PUBLISHER: The Business Research Company | PRODUCT CODE: 1425795
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425795
Self Services Technologies Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on self services technologies market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for self services technologies? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The self services technologies market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Self-service technologies encompass a range of technologies allowing customers to independently interact and conduct transactions with a business, devoid of direct communication with a staff member. These technologies empower customers to gather information or complete tasks autonomously.
The primary types of self-service technologies include Automated Teller Machines (ATMs), kiosks, and vending machines. ATMs enable users to access their bank accounts swiftly, eliminating the need for direct interaction with a bank representative. Within seconds, customers can access their accounts and withdraw available funds, bypassing the traditional bank queues and the need for direct assistance. These technologies typically comprise hardware, software, and associated services and find applicability across various industries such as Banking, Financial Services and Insurance (BFSI), manufacturing, hospitality, retail, healthcare, offices, education, and other sectors.
The self-services technologies market research report is one of a series of new reports from The Business Research Company that provides self-services technologies market statistics, including self-services technologies industry global market size, regional shares, competitors with a self-services technologies market share, detailed self-services technologies market segments, market trends and opportunities, and any further data you may need to thrive in the self-services technologies industry. This self-services technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The self services technologies market size has grown rapidly in recent years. It will grow from $34.61 billion in 2023 to $38.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. Historical growth in this domain can be attributed to several factors including enhancements in customer experience, cost reduction for businesses, increased consumer demand for convenience, the implementation of digital transformation initiatives, improved efficiency resulting in time savings, effective queue management systems, and the adherence to regulatory compliance standards.
The self services technologies market size is expected to see rapid growth in the next few years. It will grow to $56.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. Anticipated growth in the upcoming period can be linked to several factors such as the expansion of healthcare services, initiatives towards building smart cities, an increased focus on environmental sustainability, personalized customer insights, strengthened security measures, and the growth in transportation services. Key trends expected in the forecast period involve the widespread adoption of contactless and touchless solutions, the utilization of virtual assistants and chatbots, leveraging blockchain for enhanced security and transactional purposes, the prevalence of mobile and app-based self-service offerings, and the integration of Artificial Intelligence (AI) and Machine Learning (ML) into various self-service technologies.
The self-service technologies market is expected to witness growth due to the increasing demand for self-service machines and automated devices. This rise in demand is driven by the convenience offered to users, allowing them to access information or services without the need for direct interaction with a live person. Self-service kiosks, for example, enable customers to conveniently obtain information or services at any time. According to NICE's May 2022 Digital-First Customer Experience research, almost four out of five customers (81%) expressed a desire for additional self-service choices, emphasizing the growing demand for self-service technologies.
The adoption of biometric authentication is anticipated to be a significant driver for the growth of the self-service technologies market. Biometric authentication, a security procedure leveraging unique biological or behavioral traits for identification, is increasingly integrated into self-service technologies. This integration enhances security measures, expedites user experiences, and ensures precise identity verification. According to GetApp's 2022 Data Security Survey, the adoption of biometric authentication in US organizations has nearly tripled, increasing from 27% in 2019 to 79% in 2022. This surge in the use of biometric authentication contributes to the overall growth of the self-service technologies market.
Innovations in products have become a prominent trend in the self-service technologies market, with major companies focusing on developing creative solutions to enhance their market positions. For example, in December 2022, Apple Inc., a US-based technology company, introduced Self Service Repair in Europe. This initiative, available in eight European nations through the Apple Self Service Repair Store, provides users with repair guides, authentic Apple tools, and supplies. Users who are knowledgeable about electronics repairs can perform popular repairs on their own for Mac notebooks with Apple silicon, as well as the iPhone 12 and iPhone 13 product lines. The Self Service Repair Store offers over 200 unique tools and parts along with repair manuals, allowing users to make their own repairs using the same instructions, components, and tools as Apple Store locations and Apple Authorized Service Providers.
Major players in the self-service technologies market are adopting a strategic partnership approach to develop innovative self-service technology platforms. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. For example, in January 2022, UST, a US-based manufacturing company specializing in self-service technologies, announced a partnership with KIOSK Information Systems. The collaboration aims to develop a cutting-edge self-service retail AI vision checkout technology with an edge computing architecture, providing consumers with 24/7 self-service shop access. The touchless checkout system incorporates speech- and gesture-based UI checkout interaction choices, along with flexible payment methods such as QR code-based payments, app wallets, contactless cards, or cash. KIOSK Information Systems, also based in the US, is a company specializing in self-service technologies.
In April 2022, Press Ganey, a US-based healthcare company, made a strategic move by acquiring Forsta for an undisclosed amount. This acquisition positions Press Ganey and Forsta to offer clients data connectivity, fast analytics, diversity, equity, and inclusion (DEI) expertise, and deeply segmented insights. Through this partnership, Press Ganey can explore new markets and sectors while integrating Forsta's market research, customer experience (CX), and employee experience (EX) technology, which complements its existing healthcare products. Forsta, based in the US, specializes in providing market research, CX, and EX technology. These strategic partnerships exemplify the collaborative efforts within the self-service technologies market to drive innovation and offer comprehensive solutions to clients across various industries.
Major companies operating in the self services technologies market report are KIOSK Information Systems Inc., NCR Corporation, HESS Cash Systems GmbH, Fujitsu Ltd., Azkoyen Group, Maas International Europe B.V, Diebold Nixdorf Inc., Glory Ltd., GRG Banking Equipment Co. Ltd., Hitachi-Omron Terminal Solutions Corp., Nautilus Hyosung America Inc., OKI Electric Industry Co. Ltd., Olivetti SpA, Wincor Nixdorf AG, Zebra Technologies Corp., Toshiba Tec Corp., Verifone Systems Inc., Ingenico Group SA, PAX Technology Ltd., Parabit Systems Inc., Source Technologies LLC, Frank Mayer and Associates Inc., Phoenix Kiosk Inc., Kiosk Information Systems, Touch International Inc., 3M Company, ELO Touch Solutions Inc., Planar Systems Inc., NEC Display Solutions Ltd., Samsung Electronics Co. Ltd., LG Display Co. Ltd.
North America was the largest region in the self-services technologies market in 2023. The regions covered in the self services technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the self services technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The self-services technologies market consists of revenues earned by entities by providing self-services technologies that enable users or customers to enjoy a service without even interacting with any service providers. The market value includes the value of related goods sold by the service provider or included within the service offering. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.