Self-service technology market registered estimated revenue of $15,939.5 million in 2015, and is expected to reach $42,302.9 million by 2022, growing at a CAGR of 15.6%, during the forecast period. The companies operating in this market are offering convenient services to consumers in order to save their time for different routine activities including cash and cashless transactions, retrieving information and buying consumables. Vending Machine, ATM and Kiosk are the three types of end products available in self-service technology market. In 2015, ATM is estimated to dominate the global self-service technology market in terms of the revenue. The segment is expected to maintain its dominance throughout the forecast period. Technological advancements, improvement in wireless communication networks and increasing demand of automated devices are some of the prominent factors driving the adoption of self-service technology worldwide. However, hacking of personal data and other security threats are some of the factors that are restraining the market growth.
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Based on geography, the global self-service technology market is segmented into North America, Europe, Asia Pacific and Latin America, Middle East & Africa (LAMEA). In 2015, Asia-Pacific is estimated to dominate the global self-service technology market. The region is expected to maintain its dominance throughout the forecast period, with revenue of $16,809.3 million by 2022. The global vending machine market is further bifurcated into type of machine and solution type. The different types of vending machine highlighted in the report include beverage, gumball, candy, snacks, cigarette and specialized vending machines. In 2015, beverage vending machine is estimated to dominate the vending machine market with a market share of approximately 30%. Based on solution type, the vending machine market is bifurcated into deployment and managed services.
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The major companies operating in the global self-service technology market are NCR Corporation, Diebold Inc., Fujitsu Limited, Azkoyen Group, Kiosk Information Systems Inc., Maas International B.V., IBM Corporation, Hess Cash Systems GmbH & Co. KG, Glory Limited and Crane Co. Product launches and collaborations are the prominent strategies adopted by the companies operating in the market.
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