The demand for self-service machines and automated devices, wireless communication, technology advancements, and remote management are some of the notable factors driving the self-service technology market. An increase in security threats, such as card skimming and information hacking, is one of the major restraining factors for the market growth.
Technological advancements such as wireless communication and remote management would also facilitate the overall market growth. In addition, the integration of biometric security services such as fingerprint recognition, which ensure secured financial transactions, would boost self-service technology market growth.
The demand for self-service machines and automated devices, wireless communication, remote management, and technology advancements, largely impact the self-service technology market. The ongoing trend reflects a broader adoption of self-service technology products and their installations in public places. The challenge for manufacturers is to provide these self-service machines at an effective cost. In addition to the challenges posed by different government regulations, surviving in a competitive market is a major challenge for companies operating in the self-service technology market.
The global market is expected to garner $31.75 billion by 2020, registering a CAGR of 13.98% during the period 2015 – 2020.
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Profiling Key Players: Kiosk Information Systems Inc., NCR Corporation, HESS Cash Systems GmbH & Co., Fujitsu, Glory Ltd., Azkoyen Group, Crane Co. (USA), Mass International Europe B.V. (Netherlands), Vend-Rite and IBM Corporation.
However, stringent policies and regulations imposed by governments of different countries restrain the growth of the self-service machines market. For instance, in Japan, the government has banned the use of alcohol and cigarette vending machines, by youngsters below the age of 18yrs. Similar restrictions are imposed by governments in other developed regions such as UK, and US.
The kiosks segment would exhibit the highest growth during the forecast period. Asia-Pacific and LAMEA are forecasted as lucrative markets for kiosks. With the maximum number of installations, vending machines contributed nearly 57% to the overall revenue of the self-service technology market in 2014. This segment is expected to grow at a steady pace, accounting for more than 50% of the overall market revenue, throughout the forecast period (2015 – 2020). Further, within the vending machines market, the beverage vending machines that include coffee, tea, soda, cold drink, and alcohol vending machines, would generate the highest revenues for this segment throughout the analysis period (2014 – 2020). ATMs have emerged as multifunctional machines in recent years. The easy installation process and the limited space required for deploying these machines would supplement the growth of this segment during the forecast period (2015 – 2020).
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