Self service technology encompasses machines or devices which allow customers to serve themselves and instead of relying on human representatives. The worldwide market is projected to gain revenues exceeding USD 30 billion by 2022. It previously was valued at USD 14 billion in 2015.
Technologies that ensure data protection such as fingerprint recognition are expected to primarily drive the market. The industry is driven by demand for wireless connection and demand for self-service machines. But various mandates concerning power usage and energy management may dampen growth prospects.
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The global self services technologies market is segregated according to products and regions. Products encompass vending machines, kiosks, and ATMs (automated teller machines). ATMs accounted for nearly 80% demand in 2015. But this segment could lose shares throughout the forecast period (2015-2022). ATMs offer customers multiple options such as cash depositing, current savings account, and bill payments.
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Kiosks are expected to capture 21% market share by 2022. Digital kiosks are user-friendly and utilized in banking, healthcare, and other industry verticals. Different kiosk types include building directory, information, ticketing, and tele-kiosks.
Government organizations, airports, and malls are housing these kiosks to enhance customer efficiency and satisfaction. Hamad International Airport (HIA) in Doha has even utilized self-tagging machines at airports for customers impatient to stand in line. Vending machines are divided into specialized, snacks, beverages, and others. This sector will continue to see momentous growth in the years ahead.
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Regions of interest to the market are Asia Pacific, Europe, North America, and RoW (Rest of the World). ATMs have already reached maturity in North America and Europe. But Asia Pacific is anticipated to witness a high growth rate over the next seven years. Awareness of this technology and rising urbanization in China and India will drive the growth in this region.
Prominent vendors operating in the self services technologies market are NCR Corporation, Fujitsu Ltd., HESS Cash Systems GmbH & Co., and Azkoyen Group. Players are focusing on innovating existing products as well as improving their security. Alliances are also a common strategy adopted by companies. For instance, NCR has formed a partnership with Hua Xia Bank in 2014 to provide the software to run its services.
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