Self-Checkout System Market to hit $4bn by 2024: Global Market Insights, Inc.

Sellbyville, Delaware, March 13, 2018 (GLOBE NEWSWIRE) —

Self-Checkout System Market share is estimated to surpass USD 4 billion by 2024; according to a new research report by Global Market Insights, Inc. The proliferation of retail chains, increasing penetration of mobile scanning solutions, the need for fast checkout, and the reduction in wait times and long queues are expected to drive self-checkout system market growth over the forecast period. The technology has been prevalent since a long-time, but its adoption has gained traction over the past few years given the decline in the average selling price of self-checkout kiosks and the growing preference for cashless and mobile payment. The reduction in the overall cost of the system has also led to an increased penetration of the solution across industry verticals. With the increasing number of deployments, several new adopters are in the pilot testing phase and on the verge of fully integrating with their checkout terminals.

The growing labor shortage issues, particularly in developed regions, have pressed the need for automated checkout. Furthermore, favorable infrastructure trends and increase in the number of supermarket and hypermarket stores, such as Wal-Mart, Kroger, and Safeway, are expected to drive the self-checkout system market growth. However, the reluctance to use such systems owing to the increased risk of theft and loss of inventory may hinder the market growth. Increasing use of mobile scanning solutions and enhanced security feature could offer growth opportunities for the global market over the forecast period.

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 The growing trend of infrastructure development, new construction activity, and the proliferation of automated solutions are expected to drive demand for self-checkout system over the forecast period. Increasing number of technology adopters, particularly in developing regions, offers a huge potential for the market growth over the next six years. Benefits offered by such systems including an increase in checkout speed and reduction in the overall operational cost are expected to drive demand across industry verticals.

The global self-checkout system market is factored by trends such as reduction in total cost of ownership, rise in the minimum wage per hour particularly in North America, increased dependence on card payments, government investments in technologically-advanced infrastructure development, and surging demand from the hospitality sector. Declining price of self-checkout hardware and increasing development of smartphone compatible scanning and payment solutions are expected to positively drive the market growth of self-checkout system over the forecast period.

Market players have been employing various strategies including technological innovations, price differentiation, investment in Research & Development (R&D), and mergers & acquisitions to gain a competitive advantage in the global market. Self-checkout system providers are focused on developing and providing advanced features such as higher storage capacity, LED lighting, space saving footprint, RFID detection, NFC-enabled payment, bill and coin accepting/dispensing above scanner, integration of cameras with scanning software, and facial recognition technology to capture loyal customers or shoplifters. Consistent efforts by market players to offer the most advanced solutions at competitive prices are expected to positively drive the self-checkout system market growth.

Browse key industry insights spread across 250 pages with 367 market data tables & 29 figures & charts from this 2018 report Self-Checkout System Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/self-checkout-system-market

Self-checkout system providers focused on offering solutions that can be easily integrated with the latest trending technologies, such as RFID, NFC, and smartphones, to expand the market scope. The launch of Amazon Go, a convenience store opened in January 2018 without any checkout counters and automatic mobile payments is expected to offer a stiff competition to market players with the need to push on R&D for diverse and innovative solutions. Such technology breakthrough is expected to drive the evolution of the self-checkout system market.

On the basis of the solution, the market is segmented into hardware, software, and services. The declining price of self-checkout terminals in the past few years has significantly increased their adoption across diverse applications. Compact design, enhanced security features such as facial recognition, built-in sensors, and aesthetically-pleasing designs are the trends driving the adoption of a self-checkout system across various store formats.

The market for the cashless self-checkout system is expected to witness sharp growth over the forecast period, given the rising use of card and mobile wallets for payments. The soaring rate of card-based, mobile, and NFC-enabled payment, particularly in developed countries, has led to an increased trend of the automation technology in such regions. Standalone self-checkout models are predominantly employed in large retail formats due to the need for accommodating the large volume of items being purchased in such stores. Wall-mounted and countertop models have gained an increased prominence in the entertainment sector for ticketing purposes. Mobile self-checkout solutions are expected to serve disruptive technologies displacing the need for checkout counters and enabling customers to scan and pay for items using their smartphones.

The self-checkout system market demand in hospitality applications, such as hotels and travel accommodations, restaurants, pubs, bars, cafés, and fast food joints, is expected to foresee the growing demand over the next six years given the escalating number of such formats, particularly in developing regions. Hospitality deployment mainly comprises menu and food ordering, hotel check-ins, information access, bookings and appointments, and advertising. The surging number of fast food chains and the need for eliminating long queues and wait times are expected to significantly drive the demand across hospitality applications.

The self-checkout system market in Asia Pacific is expected to witness a substantial growth due to the increasing number of infrastructure development projects and the rising demand for automated solutions in the region. The North American self-checkout system market dominated the global industry in 2016 and this trend is expected to continue over the forecast period owing to the presence of key market players in the region and the early adoption of new technologies particularly in the U.S. The rise in investments by retailers and high demand from customers to curtail long lines are expected to favorably boost market growth in the in Latin America.

Key vendors in the self-checkout system market comprise Diebold Nixdorf, NCR, Fujitsu, and Toshiba. Market players are investing in R&D to develop self-checkout solutions matching the diverse application needs and aesthetic environmental designs. The growing trend in the industry is toward partnerships and alliances with third parties that have similar expertise and products that are complimentary for the vendor’s solutions. For instance, in 2016, NCR announced its strategic partnership with CBE, a European retail IT Solutions Company, to supply self-checkout solutions in the UK and Ireland for the independent retail sector. Such strategic initiatives are expected to positively drive revenue growth for market players.

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