Self-Service Technology Market Report by Product (ATMs, Kiosks, Vending Machines), End User (Retail, BFSI, Hospitality, Healthcare, Manufacturing, Education) - Global Industry Demand Forecast to 2030

Market Overview

The global self-service technology market size was valued at $33.10 billion in 2021, and it is projected to reach $76.78 billion by 2030, growing at a CAGR of 9.8% between 2021 and 2030. The growth is primarily attributed to the rise in demand for automated devices, self-service machines, wireless connectivity, and remote administration solutions. Furthermore, the market is set to rise as a result of the integration of biometric security services, such as fingerprint recognition, which enable safe financial transactions. These technologies allow clients to generate a service without the direct involvement of employees.

Additionally, the increasing number of consumers visiting retail stores and the rising consumption of goods and services purchased in stores are responsible for the product demand in the market. Also, the rising retail sector in developing nations is predicted to offer ample opportunities to industry players over the next few years.

ATMs Are a Prime Revenue Contributor

The ATMs category accounted for the largest market share, of more than 50%, in 2021, and it is predicted to grow at a substantial CAGR in the next few years. The rising need for cash in spite of digital transaction penetration is driving the expansion of ATM deployments across the world. Moreover, banks are quickly introducing cash-dispensing ATMs in order to save operational costs and boost consumer satisfaction. Furthermore, the desire for low-value transactions among retail customers is a key element for accelerating the deployment of self-service ATMs, which, in turn, will fuel market growth in the coming years.

Vending Machines Are Popular Among Consumers

The vending machines category is projected to grow at a significant CAGR over the coming years. This is attributed to the rising demand for vending machines in corporate offices and business premises, due to the growing desire to decrease extra expenses, spaces, and lines. Additionally, it is projected that the increasing number of commercial buildings that want to offer faster services would encourage the adoption of vending machines in the market.

Retail Industry Captures Highest Revenue Share

The retail category held the largest revenue share, of more than 34%, in 2021, and it is expected to sustain its dominance in the upcoming years as well. Retailers are being encouraged to use self-service technology, due to the surging requirement to deliver high-quality services and a better consumer experience. The application of this technology in retail outlets is further being driven by the rising number of shoppers and the necessity to deliver a hassle-free experience throughout the checkout process. Furthermore, the increasing use of interactive kiosks and self-checkout systems across several retail stores, including convenience stores, specialty shops, and supermarkets, is predicted to fuel the growth of the self-service technology market over the coming years.

Asia-Pacific Is Largest Revenue Contributor to the Market

APAC leads the market for self-service technologies, with a revenue share of more than 35% in 2021, owing to the rising adoption of self-service systems in emerging countries of the region. Moreover, the increasing deployment of ATMs, self-service kiosks, and vending machines across the region, the growing awareness about the technology among people, and the rising consumer spending toward this technology are expected to drive the product demand in the market. Furthermore, the rapid urbanization across countries such as India, China, and Japan, with exponential growth in the banking sector, has led to a huge demand for such automated machines in APAC.

North America accounted for the second-largest market share in 2021. The expansion of the market is being driven by the surging expenditure on self-assisted and intelligent technologies by the banking, travel & transportation, retail, and hospitality industries in the region.

Growing Deployment of ATMs across the World Drives the Market

One of the main reasons propelling the growth of the market is the increasing tendency for the usage of ATMs across the world. The need for ATMs is rising as a result of the growing population and the expanding usage of banking services by consumers. Additionally, significant investments made in this industry to deliver dependable ATMs and kiosk systems are contributing to the growth of the market.

Moreover, the convenience of carrying out a variety of banking tasks, including depositing checks, checking balances, transferring money, withdrawing money, and more, encourages individuals to use ATMs with 24/7 services rather than visiting banks during specific hours. It makes procedures simple for banks so that they can handle a large number of customers. Thus, the continued demand for cash and initiatives to promote financial inclusion has prompted the installation of new ATMs across the globe.

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Self-Checkout Systems Are Gaining Popularity Among Consumers

Self-checkout systems provide a number of advantages, including improved in-store efficiency, lower personnel costs, and more accuracy. These systems also help attend customers more quickly, manage large lines, and reduce wait times. Hence, market participants are developing systems that are more compact than conventional checkout terminals, enabling firms to combine more checkout stations in a constrained space.

However, the trend toward digitalized payments, which is gaining traction in nations like India, Italy, and the U.A.E., is leading to a decline in the usage of self-checkout systems that still rely on cash. Cashless payments are being promoted by government officials as a way to track down tax evaders and record transactions. The integration of scanners and cash-collecting equipment is required by the use of cash, which raises the price of checkout systems. Due to their affordability, businesses are using multi-functional self-checkout systems. Therefore, manufacturers are developing products to provide consumers with options for both types of transactions.

Top Players in Self-Service Technology Market Are:

• NCR Corporation
• Azkoyen S.A.
• Fujitsu Limited
• IBM Corporation
• KIOSK Information Systems
• Diebold Nixdorf Inc.
• HESS Cash Systems GmbH
• Toshiba Tec Corporation
• Crane Co.
• Frank Mayer and Associates Inc.

Market Size Breakdown by Segment

The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.

Based on Product

• ATMs
• Kiosks
• Vending Machines

Based on End User

• Retail
• BFSI
• Hospitality
• Healthcare
• Manufacturing
• Education

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Spain
  • Italy
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • South Africa
  • Saudi Arabia