Report: ATM expected to rule self-serve tech market through 2022
The global self-service technology market registered estimated revenue of $15.9 billion in 2015, and is expected to reach $42.3 billion by 2022, expanding at a compound annual growth rate of 15.6 percent during the forecast period, according to a new report by P&S Market Research, “Global Self Service Technology Market Size, Share, Development, Growth and Demand Forecast to 2022.”
As of 2015, the ATM was estimated to dominate the market in terms of the revenue, and is expected to maintain its dominance throughout the forecast period, the report said.
Technological advancements, improvement in wireless communication networks and increasing demand for automated devices are some of the prominent factors driving the adoption of self-service technology worldwide. However, hacking of personal data and other security threats are some of the factors that are restraining the market growth, P&S said.
The report highlights conventional, brown label and white label ATMs, as well as smart devices and cash dispensers. The conventional ATM is estimated to lead the market with a share of approximately 36 percent, the report found.
However, the authors said, brown label ATMs will outpace conventional ATMs to become the highest revenue-generating ATM type by 2022.
The report segments the global self-service technology market into North America; Europe; Asia-Pacific; and Latin America, Middle East and Africa (LAMEA).
As of 2015, P&S estimated that Asia-Pacific dominates the global self-service technology market. The region is expected to maintain its dominance throughout the forecast period, with revenue of $16.8 billion by 2022, the report said.