Self-checkout System Market: self-checkout-system-market.jpg Rise in Retail Sector to Create Growth Opportunities
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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.
The worldwide market for self-checkout systems is also studied on the basis of its geographical presence. North America, the Middle East and Africa, Europe, Asia Pacific, and South America are the main segments of this market on the basis of the geography. Among these, North America has been dominating the global market over the past few years. The regional market is anticipated to retain its position in the years to come, thanks to the presence of a number of enhanced and feature rich products, improving the productivity and meeting room experience. The presence of a large pool of self-checkout system providers in the region and the increasing technological developments are also expected to support the North America market for self-checkout systems in the near future.
“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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Primarily, the global market for self-checkout systems is evaluated on three front: The type of the product, offering, and the end user. Based on the type of the product, the market is classified into wall mounted self-checkout system, standalone self-checkout system, and countertop self-checkout system. Among these, the demand for wall mounted self-checkout system has been greater, thanks to the benefits they provide, such as cost efficiency and limited usage of space. The scenario is expected to remain so over the next few years.
On the basis of the offering, the market is segmented into hardware, software and service. The hardware segment is expected to hold the most prominent market share in the near future, thanks to the increasing adoption of advanced technology. Based on the end user, the market is bifurcated into the retail, financial services, entertainment, travel, and the healthcare sectors. The retail sector is reporting a significantly high consumption of self-checkout systems and is projected to continue doing so in the near future, ensuring the dominance of the retail sector as the key end user of self-checkout systems across the world.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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