The steady rise of self-service technologies has enabled modern ways of buying or selling products, is being recognized as a game changer by a series of recent market studies. The growth of these technologies is creating a transparent playing field for both consumers and sellers. It is offering quality customer interaction and has made use of all the modern techniques to improve service efficiency of businesses. Self-service technologies include automated machines such as Automated Teller Machine (ATM), self-service vending machines and interactive kiosks. Self-service technologies are technological interfaces that enable customers to purchase a product or avail a service independent of direct involvement of a sales or service executive.
A report by Big Market research found out that Vending machine segment accounted for around 58% of the global self-service technology market, generating the maximum revenue in 2014. ATM was the second highest revenue generating technology in 2014, anticipated to witness a decent growth of 8.29% during the forecast period. Kiosk machines, which presently account for the smallest share, is forecasted to be the fastest growing segment during the analysis period.
The dominant players in the self-service market as listed by the report are global solutions providers such as Azkoyen S.A, Crane Merchandising Systems, Fuji Electric Retail Systems Co. Ltd, Glory Ltd., NCR Corporation, and Kiosk Information Systems, Inc. Among the region where the market has the biggest potential is North America, followed by Europe and APAC. Many firms are seeking opportunities to enhance their market share that can help them sell businesses through self-service technologies in international locations. In this endeavor, technological agreements and collaborations are the key strategies adopted by these organizations to expand businesses for a wider market reach.