Technology | Media | Telecommunications

Friday, June 12, 2015

Ongoing Evolution of Self–Service Technology Apps

The latest self-service technologies are gradually revolutionizing the process of human interaction with a variety of devices placed in public places, deployed to create improved levels of customer access or convenience.

The global self-service market is technology driven and involves the use of automated teller machines (ATM), self-service vending machines and interactive kiosks within retail stores and other commercial environments.

Self-service technologies offer human interfaces that enable customers to purchase a product or avail a service independent of direct involvement from a sales or service employee.

Over time, many of these interactive devices may become an integral part of the Internet of Things, via enabling wireless machine-to-machine (M2M) cellular technologies.

The prominent factors impacting the self-service technology market include, the rising adoption of self-service machines by consumer goods and service sector industries -- such as banking, healthcare, retail, plus food and beverage.

The demand from these industries is primarily driven by the need to provide more fulfilling and convenient services to the customers, at the same time reducing the delivery cost of such services.

These automated machines provide a more cost-effective solution by reducing the manual task, which eventually minimizes the human errors, and provide a faster and seamless performance.

Additionally, the ongoing technological advancements -- such as open source software applications, wireless communication, internet connectivity and remote management -- will also facilitate further market growth.

According to the latest market study by Allied Market Research, vending machine segment accounted for around 58 percent of the global self-service technology market, generating the maximum revenue in 2014.

ATM was the second highest revenue generating technology in 2014, anticipated to witness a decent growth of 8.29 percent during the forecast period.

Kiosk machines, which presently account for the smallest share, is forecast to be the fastest growing segment during the analysis period.

Currently, North America is the biggest market for self–service technology, followed Europe and Asia-Pacific -- with each of these regions having comparable market shares.