New research from Technavio shows that the global self-checkout terminal market's revenues are expected to hit $2.19 billion by the year 2019.
But what's driving that market? Minimized queues, which has the potential to reduce staff costs.
“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," said Brijesh Kumar Choubey, one of Technavio’s lead industry analysts for retail systems.
"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," he continued.
How much the global self-checkout terminals market has grown by geography, varies by region.
- Americas 44.66 percent
- Europe 33.15 percent
- APAC 19.03 percent
- MEA 3.16 percent
The self-checkout market is most popular in the Americas market, with North America accounting for the major share of self-checkout terminals in the region. Its growth has been attributed to the hospitality, retail, and financial sectors. NCR is the top vendor in the Americas, followed by Wincor Nixdorf. Following the U.S., Brazil and Canada come in as the top markets.
In Europe, Western Europe tops the share of self-checkout terminals compared to the rest the region. However, during the forecast period, Eastern Europe is expected to grow at the higher rate. In terms of looking across China, Japan, and Australia, those are projected to be the major countries in the self-checkout terminals market in APAC.