Technology market

Self-service technology market | Key players analysis, size, share, demands, trends, applications and forecast to 2027 | Grand View Research, Inc.

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According to one of the recent reports released by Grand View Research Inc., market demand for self-service technology has seen a breakthrough in light of the COVID-19 pandemic. Limited labor availability due to lockdown and the start of travel and transportation has led to the massive adoption of self-checkout systems.

The Global self-service technology market The size was valued at $ 28.3 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.7% from 2020 to 2027. Growing demand for self-service machines and automated devices, wireless communication, technological advancements and remote controls. are the main drivers behind the demand for self-service technology (SST). In addition, the increasing influx of consumers into retail stores and the increasing consumption of goods and services purchased from stores are playing a vital role in the growth of market demand. The boom in retailing in emerging economies is expected to provide plenty of growth opportunities over the next seven years. In addition, widespread awareness of the benefits of these machines, such as ease of check-in and check-out processes, reduced congestion and improved customer experience in retail, airport and banking applications. , should have a positive impact on demand. Besides urban areas, manufacturers and service providers are now targeting rural areas to boost the growth of the self-service technology industry.

The COVID-19 pandemic has radically changed the behavior of consumers and businesses. With the essential change in consumer behavior with increased distancing and strict regulations, companies have been forced to shut down and thus limited their spending on opportunistic technologies. Despite the short-term impact of social lockdown, increased demand for groceries, medical supplies, general merchandise, and home improvement among shoppers has forced businesses to embrace self-help technologies to promote social distancing and contactless practice.

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Self-Service Technology Market Highlights:

  • Based on the product, The ATM segment held the largest 51.6% revenue share in the self-service technology market in 2019. Despite the rise of new avenues of digital transactions, the need for liquidity among developed and emerging economies development encourages the development of ATM deployments.
  • Based on demand, The retail segment dominated the market with a 33.4% revenue share in 2019. The need to provide quality of service and improved customer experience is encouraging retailers to embrace self-service technologies.
  • Based on region, Asia-Pacific dominated the self-service technology market in 2019. The growing adoption of self-service systems is expected to grow at a considerable rate during the forecast period.

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Self-service technology market segmentation

Grand View Research has segmented the global self-service technologies market on the basis of product, application, and region:

Self-Service Technology Product Outlook (Revenue, USD Million, 2016 – 2027)

  • AT M
  • Kiosks
  • Vending machine

Self-Service Technology Applications Outlook (Revenue, USD Million, 2016-2027)

  • Retail
  • QSR
  • Banking
  • Travel and tourism
  • Health care
  • Others (hospitality, education, government, etc.)

Regional Self-Service Technology Outlook (Revenue, USD Million, 2016 – 2027)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • AEM

List of Key Players in Self-Service Technology Market

  • AZKOYEN, SA
  • Diebold Nixdorf, Incorporated
  • Crane Co.
  • Fujitsu
  • GRGBank
  • HYOSUNG TNS
  • KIOSK information systems.
  • HESS Cash Systems GmbH
  • RCN Company
  • Toshiba Tec Corporation

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About Grand View Research:

Grand View Research is a market research and consulting company that offers market research reports, syndicated reports and personalized reports. The company is headquartered in San Francisco, California. It offers customer engagement for business consulting and market intelligence in various fields. The clientele is based in various countries with queries from over 50 industries around the world.

Grand View Research helps clients make informed decisions by helping them understand current trends and scenarios. Each year, Grand View Research performs more than 300 multi-country market studies to optimize advice to clients.

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