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Self-service tech market to reach $39 billion by 2022, study says

The self-service technology market is expected to be worth more than $39 billion by 2022, with kiosks claiming 21 percent of the market share.

December 14, 2015

The self-service technology market is expected to be worth more than $39 billion by 2022, according to a new report entitled "Self-Service Technology Market Analysis By Product (ATM, Kiosks, Vending Machines) And Segment Forecasts To 2022," released by Grand View Research.

One key driver for self-service technology is the need for businesses to offer customized solutions to their customers. Self-service is expected to grow in the retail, banking, and food and beverage industries, according to the report. In addition, the industry is being driven by technology features such as near-field-communication, remote monitoring and cashless payment options.

The report compiled a number of key statistics:

• In 2014, ATMs held 80 percent of the market share  in self-service technology, but its share is expected to drop in the future;
• By 2022, kiosks are expected to hold a 21 percent market share due to their ability to offer user-friendly solutions to difficult problems in health care, retail and other industries; and
• The North American market is expected to grow at a calculated annual growth rate of 9.0 percent from 2015 to 2022.

The report is available for purchase here: http://www.grandviewresearch.com/industry-analysis/self-service-technology-market.