According to the research report titled ‘Global Self-service technology Market Size study, by Product Type (ATM, Kiosks, vending Machine,), by Application (Retail, QSR, Banking, Travel & tourism, Healthcare, Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global self-service technology market size was worth USD 573.57 million in 2020 and is expected to record a CAGR of 4.4% over 2021-2027, subsequently accumulating USD 775.34 million by the end of the assessment period.
 

Mounting demand for self-checkout systems and increasing deployment of ATMs (automatic teller machine) are the key factors propelling global self-service technology market growth. Rising cognizance regarding advantages of self-service machines will further open expansion opportunities for the industry.
 

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The Reserve Bank of India report states that India's total ATM access is low with uneven distribution across rural and urban areas. According to the 2011 Census of India, roughly 69% of the population resided in rural areas, with 47% of ATMs deployed between rural and semi-urban regions, and the rest in metro and urban areas. Therefore, there is a considerable demand for ATM deployment in India to make it more accessible and available in underserved rural and semi-urban areas, which necessitate the use of such technology further augmenting worldwide self-service technology industry share.
 

For the unversed, self-service technology refers to technical interfaces that enable customers to receive services without the assistance of direct service personnel.
 

Speaking of the negatives, increasing cybersecurity threats along with rising digital transactions and online payments are likely to limit the industry remuneration over 2021-2027.
 

Geographically, North America, Asia Pacific, Latin America, and Europe are the key contributors to the overall market growth. Among these regions, Asia Pacific presently holds major portion of global self-service technology market share, owing to growing adoption of such systems across emerging countries and rising deployment of ATMs, vending machines, and self-service kiosks.
 

Meanwhile, North America industry is projected to gain momentum over 2020-2027, creditable to increasing expenditure on technological development, along with amplifying hospitality and travel & transportation sectors.
 

Major contenders in global self-service technology industry sphere are Toshiba Tec Corporation, NCR Corporation, Kiosk Information Systems Inc., Hyosung TNS Inc., HESS Cash Systems GmbH & Company KG, GRG Banking, Fujitsu Ltd., Crane Co., Diebold Nixdorf Inc., and Azkoyen S.A.