According to the new market research report “Self-Checkout Systems Market by Offering (Hardware, Software, and Services), Mounting Type (Standalone and Wall Mounted & Countertop), Model Type (Cash Model and Cashless Model), End User, and Geography – Global Forecast to 2022”, the market is expected to grow from USD 2.24 Billion in 2015 to reach USD 4.58 Billion by 2022, at a CAGR of 10.7% between 2016 and 2022. The self-checkout systems provide customers convenience, privacy, and control, due to which they are gaining popularity in the retail industry. This factor has led to its high rate of adoption of these systems in large retail formats such as supermarkets and hypermarkets and has also started penetrating into convenience stores, specialty stores, and other small format retail stores.
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Supermarkets held the largest share of the self-checkout systems market in 2015
Supermarkets held the largest size of the self-checkout systems market, segmented on the basis of end users, in 2015, followed by the hypermarkets and department stores. The flow of customers and the number of items purchased by each customer in supermarkets, hypermarkets, and department stores are usually more than any other retail store formats. This factor leads to the need for more number of checkout counters in these stores which also results in high demand for self-checkout systems from these end users.
Self-checkout systems market for cashless model type likely to grow at a higher rate during the forecast period
The market for cashless model type is expected to grow at a higher rate during the forecast period. The advantages of cashless model type over cash model type self-checkout systems, such as lower price and lesser complexity, have led to the increase in its adoption rate, especially in small retail store formats.
North America held the largest size of the self-checkout systems market in 2015
North America held the largest size of the self-checkout systems market in 2015, followed by Europe and APAC. The U.S. accounted for the largest share of the self-checkout systems market in North America, followed by Canada and Mexico. The leading position of the market in this region can be attributed to the high demand for self-checkout systems due to the presence of a large number of supermarkets, hypermarkets, department stores, and other retail stores in North America, which are utilizing the self-checkout systems.
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The major players operating in this market include NCR Corporation (U.S.), Toshiba TEC Corporation (Japan), Fujitsu Limited (Japan), Diebold Nixdorf, Inc. (U.S.), ECR Software (ECRS) Corporation (U.S.), Pan-Oston Co. (U.S.), ITAB Scanflow AB (Sweden), and PCMS Group plc (U.K.), among others.