June 21, 2016
Wellesley, Mass., June 21, 2016 –The global self-services technologies market is dynamic and growing with new developments and adoption from new industries and sectors. BCC Research reveals in its new report that that while the overall market is witnessing strong growth, the interactive kiosk market is witnessing much stronger growth than the ATM and vending machine segments, especially in the health care sector.
Self-service technologies—ATMs, kiosks and vending machines—are self-service automated dispensing machines that enable customers to produce a service independent of direct service employee involvement.
The global market for self-service technologies should grow from $54.4 billion in 2016 to $83.5 billion by 2021 on a five-year compound annual growth rate (CAGR) of 8.9%. Vending machines, the largest segment, should grow from $30.1 billion in 2016 to $42.8 billion by 2021, reflecting a five-year CAGR of 7.3%. ATM as a segment should increase from $16.6 billion in 2016 to $23.5 billion by 2021, with a CAGR of 7.2%. Kiosks, the fastest-growing segment with an anticipated five-year CAGR of 17.4%, should reach $17.2 billion in 2020, up from $7.7 billion in 2016.
In terms of dollar value to the market, the Americas are the largest contributor, followed by Europe. However, the growth rates in Asia Pacific are higher than those of the Americas and Europe. As a result, Asia-Pacific should increase its market share percentage during the forecast period while shares for both the Americas and Europe should decline.
The ATM, kiosk and vending machine markets differ considerably from each other. Although the ATM market is in the maturity phase in the Americas and Western Europe, it has big growth potential in Asia-Pacific. On the other hand, the kiosk market should see strong growth rates in all key regions. The kiosk and vending machine markets should demonstrate the fastest growth rates in Asia-Pacific market. In the vending machine market, connected vending machines are expected to see significant growth over the forecast period. However, the high price of these connected and smart vending machines may deter their adoption.
The five-year CAGR of the global market is expected to drop somewhat from its 2015-2016 CAGR of 10.6%. However, markets—especially in Asia-Pacific—will continue strong growth due to increasing installations of ATMs, kiosks and vending machines. The proliferation of tablets and handheld devices will challenge the growth of the kiosk market, as well. Vending machine and ATM markets will be unaffected. Growing use of plastic cards (e.g., prepaid cards and revolving credit cards) will challenge the growth of the ATM market, leading to a slight slowdown in growth. Although the shipment of self-service units will remain strong, a decrease in the price of the machines will affect the size of market revenues.
“While the market will see strong growth across all industries, certain industries such as financial services, retail, food and beverages, professional organizations, and travel and transportation are expected to remain the major contributors,” says BCC Research analyst Ritam Biswas. “One area that is expected to see increased adoption of self-service technologies is the healthcare sector. Self-service kiosks in this sector offer additional revenue and targeted marketing opportunities. Because kiosks are a direct interface with the patients, they create the potential for advertising, which creates a revenue stream opportunity that home monitoring and telemedicine lacks.”
Self-Service Markets: ATMs, Kiosks, Vending Machines (IFT047C) analyzes the impact of economic, technological, legal/regulatory, and other factors that will drive the market for each of these new technologies and how they will influence other businesses. Analyses of global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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Self-Service Markets: ATMs, Kiosks, Vending Machines( IFT047C )
Publish Date: Jun 2016
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