Self-service technologies enable customers to place orders without interacting with human service providers. Some of these self-service technologies are very well established on a global scale, while other technologies are still facing resistance. Self-service technologies facilitate many benefits for both, businesses as well as consumers. Consumers can get what they want easily and quickly, while businesses sell more, reduce expenditure and improve customer experience to create loyalty among their clientele. Some instances of well-established Self-service technologies include Automated Teller Machines (ATMs) and Self-service and ticketing kiosks in transportation infrastructures and restaurants. Other niche instances of Self-service technologies include Self-service gas stations and kiosks in post offices and hotels.
Impact of Ongoing COVID-19 Pandemic on Self-service Technologies Market
Tourism, transportation, hospitality, and food and beverage industries have taken a massive hit with governments legislating nationwide lockdowns to combat the spread of COVID-19 infections. Lag in growth rates of these industries is estimated to suppress the adoption of Self-service technologies on a global level. Furthermore, citizens incorporating social distancing measures prefer not to venture outdoors or touch equipment meant for public use. This factor is also playing a key role in restricting the procurement of Self-service technologies. However, end-users are incorporating sanitization initiatives to motivate consumers to use these technologies in order to avail services. The lagging growth is estimated to recover once consumers get accustomed to the COVID-19 way of life and governments start lifting lockdowns.
Self-service Technologies: Market Dynamics
It is getting increasingly difficult to find restaurants, public spaces and retail stores that do not use Self-service technologies of one sort or the other. Consumers demand orders and services to be fulfilled quickly, without them having to instruct how the orders need to be fulfilled. This demand is motivating service providers to incorporate Self-service technologies in order to enhance customer experience and satisfaction, while reducing costs. Many businesses are incorporating combinations of Self-service technologies and human services, in order to cater to both speed related and personalization related demands from the consumers. These are some key factors driving the growth of Self-service technologies market on a global level.
However, the hardware components associated with Self-service technologies demand regular maintenance and upgrades. Ignoring these demands results in diminishing customer satisfaction, which hampers revenue generation. Furthermore, procurement of maintenance and upgrade services incurs additional costs, and small- and medium-sized operations are usually not too keen on spending money on such services. These challenges are restricting the growth of global Self-service technologies market.
Self-service Technologies Market: Segmentation
On the basis of component, the global Self-service technologies market can be segmented into the following:
On the basis of end-user, the global Self-service technologies market can be segmented into the following:
Self-service Technologies Market: Regional overview
Self-service technologies market in North America was the dominant market in 2019 in terms of market value. Over the forecast period, Self-service technologies market in the United States is projected to be the most lucrative market for sustainable generation of revenue from technology deployments. The demand for Self-service technologies in the U.S. may be attributed to the Do-It-Yourself (DIY) initiatives promoted by businesses and welcomed by consumers in the country.
Accelerated procurement of efficient Self-service technologies is expected to enable the market in Southeast Asia Pacific region to record the fastest growth rate over the forecast period. Among all the economies in the region, Self-service technologies market in India is estimated to offer the highest incremental opportunity during the forecast period.
Self-service Technologies Market: Competition Landscape
Some of the key competitors in the global Self-service technologies market are Toshiba Tec Corporation, HESS Cash Systems GmbH, HYOSUNG TNS, Crane Co., KIOSK Information Systems, and AZKOYEN, S.A., among others.
The Self-service Technologies market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
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Regional analysis includes: