LOS ANGELES, June 04, 2021 (GLOBE NEWSWIRE) – The Global Self-Service Technology Market is expected to grow at a CAGR of around 15.7% from 2020 to 2027 and reach a market value of over $ 77.7 billion by 2027.
Self-Service Technologies (SST) are interfaces that allow customers to obtain service without direct interaction with the service provider by replacing face-to-face service interactions with the intention of providing the fastest service. to the client. Larger chains or retail outlets mainly install these systems in developed and developing economies in order to provide fast and convenient service to their customers. Moreover, ATM is the large and well-known segment of the self-service technology market which contributes to the growth of the market.
The global self-service technology market is segmented on the basis of product, application, and geography. Based on the product, the market is divided into ATMs, Kiosks, and Vending Machines. Self-service technology has applications in retail, fast food, banking, travel and tourism, healthcare, and others including hospitality, education, and government.
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A study conducted by Savanta includes a survey of 12,700 business leaders, agents and customers, specifically to understand the impact of the pandemic on current and future states of customer service. According to research, self-service is growing in popularity and the desire for self-service is stronger than ever; 45% of customers surveyed are now more likely to use self-service than before the pandemic. Additionally, 82% of consumers are willing to use self-service, and around half (46%) still don’t expect it to work. Additionally, 75% of customers want businesses to improve self-service, and 56% visit a business website before calling. As a result, there is a huge opportunity for business leaders to improve self-service capabilities. The growing customer base includes younger, digital-native generations, as organizations in turn must respond to new service preferences and expectations if they are to retain and attract new customers.
North America, the market leader with maximum revenue share, and the region is also expected to maintain its dominance throughout the forecast period from 2020 to 2027. The presence of major players in the region including Crane Co , Crane Merchandising Systems, International Business Machine (IBM) Corporation, Kiosk Information Systems, Inc., NCR Corporation and Vend-Rite, is one of the major factors that boost the value of the regional market.
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Asia-Pacific is expected to show the fastest growth with a major CAGR (%) during the forecast period of 2020 to 2027. The major developing economies in the region, notably China and India, are the main sources of revenue in the regional self-service technology market. The advancement of the technological sector in the region as well as the economic development and the increase in the purchasing power of the population reinforce the value of the regional market.
Some of the main competitors are Azkoyen SA, Crane Merchandising Systems, Fuji Electric Retail Systems Co. Ltd, Glory Ltd., HESS Cash Systems GmbH, HYOSUNG TNS, International Business Machine (IBM) Corporation, Kiosk Information Systems, Inc., Maas International Europe BV HESS Cash Systems GmbH & Co., NCR Corporation, Toshiba Tec Corporation and Vend-Rite, among others.
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Some of the major observations regarding the self-service technology industry include:
- Entropik Tech, a global leader in emotional AI based in India, launched the very first Interactive Shopper Research offering as part of its Shopper Insights solution in 2021. The company now has a potential position in the shopper research segment with the launch of its unique offer with two new features: virtual interactivity with consumers and 2D & 3D planogram tests.
- Hitit and Royal Brunei Airlines announced a new strategic technology partnership in 2021, to further enhance the customer experience and digital retail capability. Through this partnership, the airline’s international customers will benefit from faster and more intuitive means of booking flights, a seamlessly integrated passenger experience throughout the journey, and value-added travel product options recommended by personalized way.
- Venzee Technologies Inc. announced the development and use of artificial and augmented intelligence technology to optimize the operations of active customers. This newly developed “smart technology” software as a service (SaaS) platform is designed to transfer critical product information from consumers to any global retailer, especially through consumer brands.
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