Self-Checkout System Market Revenue to Cross USD 6B by 2026: Global Market Insights, Inc.
The Asia Pacific self-checkout system market demand is predicted to showcase around a 15% growth rate from 2020 to 2026 on account of the rapid urbanization trend and rising economic conditions.
SELBYVILLE, Del., November 2, 2020 (Newswire.com) - According to the latest report "Self-Checkout System Market by Solution (Hardware, Software, Service), Transaction (Cash-based, Cashless), Model (Standalone, Wall-Mounted/Countertop, Mobile), Application (Entertainment, Healthcare, Hospitality, Retail, Travel), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of self-checkout systems will cross US $6 billion by 2026. The adoption of self-checkout systems in restaurants due to the high budget range of these outlets will propel industry growth.
Mobile payment transaction models are emerging checkout trends that are gaining high popularity and momentum among consumers. It includes mobile apps and wallets, allowing customers to scan the products, gather information, and ensure easy checkout techniques. The rising digitalization trend is encouraging manufacturers to revolutionize checkout systems by adopting mobile solutions. The FMCG retail sector is witnessing high adoption of these digital solutions, owing to the growing demand for effective systems to simplify payments.
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Government regulations and policies to adopt cashless transaction techniques are expected to drive the adoption of cashless self-checkout systems. Large retail and food chain companies are supporting government initiatives by offering cashless checkout options to customers.
The self-checkout system market from the healthcare sector is projected to witness a high adoption rate through 2026, led by the increased ease in paying bills for treatment and medicines. These self-service terminals allow patients to access the required information regarding health conditions, medications, treatments, and preventative care. The daily health monitoring and consulting information and status are updated by doctors on the checkout portals, which can be accessed by the patients. Manufacturers are developing advanced healthcare kiosks, such as medicine dispensing systems, to track and supply accurate medicines for patients.
The Asia-Pacific self-checkout system market is predicted to showcase around 15% growth rate till 2026 on account of the rapid urbanization trend and rising economic conditions. Countries including India, China, and Japan are the fastest-growing economies that are experiencing the adoption of advanced technological solutions in several industrial verticals. FDI in the retail sector is boosting the construction of branded retail outlets and the use of smart solutions in these stores. Global companies are setting up their retail chain in these countries to expand their global presence. In October 2020, Hennes & Mauritz AB (H&M), a clothing-retail company, announced plans to open two new stores in India.
Major companies operating in the self-checkout system market are Diebold Nixdorf, Inc., ECR Software Corp, NCR Corporation, IBM Corporation, OLEA Kiosks, Pan-Oston Co., Toshiba Global Commerce Solutions, PCMS Group, Slabb Inc., Versatile Credit, Fujitsu Ltd., Scandit, IER, Inc., ITAB ScanFlow AB, ShelfX Inc., and Digimarc Corporation. Prominent leaders in the market are expanding their footprint through strategic partnerships with other local players in the market.
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Some major findings of the self-checkout system market report are:
- Ongoing technological advancements in wireless and remote communications are set to fuel the implementation of robotics in self-service systems over the coming years. Wireless connected kiosk solutions provide consumers various essential information such as transit schedules, maps, guides to the latest restaurants, and events & emergency notifications.
- With a hike in minimum wages in Canada, store owners are looking for ways to substitute cashiers with self-checkout terminals that are cheaper and sophisticated.
- The soaring rate of card-based, mobile, and online payment options has led to an increasing trend of automation technology in shopping, restaurants, and entertainment arenas.
- The demonetization effect in India has resulted in the sharp growth of cashless transactions across the country, providing market opportunities to self-checkout system vendors to focus on targeting local staple merchants and small & micro-merchants.
Table of Contents (ToC) of the report:
Chapter 3 Self-Checkout System Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.3 Industry ecosystem analysis
3.4 Technological landscape
3.4.1 Impact of AI and sensors
3.4.2 Robot and automation
3.4.3 Key technologies
126.96.36.199 RFID technology
188.8.131.52 NFC technology
184.108.40.206 Mobile self-checkout
3.4.4 Interactive kiosks
3.5 Price trend analysis, 2016 - 2026
3.6 Regulatory landscape
3.7 Industry impact forecast
3.7.1 Growth drivers
3.7.2 Industry pitfalls & challenges
3.8 Growth potential analysis
3.9 Porter's analysis
3.9.1 Supplier power
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.
Categories: Retail Technology