Self-checkout System Market – Expanding at a CAGR of 10.80%
The demand for self-checkout systems is highly influenced by the significant rise in the retail sector across the world. Thanks to the benefits, such as high checkout speed, low operational cost, and efficiency in case of labor shortage, that self-checkout systems offer to retailers, are increasing the usage self-checkout systems in this sector.
The augmenting need of enterprises to provide their consumers with an unmatched shopping experience is likely to push the demand for these systems substantially in the years to come. In 2016, the market reported an opportunity of US$2.28 bn. Expanding at a CAGR of 10.80% between 2017 and 2025, the market is projected to reach a value of US$5.85 bn by 2025.
Primarily, the global market for self-checkout systems is evaluated on three front: The type of the product, offering, and the end user. Based on the type of the product, the market is classified into wall mounted self-checkout system, standalone self-checkout system, and countertop self-checkout system. Among these, the demand for wall mounted self-checkout system has been greater, thanks to the benefits they provide, such as cost efficiency and limited usage of space. The scenario is expected to remain so over the next few years.
On the basis of the offering, the market is segmented into hardware, software and service. The hardware segment is expected to hold the most prominent market share in the near future, thanks to the increasing adoption of advanced technology. Based on the end user, the market is bifurcated into the retail, financial services, entertainment, travel, and the healthcare sectors.
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The retail sector is reporting a significantly high consumption of self-checkout systems and is projected to continue doing so in the near future, ensuring the dominance of the retail sector as the key end user of self-checkout systems across the world.
The worldwide market for self-checkout systems is also studied on the basis of its geographical presence. North America, the Middle East and Africa, Europe, Asia Pacific, and South America are the main segments of this market on the basis of the geography.
Some of the leading players in the global self-checkout systems market are Diebold Nixdorf Inc., ECR Software (ECRS) Corp., Pan-Oston Co., NCR Corp., Fujitsu Ltd., Toshiba TEC Corp., PCMS Group Plc, Versatile Credit, and OLEA Kiosk.