The self-checkout
systems market is expected to be valued at USD 2.5 billion in 2016 and is
likely to reach USD 4.6 billion by 2022, at a CAGR of 10.68% during the
forecast period. The growth of this market is being propelled by the growing
deployment of these systems in various formats of retail stores such as
supermarkets, hypermarkets, department stores, and convenience stores. The
major reason behind this increase in demand is the ability of these systems to
help retailers in reducing the checkout time, providing more personalized services
at the store, and reducing the operational cost of the stores.
By
model type, cash model type is expected to account for the largest market size
during the forecast period
The
cash model type dominated the self-checkout systems market because of their
high popularity among the retailers and customers, as compared to the cashless
model type. Most customers like to have option of making payment through cash
or through the card, or both. The cash model type systems give the payment
flexibility to the customers, thus increasing the popularity of these systems.
By
mounting type, wall-mounted and countertop mounting type is expected to grow at
the highest CAGR during the forecast period
The
wall-mounted and countertop mounting type self-checkout systems market is
expected to witness significant growth during the forecast period. The space
required for installing the countertop or wall-mounted systems is usually less
than that of stand-alone systems; this has led to the increased demand for the
wall-mounted and countertop self-checkout systems from retail stores having
space constraints.
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Key
players in the self-checkout systems market include NCR Corporation (US),
Diebold Nixdorf (US), Fujitsu (Japan), Toshiba TEC (Japan), and ITAB ScanFlow
(Sweden). NCR Corporation is a well-known name in the global market for
self-checkout systems. The company offers a number of products, software, and
services related to self-checkout and is further trying to expand its product
portfolio with the help of new product launches. To maintain a leading position
in the market, NCR focuses on investing a substantial portion of its annual
revenues in R&D activities. Apart from strong product portfolio, the
company also has a very strong customer base. A range of self-checkout systems
offered by the company is one of the most deployed self-checkout systems in the
retail industry. PJSC Magnit (Russia), REWE Group (Germany), SPAR International
(Netherlands), Ryohin Keikaku (Japan), and X5 Retail Group (Russia) are some of
the customers of NCR who have implemented self-checkout systems in their retail
stores.
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