Self-Service Technology Market expected to reach $31.75 billion globally by 2020

alliedAccording to a new report by Allied Market Research titled, “Global Self-Service Technology Market (ATM Machines, Kiosk Machines, Vending Machines and Geography) – Size, Share, Industry Analysis Trends, Opportunities Growth Segmentation and Forecast, 2014 – 2020”, the global self-service technology Market would garner $31.75 billion by 2020, registering a CAGR of 13.98% during the forecast period 2015 – 2020. The deployment of different types of vending machines and technologically advanced kiosks have revolutionized the self-service industry by rendering an improved automation experience. The self-service technology market is primarily driven by the enterprises’ need to provide more convenient services to the customers, and at the same time optimizing the cost of such services. Enterprises operating in sectors such as retail, healthcare, food & beverage, and banking would be the key demand facilitators.

 The 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 the market growth.

However, stringent policies and regulations imposed by governments of different countries restrain the growth of 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 report also outlines the competitive environment of the global self-service technology market, providing a comprehensive study of the key organic and inorganic strategies adopted by market leaders. The companies are focusing on product launch and technological advancements as key strategies to maintain their leading positions. The key players in the industry such as Kiosk Information Systems, NCR Corporation, Crane Co., Vend-Rite, and Glory Ltd. are engaged in the process of developing new solutions and are majorly focusing on providing better services whilst upgrading the security features of the existing self-service products.