Retail self-checkout terminals market: Industry Overview Analysis

Global Retail Self-Checkout Terminals Market is forecasted to grow at a stable CAGR around ~19% during the forecast period 2018 to 2026.

Self-checkout terminals provide a mechanism for customers to process their purchases from a retailer. They are an alternative to the traditional cashier-staffed checkout. The customer performs the job of the cashier, by scanning and applying payment for the items. Self-checkout terminals include a barcode scanner, touchscreen display, weighing scale, card reader, cash reader, and a deposit unit. The major factors such as speed, privacy, and convenience have led to the high adoption of self-checkout terminals across globe. Self-checkout terminals can drastically enhance service quality by enabling customers to easily checkout and pay for products without staff assistance.

Rising Retail industry all around the world to Fuel Market for the forecast period

The global Retail Self-Scanning Solutions Market is primarily driven by the rising retail industry, coupled with the increase in the adoption of the technological advancements in retail outlets all across the globe. The technological advances line self-scanning solutions enables customers to shop with ease and check out hassle-free with waiting times in the check-out lines.

U.S. retail sales rose 0.7% in July 2019, according to the U.S. Census Department. Department store sales rose by 1.2%. Department store sales were down 5.5% since last year. Retail sales hit a record of $6 trillion in 2018, according to the U.S. Census. That's better than the pre-recession high of $4.4 trillion spent in 2007. It's also a 50% increase from 2009's record low of $4.06 trillion. And hence, with the rise in the retail industry, the demand for self-scanning solutions is anticipated to increase owing to customer satisfaction in the forecast period.

Increase in shoplifters and shrinkage to Hinder Market Progress

The increase in shoplifters and shrinkage is the biggest hindrance for the market as the retailers are suffering huge losses. According to The Australia and New Zealand Retail Crime Survey 2019, Australian and New Zealand retailers reported a staggering $3.37 billion in crime-related losses in the 2017-18 financial year. Survey respondents attributed 57 per cent or $2.6 billion of inventory loss (termed ‘shrinkage’) in 2017-18 to shoplifting by customers, an increase of 16 per cent over the previous two years.

Hybrid self-checkout terminals dominate the retail self-checkout terminals market

By product type, the global Self-checkout terminals market is segmented into Hybrid and Cash & cashless. Hybrid self-checkout terminals have the dominant position in the retail self-checkout terminals market due to the advantage that it has a feature which can enable terminals to be operated by costumers, by store operator or by both which makes the terminal easily accessible in all situations.

By Application, the global Retail Self-Scanning Solutions Market is segmented into Hypermarkets, supermarkets, convenience stores, and clubhouse stores, and Others. Hypermarkets, supermarkets, convenience stores, and clubhouse stores have higher dominance in the application segment of Retail Self-Checkout Terminals market as hypermarkets and supermarkets are gaining high popularity among people around the world because all necessary things are available under one roof.

Asia-Pacific Retail Self-Checkout Terminals Market to Expand Robustly

DMI segments the Global Retail Self-Checkout Terminals market into – North America, South America, Europe, Asia-Pacific (APAC), and the Middle East and Africa.

North America accounted for the largest share of the market in 2018 due to the significant increase in the growing retail industry in the region. With the presence of large retail companies which holds number of retail stores like Walmart, Target and many others across the region specially in countries like US and Canada. However, the market in APAC is anticipated to grow at highest pace in the forecast period. The driving factors in the region are due to the adoption of modern retail formats is increasing in various counties in APAC such as India and China. This is resulting in an increased preference for self-checkout terminals, especially in the retail industry.  

Highly Concentrated Competitive Market with Few Major Contributors

The global Retail Self-Checkout Terminals market is highly competitive. Key market players include – Diebold Nixdorf, FUJITSU, ITAB Shop Concept, NCR, and Pan-Oston. Other key players in the market include TOSHIBA TEC, Diebold, NEC, Wincor Nixdorf International, and Olea Kiosks. Key players are adopting strategies such as investing in R&D, new product launches, development of new technologies, and enhancing the old technology & software to stand out as strong competitors in the market.

Retail Self-Checkout Terminals Market Taxonomy:

By Product Type

• Hybrid
• Cash and cashless

By Application

• Hypermarkets, supermarkets, convenience stores, and clubhouse stores
• Others (stores such as speciality stores, department stores, drugstores, and duty-free retail stores)

 

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