented by Type (Self-service Terminals (ATMs, Kiosks, Vending Machines), Services), Application (Entertainment, Retail, BFSI, Healthcare, Government), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
Fastest Growing Market:
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The self-service market was valued at USD 28.01billion in 2019 and is expected to reach USD 68.01 billion by the end of 2025, registering a CAGR of 16.43% during the forecast period (2020-2025).
Many industries in the emerging economies are struggling to attract customers and hold the existing consumers for the product or service. Retail market is one of the major industries facing the challenge of consumer requirement. 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 self-check kiosks and POS systems, which enable a faster shopping experience with easy access to information about the availability of the products.
The vending machine system is also another major segment in the self-service market. These are widely used in retail stores or big scale enterprises wherein the system is used for dispensing food or beverages or any other product suitable to the system. Vending machines are expected to witness a wider implementation, owing to language barriers in various countries, such as Singapore, Malaysia, among others with a high tourism rate.
Concerns relating to the security of the systems and high costs associated with the installation and maintenance of the systems are challenging the growth of this market. The increasing cyber-attacks around the world and vulnerabilities in the existing network are resulting in concerns among the users. Many users are now skeptical to utilize these systems due to security concerns and the risk of data compromise.
Scope of the Report
Self-service systems are interactive devices with 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. ATMs, vending machines, and information kiosk terminals are the most widely used self-service systems. These systems are increasingly being employed having different applications like entertainment, retail, and BFSI.
Self Service Terminals
Middle East & Africa
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Key Market Trends
Automated Teller Machine (ATM) to Drive the Self-Service Market
The growing inclination toward the adoption of ATMs in the banking sectors and other industries is one of the primary factors driving the growth of this market.
With the increasing population and growing adoption of banking services among the public, the demand for ATMs is growing at a rapid pace.
Huge investments in this sector to provide reliable ATMs and kiosk systems are helping the growth of this market.
According to data by the IMF, India had 3.38 ATMs per 100,000 adults in 2007, with rapid urbanization and a move toward digitalization post-recession, the number grew up to 22.07 ATMs per 10000 adults in 2017.
Moreover, the ease of doing all sort of banking activities like cheque deposit, balance enquiry, money transfer, money withdrawal, and much more, helps people to rely on ATMs with 24*7 service rather than going to banks in specified hours. It also helped the bank to ease out their workload of catering to so many people and made the process smooth at their end too.
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Asia-Pacific to be the Fastest Growing Region
The Asia-Pacific region is anticipated to develop at a substantial pace through the forecast period, owing to the growing adoption of self-service technologies by large organizations and SMEs to spread their presence and increase their service contributions. Moreover, the growing consumer spending power in countries, such as India, China, and Japan is also boosting the growth of the market.
According to IATA, India is one of the fastest growing domestic air passengers market at a rate of 23.3%. The increasing number of domestic passengers has led to the introduction of self-check-in kiosks by airlines, such as Vistara and Air India. As the number of passengers grows every year, the demand for these kiosks is also expected to increase.
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The self-service market is highly fragmented due to the increase in demand for self-service in kiosks, vending machines, and ATMs. The rising demand from the consumer is making the market attractive for companies. Stiff competition among the players to cater the need of the people with minimal cost is magnifying the market. Some of the key players in the market are KIOSK Information Systems Inc., NCR Corporation, HESS Cash Systems GmbH & Co., Crane Co., Fujitsu Ltd, among others.
May 2019 - With the collaboration of NCR Corporation, Oman Arab Bank has become the first bank in Oman to deploy NFC contactless card-reading technology. The technology is capable of making ATM transactions more secure and 15% faster than card-enabled transactions
February 2019 - Zenig and KIOSK demonstrated self-service healthcare innovations at HIMSS 2019. Zenig provides easy-to-use, effective patient-centered healthcare solutions. Their self-service kiosk is simple to implement and enables patients to self-check-in, verify demographic information, sign contracts, and collect payments. Partnering with KIOSK will allow Zenig to seamlessly pair their innovative software platform with KIOSK robust hardware offerings.