NEW YORK, May 28, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, Self-checkout systems market is expected to reach $4,642.7 million by 2023. Advancements in technology, growing consumer inclination toward convenient checkout methods, and labor-shortage issues in consumer stores are the major factors contributing to the market growth.
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On the basis of offering, the self-checkout systems market has been categorized into hardware, software, and services, of which software is expected to be the fastest-growing category, advancing at a CAGR of 12.9% during the forecast period. This can be attributed to the growing use of various types of software to support checkout technologies with interactive functionalities. Furthermore, the growing acceptance of advanced technologies among customers is resulting in the increased demand for checkout software in stores.
During the forecast period, the service category is expected to surpass the hardware and software categories in terms of revenue generation. This can be attributed to the growing installation and maintenance needs resulting from the increased usage of self-checkout machines.
Based on model type, the market has been divided into cash-based and cashless models. Between the two, cash-based models contributed larger revenue share, accounting for more than 85%, to the self-checkout systems market in 2017. Customers, especially the elderly population, are more comfortable making purchases with cash. Although they are adapting themselves to new technologies, they are still not completely comfortable with the idea of cashless shopping.
The self-checkout systems market in countries such as India, South Africa, and Germany is still untapped. With huge market potential and high population, these countries are offering ample growth opportunities to the players in the market. Presently, Germany and South Africa have a small market for these systems, but these are expected to grow on account of increasing awareness and adoption of the self-checkout technology.
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Increasing use of mobile-scanning solutions and enhanced security features is another key factor offering lucrative growth opportunities to the vendors operating in the self-checkout systems market over the next few years. Besides, increased adoption of advanced technologies, such as radio frequency identification and near-field communication is leading to increased demand for self-checkout systems in the market.
Players in the self-checkout systems market are focusing on improving self-checkout software and hardware functionality with technology that is simple and effective and increases customer convenience during the checkout.
Some of the key players operating in the self-checkout systems market are NCR Corporation, Fujitsu Limited, Toshiba TEC Corporation, PCMS Group Ltd., Diebold Nixdorf Incorporated, and International Business Machines Corporation (IBM).
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