Self-service technologies (SSTs) are more and more shifting the mode of customers to cooperate with firms to make service result. This service based technologies mainly include some recently developed application such as tele-banking services, online brokerage services, Internet banking system, automated hotel checkouts and online package tracking.
The escalating development in automation, high adoption rate of the similar technology, up-gradation, reduced operation costs and necessities of extension across diverse geographical region are some of the factor that is escalating the growth of the global self-service technology market. Government emphasizing implementing cashless transaction is driving the demand for products linked with self service technologies. The materialization of new industrial model and swift growth of the IT enabled self-services is also motivating for the growth in this region. As per the report, the self-service technology market was valued in 2015 at USD 15.70 billion, is estimated to achieve USD 37.75 billion by 2021, and is anticipated to develop at a 15.8% CAGR between 2016 and 2021.
The global self service technology serves in various forms and application. So based on its type it is segmented as ATM, vending machines, and kiosks. Further based on the application, the ATM is widely procured by the financial institutes to full fill monetary requirements without walking in into the branch or banking facilities. Kiosks serves in various application such health care service, restaurants, banking and finance, and informational kiosks. It has wide application in number of applications. Vending machine is majorly utilized by food and beverage industry to attract customers who are on the go.
There are some prominent members who are constantly competing in the global self-service technology market to deliver advanced and upgraded products and services. These players comprise Fuji Electric Retail Systems, NCR Corporation, Kiosk Information Systems, Azkoyen S.A, Crane Merchandising Systems, and Glory Ltd.
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British Airways introduced new biometric based self-service security gates to pace up check-in procedure. The self service boarding gates were first introduced by the British Airways at Heathrow airport to enhance the passengers experience and speed up the process. Travelers just scanned their boarding passes through the entry gates and simply walk through towards the aircraft.