Published Date: 7-May-2020
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According to a new report Global Self-checkout Systems Market, published by KBV research, The Global Self-checkout Systems Market size is expected to reach $4.7 billion by 2026, rising at a market growth of 13.8% CAGR during the forecast period. Growth in e-commerce platforms, competition from virtual shops and the shorter life cycle of goods are pushing retailers to implement new strategies and introduce new technology to increase their sales and lower costs. Retailers are implementing self-checkout systems as a result of the growing difficulties and thereby allowing them to redeploy their employees to devote more of their resources to supporting other retail operations and servicing customers more effectively.
The systems segment recorded the largest market share. Technological advancement in self-checkout systems is a major factor leading to the retailers 'hardware adoption over conventional checkout systems. The service segment is expected to experience the most rapid growth over the forecast period. The need for efficient solutions to provide quicker delivery, flexibility at the front end of the store, and simple incorporation of technologies and services into traditional self-checkout as well as checkout systems encourages retailers to opt for consulting, adopting, and maintaining.
The cash-based self-checkout systems accounted for the largest market share in 2019. The predominant factor driving growth is increased preferences for paper-based transactions among large, small, and medium-sized retailers. The cashless based self-checkout system is projected to emerge over the forecast period as the fastest-growing market. The key attributable factor to segmental growth is the increasing prevalence of electronic payments.
The segment of hypermarkets and supermarkets dominated the market in 2019 with a dominant market share and is projected to continue its dominance over the forecast period. The growth in the number of affluent customers in the supermarkets and hypermarkets and the need for shorter waiting times to process checkouts is the major factor contributing to the segment's growth.
North America dominated the global segment with a larger market share in 2019. Over the forecast period, the region is expected to expand at a significant rate. Growth in the regional segment is due to the growing adoption of self-checkout systems by the supermarkets and hypermarkets in the US and Canada. In 2019, Europe represented the second-largest regional segment. Asia Pacific is expected to rise exponentially over the projected period. The market is driven by the growing movement towards cashless payment systems and the progressive introduction of technologies such as Artificial Intelligence (AI) in self-service checkout systems.
Structural Insights: https://www.kbvresearch.com/self-checkout-systems-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Diebold Nixdorf, Inc., Fujitsu Limited, NCR Corporation, Toshiba Corporation, ITAB Shop Concept AB, Strongpoint ASA, ECR Software Corporation, Fortive Corporation (Gilbarco, Inc.), Pan-Oston (Houchens Industries, Inc.), Flooid Limited.
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