The size of the self-service technology market was above $33 billion in 2021, and it will reach about $78 billion by 2030, at a rate of about 10% in the years to come. The growth is largely credited to the increase in demand for self-service machines, automated devices, remote administration solutions, and wireless connectivity.
ATMs had the largest share, of over 50%, in the past, and it will grow at a considerable rate in the coming years. The increasing requirement for cash regardless of digital transactions is driving the expansion of ATM placements all around the globe.
Vending machines will grow at a considerable growth rate in the years to come. This is credited to the increasing requirement for vending machines in business premises and corporate offices, because of the increasing want to cut extra expenses, lines and spaces.
The retail category dominated the self-service technology market of over 34%, in the past, and it will continue this way in the years to come. Retailers are encouraged to use this technology, because of the increasing need to deliver better services and an improved consumer experience.
The use of this technology in retail outlets is additionally driven by the increasing count of shoppers and the requirement to give a hassle-free experience through the checkout procedure.
APAC led the industry in the past, with a share of over 35% in the past, because of the increasing acceptance of self-service systems in emerging nations of the region.
Furthermore, the growing positioning of ATMs, self-service booths, and vending machines in the region, the rising awareness pertaining to the technology amongst people, and the increasing consumer expenditure toward this technology will drive the demand of the product.
North America had the second-largest share in the recent past. The expansion of the industry is driven by the increasing expenditure on intelligent and self-assisted technologies by the banking, retail, travel & transportation and hospitality sectors.
Self-checkout systems deliver numerous advantages, such as enhanced in-store efficiency, lower personnel costs, and added accuracy. These systems likewise help to attend customers further quickly, manage large lines, and cut-down wait times. Hence, the major players in the market are developing more compact systems than conventional checkout terminals, allowing companies to syndicate added checkout stations in a lesser space.
Though, the inclination toward digitized payments, gaining traction in Italy, India and the U.A.E., is leading to a waning in the use of self-checkout systems still relying on cash. Cashless payments are promoted by governments as a way to track tax evaders and keep a record of the transactions.
With the growth in the consumption of products bought from retail stores, increasing leaning of the people toward retail purchasing in the emerging economies are the major factors responsible for the increasing demand for self-service technologies around the world.
