Competition prevailing in the global self-checkout system market is highly intense due to rivalry between the leading players in the market. Increasing focus on technological advancements is the key factor that helps the players to gain advantage over the competitors. Value-added services, product portfolio, pricing of products, and differentiation are some of the major grounds on which these players compete against each other. By concluding all the above-mentioned factors, completion is likely to increase in the coming years. Diebold Nixdorf Inc., Pan-Oston Co., ECR Software (ECRS) Corp., NCR Corp., Toshiba TEC Corp., Fujitsu Ltd., and PCMS Group Plc. are some of the prominent players operating in the market.
In a recent report issued by Transparency Market Research, the global self-checkout systems market is anticipated to touch US$ 5.85 bn by the end of forecast period 2025. The market is projected to exhibit a healthy growth rate of 10.80% between 2017 and 2025. In 2016, the market valuation was US$2.28 bn.
Based on the type of offering, the hardware segment is likely to lead the market by holding larger share in the market. Rising adoption of advanced technology is the key factor for the growth of this segment. Based on region, North America is dominating the global self-checkout systems market. Presence of large number of self-checkout service providers and rapidly growing technological advancements are driving the growth self-checkout systems in North America.
Rapid Technological Development in Retail Sector to Fuel Self-Checkout Systems Market
Well-informed consumers and rising demand for self-checkout systems in numerous fields are driving the global self-checkout systems market. Various enterprises across the globe are integrating self-checkout systems to enhance shopping experience of their customers. This is also expected to boost the demand for these systems. Rapid technological development in the retail sector has further expanded the global self-checkout systems market. moreover, low operational cost and effectively meeting the labor shortage are some of the other factors driving the growth in this market.
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Risk Involved of Loss and Theft of Inventory may Hinder Market Growth
On the contrary, few factors are expected to restrict the growth of the self-checkout systems market. Aversion from using this system due to the high risk involved of loss and theft of inventory is the key restraining factor hampers the growth of the market. On the other hand, rising use of mobile scanning solutions and improved security feature can bring growth opportunities for the self-checkout systems market.