Market Trends of Self-Service Industry
Automated Teller Machine (ATM) to Witness the Growth
- One of the main drivers for this market's growth is an increasing trend towards ATM adoption in banking sectors and elsewhere. The demand for ATMs is growing rapidly as the population grows and banking services become more widely accepted by citizens. The growth of this market is being supported by significant investments in the sector to provide reliable ATM and kiosk systems.
- This is due to the increasing trend of automation and technological advancement. Lower operating costs and the need for development in rural areas are expected to support market growth over the coming years.
- In order to achieve an higher profits margins and provide customers with more convenience in their payment transactions, banks continue to concentrate on lowering operational costs. As a result, they rely on automatic teller machines to perform the essential functions such as fund transfers, account balance enquiries and payment of bills.
- Moroever, The number of ATMs under the National Financial Switch (NFS) network amounted to over 266 thousand as of June 2023. The NFS is India's largest network of ATMs with nearly 1,200 affiliated members and over 300 million transactions.
- Moroever, In order to extend their ATM network across new geographical areas, banks are increasing the number of ATMs. In addition, the need for advanced self service technologies is growing as digitisation increases, more people adopt enterprise mobility solutions and workers are increasingly provided with timely support. In order to facilitate business operations and increase overall performance, this is expected to lead to an increase in the industry's spending on purchasing effective servers, networking technologies and storage systems.
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Asia-Pacific to be the Fastest Growing Region
- Due to the increasing adoption of self service technologies by large organisations and SMEs in order to expand their presence and provide more services, During the forecast period, Asia Pacific is projected to develop at a rapid pace. Moreover, increasing consumer purchasing power and better awareness of the country are also supporting the market like India, China or Japan.
- According to IATA, total traffic in April 2023 in RPKs rose 45.8% compared to April 2022, with Asia-Pacific registering the highest share of 170.8% RPK. Airlines such as Vistara, Indigo and Air India introduced selfcheck kiosks to meet the growing number of passengers from their home countries. Demand for these kiosks is also expected to rise as the number of passengers increases every year.
- In addition, the retail sector in India continues to grow and is experiencing positive sales trends recently. According to Reliance Retails, India's retailing market is growing at one of the highest rates in the world and will be worth two trillion dollars by 2032. Also, economic expansion, shifting demography, increasing disposable income, urbanization, and evolving consumer tastes and preferences thus are positively impacting the studied market.
- Further, the onset of the COVID-19 pandemic was the demand for kiosks in food chains is expected to be increased. For instance, Westlife Development, McDonald's owns and operates restaurants in West and South India, which will open with increased security standards due to the pandemic by installing self ordering terminals for its customers.
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