Self-Service Technology Market to Grow Rapidly Due to Enhanced Adoption of Remote Service Management & Varied Wireless Technologies Till 2022 | Million Insights

Self-Service Technology Market to Grow Rapidly Due to Enhanced Adoption of Remote Service Management & Varied Wireless Technologies Till 2022 | Million Insights

PR Newswire

FELTON, California, January 21, 2019

FELTON, California, January 21, 2019 /PRNewswire/ --

The global Self-Service Technology Market was valued USD 14 billion in 2014 and is expected to reach USD 39.07 billion during the forecast period. The market is subject to witness a substantial growth due to the introduction of remote service management and varied wireless technologies. Increasing adoption of biometric security services such as fingerprint recognition and face recognition systems to provide secured financial transactions are anticipated to fuel the growth of self-service technology industry over the next seven years. Globally, the self-service technology market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market. Adoption of self-service technologies allow users to create a service independent of direct service employee involvement, thereby propelling the growth of self-service technology industry in the recent years. Rising need for self-service machines and automated systems along with wireless communication and remote management are some of the major contributing factors driving the self-service technology market. In addition, growing consumer base in expected to play vital role for future industry growth.

Massive growth in retail sector, particularly in the developing economies across the globe is predicted to offer numerous growth opportunities for industry participants over the forecast period. Furthermore, increasing awareness among general population regarding multiple benefits of self-service technologies is estimated to favor market growth as well in the near future. Higher market penetration owing to the recent research & development activities are projected to favor market expansion in the upcoming years. However, stringent laws & regulations associated with energy management and power consumption in various parts of the globe are considered as major challenges for sustained market growth. In addition, swift decline in demand for food and beverage vending machines due to changing government policies for schools and colleges are restraining market growth to a certain extent. Yet, increasing investment by leading industry players and introduction of technologically advanced products are forecasted to positively affect market growth in the upcoming years.

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The self-service technology industry is broadly categorized into three major segments based on the product type such as automated teller machine (ATM), kiosks, and vending machines. The automated teller machine (ATM) is considered as one of the fastest growing segment in the market of self-service technology with substantial revenue generation in the last few years. Growing popularity of the automated teller machine (ATM) segment is attributed to increasing adoption of the automation, technology up-gradation and minimization of operation costs. The vending machines segment has also witnessed substantial growth owing to the adoption of cashless payment systems.

The self-service technology market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in electronic manufacturing sector, increase in the number of research & development activities in the region, and existence of well-established industrial infrastructure. Asia-Pacific region is predicted to hold major market share in the self-service technology with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with strong economic growth, improved living standards, rising per capita income, and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the self-service technology industry are NCR Co., Diebold, Inc., Wincor Nixdorf International GmbH, Kiosk Information System, Inc., and Euronet Worldwide, Inc.

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