Self Services Technologies Market Size to Reach $88.33 Billion by 2030 | CAGR 10.55%
Self-service technologies (SSTs) refer to technological interfaces that enable customers to produce services independently without the direct involvement of service employees. These technologies are designed to provide users with more control and convenience in accessing services and completing transactions.
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The global self services technologies market is impacted by factors, such as upsurge in the demand for automated systems, growth of self services technology industry in developing countries, technology advancements, and rise in trend of card skimming. However, government regulation and mature market are anticipated to hamper the market growth.
Based on type, the ATM segment dominated the global self services technologies market share in 2020, and is expected to continue this trend throughout the self services technologies market forecast period. This is because, ATMs have emerged as multifunctional machines in the recent years, offering customers with services, such as cash deposit, bill payments, and account statements, which was only limited to cash dispense in past. This additional service has benefited banks and financial institutions in their efforts to improve revenue margin, save operating time, and provide comfort to customers. This is widely adopted as the key strategy by major players in the ATM market to focus on expanding their geographical presence.
Post-COVID-19, the global self services technologies market was valued at $32.23 billion in 2020, and is projected to reach $88.33 billion by 2030, registering a CAGR of 10.55%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The outbreak of COVID-19 has changed the face of self service in healthcare, manufacturing, and other non-retail sectors. The pandemic has radically shifted consumer and business behavior. With increased distancing and stringent regulations, businesses are forced to stop their operations, which limits their spending on opportunistic technologies.
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Despite the short-term social lockdown impact, the increased demand for groceries, medical supplies, general merchandise, and home improvement among shoppers forced businesses to adopt self-assisted technologies to promote social distancing and zero-touch practice. Furthermore, limited workforce availability due to lockdown and initiation of traveling and transportation has also led to extensive adoption of self service checkout systems.
This report gives an in-depth profile of some key market players in the self services technologies market, which include Kiosk Information Systems Inc., NCR Corporation, HESS Cash System GabH & Co., Fujitsu, Glory Ltd., Azkoyen Group, Crane Co., Maas International Europe B.V., Vent-Rite, and IBM Corporation. This study includes market trends, self services technologies market analysis, and future estimations to determine the imminent investment pockets
Key Findings of The Study:
By component, the hardware segment dominated the global self-service technologies market size. However, the services segment is expected to exhibit significant growth during the global self-services technologies forecast period.
Based on type, the ATM segment generated the highest revenue in 2020. However, the kiosks segment is expected to exhibit significant growth during the forecast period.
By end user, the BFSI segment dominated the global self services technologies market size. However, the healthcare segment is expected to exhibit significant growth during global self services technologies forecast period.
Based on region, the global self services technologies industry was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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