Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Self-Service Technology Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 04, 2021 (GLOBE NEWSWIRE) — The Global Self-Service Technology Market is expected to grow at a CAGR of around 15.7% from 2020 to 2027 and reach the market value of over US$ 77.7 Bn by 2027.
Self-Service Technologies (SSTs) are interfaces that allow customers to get a service without direct interaction with the service provider by replacing face-to-face service interactions with the intention to provide the fastest service to the customer. The bigger chain or retail outlets are majorly installing these systems across developed and developing economies in order to provide fast and convenient service to their customers. Additionally, ATM is the prominent and known segment of the self-service technologies market which is contributing to the market growth.
The global self-service technology market is segmented on the basis of product, application, and geography. Based on the product, the market is bifurcated across ATMs, kiosks, and vending machines. The self-service technology has applications across retail, QSR, banking, travel & tourism, healthcare, and others including hospitality, education, and government.
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A research study conducted by Savanta encompasses a survey of 12,700 business leaders, agents, and customers, particularly to understand the pandemic impact on the current and future states of customer service. As per the research, self-service is gaining popularity, and the desire for self-service is stronger than ever; 45% of surveyed customers are now more likely to use self-service than before the pandemic. Additionally, 82% of consumers are willing to use self-service and around half (46%) still don’t expect it to work. Moreover, 75% of customers want businesses to improve self-service, and 56% visiting a business’ website before calling. As a result, there is a massive opportunity for business leaders to improve self-service capabilities. The growing customer base includes younger and digital-native generations, as in turn organizations must meet new service preferences and expectations if they want to maintain loyalty and draw new customers in.
North America leading the market with maximum revenue share and the region is also projected to maintain its dominance throughout the forecast period from 2020 to 2027. The presence of major players in the region including Crane Co, Crane Merchandising Systems, International Business Machine (IBM) Corporation, Kiosk Information Systems, Inc., NCR Corporation, and Vend-Rite, is one of the prominent factors bolstering the regional market value.
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Asia Pacific is projected to exhibit the fastest growth with a major CAGR (%) over the forecast period from 2020 to 2027. The major developing economies of the region including China and India are the major revenue contributors in the regional self-service technologies market. The advancing technology sector in the region along with the economic development and rising spending power of the people is bolstering the regional market value.
Some of the leading competitors are Azkoyen S.A, Crane Merchandising Systems, Fuji Electric Retail Systems Co. Ltd, Glory Ltd., HESS Cash Systems GmbH, HYOSUNG TNS, International Business Machine (IBM) Corporation, Kiosk Information Systems, Inc., Maas International Europe B.V. HESS Cash Systems GmbH & Co., NCR Corporation, Toshiba Tec Corporation, and Vend-Rite among others.
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Some of the key observations regarding the self-service technology industry include:
- Entropik Tech, an India-based global leader in emotion AI has launched the first-ever Interactive Shopper Research offering as a part of its Shopper Insights solution in 2021. The company has now a potential position in the shopper research segment with the launch of its unique offering with two new features: virtual interactivity with consumers and 2D&3D Planogram testing.
- Hitit and Royal Brunei Airlines have announced a new strategic technology partnership in 2021, to further improve the guest experience and digital retailing capability. With this partnership, the airline’s global guests will benefit from faster and more intuitive ways of booking flights, a seamlessly integrated passenger experience through the travel journey, and value-added travel product options recommended in a personalized way.
- Venzee Technologies Inc. has announced the development and use of artificial and augmented intelligence technology to optimize active client operations. This newly developed “smart tech” Software as a Service (SaaS) platform, is designed to move critical, consumer-facing product information to any global retailer by consumer brands, particularly.
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