Self-Checkout Systems Market Trends, Information, Analysis and Forecasts 2022
Self-checkout systems are the systems that are installed by retailers in their stores for enabling their customers to check out with the belongings they have bought without the need of a cashier. The Self-Checkout Systems Market is expected to be valued at USD 4.58 billion by 2022, growing at a CAGR of 10.7% between 2016 and 2022. The growth of this market can be attributed to the ability of this system to enhance the customers’ shopping experience by reducing the checkout time and helping retailers in providing more personalized services at the store.
NCR Corporation (U.S.) and Diebold Nixdorf, Inc. (U.S.) are two of the key players in the self-checkout systems market. NCR Corp. (U.S.) has a very strong presence in the market; it offers a number of products, software, and services related to self-checkouts which are being used by various end users including supermarkets, hypermarkets, department stores, and convenience stores, among others. Apart from a wide self-checkout systems product portfolio, the company’s strong brand image and customer base are some of the other factors that have helped it gain a significant position in the self-checkout systems market. Diebold Nixdorf, Inc. (U.S.) is another prominent company in the self-checkout systems market. The company was founded in August 2016 as a result of a merger of Diebold, Inc. (U.S.) and Wincor Nixdorf AG (Germany). The strong position of Diebold Nixdorf in the self-checkout systems market can be attributed to the strong brand name and a wide customer base and product portfolio of Wincor Nixdorf AG. Some of the other prominent companies operating in the market include Toshiba TEC Corporation (Japan), Fujitsu Limited (Japan), ECR Software (ECRS) Corporation (U.S.), Pan-Oston Co. (U.S.), ITAB Scanflow AB (Sweden), IER (France), and PCMS Group plc (U.K.).
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The major players in the self-checkout systems market have primarily adopted the strategy of new product launches and product developments to strengthen their product portfolio and to expand the reach of their offerings to newer clients. For instance, in 2016, NCR Corp. (U.S.) launched “NCR FastLane SelfServ self checkout release 6”; this product has an integrated convertible option due to which it can be easily switched from self-checkout mode to cashier-assisted mode. In 2015, Fujitsu Ltd. (Japan) launched Fujitsu Impulse which is an automated assistant self-checkout system designed especially for convenience stores.
The self-checkout systems market also witnessed various partnerships, agreements, and collaborations by the key players between 2014 and 2016. For instance, in 2016, NCR Corp. (U.S.) and PJSC Magnit (Russia) announced the extension of their collaboration for implementation of self-checkout systems. In 2015, ITAB Scanflow AB (Sweden) and Toshiba Global Commerce Solutions Inc. (U.S.) entered into a global cooperation agreement. Under this agreement, Toshiba would be selling and integrating self-checkout systems offered by ITAB in the market in U.S. as well as in the markets which are currently untapped by ITAB.
- In May 2016, NCR expanded its self-checkout solutions product portfolio with the launch of “NCR FastLane SelfServ self-checkout release 6”. This product has an integrated convertible option due to which it can be easily switched from self-checkout mode to cashier-assisted mode.
- In August 2015, Fujitsu launched Fujitsu Impulse, which is an automated assistant self-checkout system designed especially for convenience stores. This system is just 14.84-inch wide and 20.3-inch high, and provides cashless payment option.
- In April 2015, ITAB Scanflow (Sweden) and Toshiba Global Commerce Solutions (US) entered into a global cooperation agreement. Under this agreement, Toshiba would be selling and integrating ITAB’s self-checkout systems in the market in the US as well as in the markets in which ITAB is currently not active.
Critical questions the report answers:
- Where will all these developments take the industry in the mid to long term?
- What are the emerging application areas of self-checkout systems?
- How advancements in retail industry is influencing the self-checkout systems market?
- Which model type self-checkout system is expected to penetrate significantly in self-checkout systems market?
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