AI & Real-Time Technologies are Improving Self Service Space
New York US, May 03, 2022 (GLOBE NEWSWIRE) — Self-Service Technology Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Self-Service Technology Market” information by Machine Type, by Interface, by Application and Region – Forecast to 2030” market size to reach USD 72.51 billion, growing at a compound annual growth rate of 11.27% by 2030.
Market Scope:
The global self-service technology market is estimated to witness significant revenue growth. The wide uptake of self-service machines would act as a key driving force for market growth.
Self-service technology offers multiple benefits in creating a better consumer experience by genuinely engaging them with a brand. Self-service machines like ATMs have become crucial for easy banking. On the other hand, self-service machines like kiosks are imperative in selling and marketing various products, from supermarkets to real estate.
Kiosks can help in enabling a futuristic experience for customers that can boost market sales. These machines can also enable customers to order, book, and pay directly, providing ample information on products and services. Resultantly, the market is witnessing increasing deployments of self-service machines in all major sectors worldwide.
Over the past few years, there have been many technological advances offering data orchestration solutions that enable development teams to create self-service apps without writing code. Such applications deliver access to self-service technologies and data supporting go-to-market processes like lead routing & territory assignment, lead scoring, segmentation, campaign attribution, list loading, and hundreds more.
Dominant Key Players on Self-Service Technology Market Covered are:
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NCR (US)
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Kiosk Information Systems (US)
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HESS Cash Systems GmbH & Co. KG (Germany)
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GLORY LTD (Japan)
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Fujitsu (Japan)
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Azkoyen Group (Spain)
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Vendrite (US)
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Crane Co. (US)
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Crane Merchandising Systems (US)
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Diebold Nixdorf Inc. (US)
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IBM Corporation (US)
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Beta Automations (India)
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XIPHIAS Software Technologies (India)
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HANTLE Inc. (US)
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N and EXCOM International Co. Ltd. (Japan)
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Market USP Exclusively Encompassed:
Self-Service Technology Market Drivers
Events causing economic uncertainty worldwide, such as the COVID-19 pandemic and the Russia-Ukraine war are bringing forward the need to make informed decisions in near real-time. Organizations realized that they need to be agile amid fast-changing economic conditions and self-service analytics capabilities. During COVID-19, consumers preferred contactless payments.
Self-service technologies are rapidly changing with massive shifts in the operating model. Due to the changing consumer behavior and the rise of autonomous technology and AI-powered everything, self-serve kiosks and quick-service machines are poised to witness significant demand. With this transformation, self-service machine operators can transform their operations into digitally-based and intelligent places requiring fewer people to operate.
Retailers are trying to bridge brick-and-mortar stores with e-commerce, with AI-powered solutions, which can solve integration issues by combining digital and physical retail. Retailers can also gain insight into their other warehouses/ stores. Technology-enabled personalization and computer vision are expected to prepare retail stores for wireless technologies and smart city integration used to improve the connectivity, efficiency, and quality of life in cities.
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Segmentation of Market Covered in the Research:
The self-service technology market is segmented into machine types, interfaces, applications, and regions. The machine type segment comprises ATMs (on-site ATM, off-site ATM, white label ATM, brown label ATM, smart ATM, others), kiosks(photo kiosk, ticketing kiosk, information kiosk, check-in kiosk, employment kiosk, others), vending machines(candy vending machines, beverage vending machines, snack vending machines, others), and others.
The interface segment comprises telephone/IVR, online/Internet, interactive kiosk, and video/CD. The application segment comprises retail, banking, healthcare, food & beverage, transportation, entertainment, security & surveillance, and others. The region segment comprises the Middle East & Africa, Americas, Asia Pacific, Europe, and Rest-of-the-World.
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Regional Analysis
North America leads the global self-service technology market. Advancements in technologies and inclination towards deploying self-service machines due to workforce shortages are major driving forces behind the vast market demand. Besides, the presence of well-established infrastructures and technology providers in the region impacts the market growth positively.
The self-service technology market in Europe is expected to witness rapid growth over the forecast period. Factors such as the burgeoning BFSI, healthcare sector, and travel industry improving economic conditions in the region support market growth considerably. Enterprises in the region are highly interested in targeting self-service technology to meet changing customer requirements.
The Asia Pacific self-service technology market is expected to grow at the fastest rate. Burgeoning businesses in retail and telecommunication sectors help the market increase, allowing increasing self-service machines’ deployments. Additionally, other burgeoning industries such as BFSI, media & entertainment, travel, and healthcare provide impetus to the market growth.
Competitive Landscape
The self-service technology market appears fiercely competitive, with several well-established players forming a competitive landscape. Well-established players incorporate collaboration, mergers & acquisitions, product/technology launches, and expansion to maintain their position in this market.
They make substantial investments to drive R&D activities and expansion. Growth in terms of technologies and product innovations is transpired in the market. Market players strive to offer standard and custom-designed technologies that provide superior performance and long-term service for demanding buyers.
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For instance, on April 26, 2022, Press Ganey, a leading provider of consumer experience (patients, members, and employees) across the healthcare ecosystem, announced the acquisition of Forsta, a leading global provider of solutions for market research, customer experience (CX), and employee experience (EX) to advance self-service technologies.
Together, these companies would power the future of research and experience technology. Press Ganey and Forsta offer the data connectivity, accelerated analytics, deeply segmented insights, and DEI expertise needed to deliver frictionless experiences and truly drive transformation.
With the addition of Forsta’s highly complementary market research, CX, and EX technology, Press Ganey would be able to expand its footprints into new geographies and industries, coordinating seamlessly with its existing healthcare solutions. The acquisition would also enable Press Ganey to achieve fast-tracked product innovation, marketplace expansion, unparalleled insights, and healthcare sector disruption with new purpose-built self-service solutions.
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