Market Research Report
Self-Checkout System Market Size By Solution By Transaction By Model By Application Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 - 2024
|Published by||Global Market Insights Inc.||Product code||622762|
|Published||Content info||250 Pages
Delivery time: 2-3 business days
|Self-Checkout System Market Size By Solution By Transaction By Model By Application Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 - 2024|
|Published: March 8, 2018||Content info: 250 Pages||
Self-Checkout System market is expected to surpass USD 4 billion by 2024. The industry growth can be attributed to factors such as the rise in demand for touch-free transactions and the growing trend of using mechanized systems globally. The shortage of labor coupled with rising labor costs in developed countries drives the industry growth. The rapid growth in industrialization in countries including India has led to a rise in the demand for automated machines. Increasing demand to replace human labor with machines to provide enhanced transaction systems to customers is driving the self-checkout system market.
Rapid growth in the retail sector and increasing consumer demand for improved retail experience are boosting the self-checkout kiosks market. These systems ensure that customers enjoy shopping in retail stores by reducing the hassle of standing in long lines thereby saving consumer's time and enhancing the throughput. Rising need of enterprises to lower their operational costs and increase the checkout speed has led to a high demand for these systems in the retail sector. In October 2017, Value Exchange International, Inc. implemented self-checkout systems in Malaysia, Hong Kong, and China.
The self-checkout system market is witnessing growth in the transportation sector owing to the capabilities of these systems for printing tickets and carrying out financial transactions with ease. The entertainment sector also provides growth opportunities for the self-checkout systems market owing to the increasing use of these systems in movie theaters, theme parks, and museums. Many restaurants are adopting these devices for an improved order accuracy and reduced wait times, augmenting the self-checkout kiosks market growth.
The complexities in implementing these systems are the major restraining factors for the self-checkout system market. The calculation of the cost of items such as vegetables and fruits that do not have UPC codes and require weight measurement becomes a tedious task. Additional features must be incorporated into these systems for processing such items. The reluctance in the acceptance of self-checkout systems in underdeveloped economies is anticipated to hinder the industry growth. The high cost of these systems may also hamper the demand for these systems.
The U.S. is among the earliest adopters in the self-checkout kiosks market owing to the rapidly-growing retail sector and the tendency of the region to implement advanced technologies. Widespread awareness about the advantages of self-service machines in the country contributes to the growing demand for self-checkout systems. Increasing requirement of using automated machines owing to rising labor costs is driving the industry in the region.
Key players operating in the self-checkout systems market include Diebold Nixdorf, Inc., Toshiba TEC Corporation, ECR Software (ECRS) Corporation, Fujitsu Limited, PCMS Group PLC, ITAB Scanflow AB, and Olea Kiosks, Inc. Increasing competition among major companies to offer technologically advanced solutions is driving the self-checkout kiosks market. In January 2018, Fujitsu announced that the company will be featuring new cashless and cash handling self-checkout solutions at the National Retail Federation 2018 in New York.