LONDON--(BUSINESS WIRE)--According to the latest market research report by Technavio, the global self-checkout terminals market is expected to close to USD 2.19 billion in revenue by 2019.
In this report, Technavio covers the present scenario and growth prospects of the global self-checkout market for 2015-2019. This report covers end-user segments of the global self-check-out terminal market, including retail, financial services, entertainment, travel, and healthcare.
“The need to minimize queues at checkout terminals primarily drives this market. With the increasing use of self-checkout terminals, the staff required for managing these terminals has reduced significantly. As a result, companies are saving costs by employing less staff and deploying existing staff for other tasks. With better interaction, the staff can therefore be utilized for understanding customer needs and preferences, and subsequently, companies can increase their product offerings to meet customer needs. This trend is expected to help companies improve their customer loyalty during the forecast period,” said Brijesh Kumar Choubey, one of Technavio’s lead industry analysts for retail systems.
Global self-checkout terminals market by geography 2014
- Americas 44.66%
- Europe 33.15%
- APAC 19.03%
- MEA 3.16%
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Americas: largest region for the global self-checkout terminals market
In terms of installation, the self-checkout terminals market in the Americas stood at close to 85.88 thousand units in 2014. North America accounts for the major share of self-checkout terminals in the Americas region. The growth in the Americas market is also attributed to the hospitality, retail, and financial sectors. NCR is the prime vendor in the Americas, followed by Wincor Nixdorf.
The US has the maximum share of self-checkout terminals within the Americas, followed by Brazil and Canada. The growth rate in Latin America during the forecast period is envisaged to exceed 15% due to lower penetration of self-checkout terminals when compared to North America.
Europe: second largest region for the global self-checkout terminals market
Western Europe accounts for the maximum share of self-checkout terminals compared to the rest of Europe. However, during the forecast period, Eastern Europe is expected to grow at a higher rate than Western Europe.
An increase in the number of convenience stores is the major trend in Europe and there is a huge demand for small self-checkout terminals in these stores, which supports the high growth of the market during the forecast period. Large retailers are deploying self-checkout terminals in their chain stores because of cost savings and efficiency improvements. Wincor Nixdorf, NCR and ITAB, are a few important vendors in the region.
Self-checkout terminals market in APAC
China, Japan, and Australia are the major countries in the self-checkout terminals market in APAC. In 2014, Rainbow, a major department store chain in China, installed NCR's self-checkout terminals in Hangzhou Rainbow Shopping Mall. Following this trend, many other retail outlets are expected to install these terminals over the forecast period.
Singapore does not have a labor-intensive market. Therefore, it is essential for retailers in the country to adopt new and innovative technological solutions like self-checkout terminals. In line with this, NTUC FairPrice Singapore has installed 150 of Wincor Nixdorf's self-checkout terminals in 16 stores to enhance customers' shopping experience by decreasing the waiting time at counters.
Browse related reports:
- POS Terminals Market in the US 2015-2019
- Global POS Terminals Market in the Retail Sector 2015-2019
- Global Interactive Kiosk Market 2015-2019
- POS Terminal Market in India 2015-2019
- Global POS Terminals Market in the Hospitality Sector 2015-2019
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