The global self-service technology market is predicted to reach $76.78 billion by 2030, growing at a CAGR of 9.8% during 2021–2030. This can be ascribed to the rising consumption of products purchased from retail stores and the increasing consumer inclination toward retail purchasing in emerging countries. Furthermore, the growing need to save overhead expenses is boosting the use of automated technologies in industries including banking, travel and hospitality, retail, and healthcare.
The rising penetration of smartphones, connected devices, and digital platforms is transforming the shopping experience of customers in both online and offline modes. To give customers a customized experience, self-service technologies are being used across a wide range of all retail formats, including convenience shops, food outlets, juice corners, and many others.
Kiosk machines offer several benefits to service providers and optimize the overall cost of businesses by reducing labor and infrastructure set-up expenses. Self-service technologies help customers independently do tasks, without the involvement of direct service representatives. This provides a higher level of satisfaction to consumers by offering control over their purchase decisions. These major factors have led to the widespread adoption of self-service kiosks in the market.
Self-checkout kiosks with integrated POS capabilities let customers scan and pay for their goods without help from an associate. This also aids stores to reduce lines and the number of staff, by integrating AI capabilities into self-service kiosks. Interactive kiosks have gained tremendous popularity not only in retail but also in other verticals, such as healthcare and transportation, due to the fast adaptability of the technology by customers.
Moreover, customers prefer online shopping at self-service kiosks to standing in lengthy lines and dealing with sales employees face-to-face, because kiosks may fulfill activities such as presenting information, showing available alternatives, and offering a platform for fast money transactions. The touchscreen contact capability can assist in providing very efficient services to consumers, resulting in customer satisfaction.
The market in the APAC region is expected to register the highest growth rate during the forecast period. This can be attributed to the rise in the organized retail industry; the rapid urbanization in nations like India, China, and Japan; and the exponential expansion in the banking industry, in the region, which, in turn, will create a significant need for such automated equipment. The industry is also being pushed by the expanding ATM demand, as customers in APAC prefer interactive and touchscreen ATMs.
Key players operating in the self-service technology market include NCR Corporation, Azkoyen S.A., Fujitsu Limited, IBM Corporation, KIOSK Information Systems, Diebold Nixdorf Inc., HESS Cash Systems GmbH, Toshiba Tec Corporation, Crane Co., and Frank Mayer and Associates Inc.