Self Services Technologies Market to grow by USD 17.39 billion from 2021 to 2026, Growth Driven by Growing penetration in APAC- Technavio
NEW YORK, Oct. 23, 2023 /PRNewswire/ -- The "self services technologies market by product (ATM, kiosks, and vending machines) and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2022-2026" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the self services technologies market between 2022 and 2026 is USD 17.39 billion.
The growing penetration in APAC is a key factor driving market growth. Investment in infrastructure and commercial development, including retail stores, restaurants, shopping malls, hotel rooms as well and healthcare facilities has increased over the past several years in countries such as India, China, Indonesia, Japan, and South Korea. Moreover, the penetration of point-of-sale devices at retail outlets such as supermarkets and convenience stores continues to increase in developing countries like India and China. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Market Challenge
The growing preference for digital transactions and mobile wallets are significant challenge restricting market growth. Digital transactions, carried out using a digital wallet, are on the rise. Consumers can choose from a wide range of payment methods including digital wallets such as Amazon Pay, Google Pay, Samsung Pay, and Apple Pay. There are government initiatives in India, e.g., Digital India, which aims to promote the use of Unified Payment Interface UPI and Mobile Wallets. Hence, these factors are expected to restrict market growth during the forecast period.
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The self services technologies market has been segmented by product (ATM, kiosks, and vending machines) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The self services technologies market share growth by the ATM segment will be significant during the forecast period. The need for cash during transactions in advanced and developing countries continues to be a driving force behind the introduction of ATMs, although there has been an increased use of Digital Transactions throughout the world. In addition, banks are increasingly deploying self service cash recycling machines and cash-dispensing ATMs because of the growing need to reduce operational costs and improve customer satisfaction. Hence, these factors are expected to drive segment growth during the forecast period.
- 40% of the market's growth will originate from North America during the forecast period.
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Key Companies in the self services technologies market:
AZKOYEN SA, Beta Automation, Crane Payment Innovations, Diebold Nixdorf Inc., Euronet Worldwide Inc., Fujitsu Ltd., Glory Ltd., GRG Banking, HANTLE Inc., HESS Cash Systems GmbH, Hyosung Corp., International Business Machines Corp., KIOSK Information Systems, NCR Corp., NEXCOM International Co. Ltd., Toshiba Corp., Vend-Rite Mfg. Co., and XIPHIAS Software Technologies Pvt. Ltd.
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The distribution software market size is estimated to grow at a CAGR of 2.61% between 2022 and 2027. The market size is forecast to increase by USD 1,352.4 million.
The Voice User Interfaces (VUI) Market size is estimated to grow at a CAGR of 23.39% between 2023 and 2028. The market size is forecast to increase by USD 50,731.16 million.
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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