The competitive landscape in the global self-checkout systems market is characterized by the rivalry between the leading market players, states a new research report by Transparency Market Research (TMR). Diebold Nixdorf Inc., ECR Software (ECRS) Corp., Pan-Oston Co., NCR Corp., Fujitsu Ltd., Toshiba TEC Corp., PCMS Group Plc, Versatile Credit, and OLEA Kiosk are some of the key companies operating in this market. These companies generally competes on the basis of product portfolios, value-added services, and differentiation and pricing of products. They are also are emphasizing on technological advancements to gain an advantage over their competitors. The degree of the competition within the market is likely to increase in the near future, notes the market study.
As per the estimations of researchers, the global market for self-checkout systems, which stood at US$2.28 bn in 2016, is anticipated to expand at a CAGR of 10.80% during the period from 2017 to 2025 and reach a value of US$5.85 bn by the end of the period of the forecast. The demand for wall mounted self-checkout systems is relatively higher than other types of self-checkout systems and is expected to remain so over the next few years. Among offerings, the hardware segment is leading the global market. Researchers expect it to continue dominating over the forthcoming years. Regionally, North America led the global market in 2016 and is projected to remain on the top in the years to come, states the research report.
Rise in Retail Sector to Create Growth Opportunities
“The global market for rising technological developments in the retail sector is the main factor behind the significant growth of the market for self-checkout systems across the world,” says an analyst at TMR. The benefits offered by self-checkout systems, such as high checkout speed, low operational cost, and effectiveness in labor shortage, are fueling the demand for self-checkout systems in the retail sector.
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Apart from this, the increase in modern educated consumer base and the growing demand for self-checkout systems in various fields are also boosting the global market, significantly. Going forward, the market is expected to gain from the increasing need of enterprises to improve shopping experience of consumers over the coming years, reports the research study.
Reluctance in Consumers May Limit Demand
On the flip side, the worldwide market for self-checkout systems may face severe challenges in the near future from the reluctance among customers for using self-checkout systems. The rising risk of inventory loss of retailers may also hamper the growth of this market in the years to come, states the market report.