LONDON--(BUSINESS WIRE)--The global retail self-checkout terminals market is expected to grow at a CAGR of close to 19% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global retail self-checkout terminals market by product type, including hybrid and cash and cashless. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growth in retail industry
One of the main drivers for the retail self-checkout terminals market is the increasing number of retail outlets across the globe. The number of retail outlets that are being opened are increasing with major retailers such as Carrefour, Metro, Tesco, and Wal-Mart. These major retailers are increasing their global footprint by expanding in Africa and APAC to gain more market presence and shares.
According to a senior analyst at Technavio for IT hardware research, “Major retailers such as Carrefour has formed a joint venture with CFAO to expand its operations in countries such as Congo, Cameroon, the Democratic Republic of the Congo, Ivory Coast, Ghana, Nigeria, and Senegal. 7-Eleven, which is an international chain of convenience stores, announced its plan of expansion in the US.”
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Market trend: evolution of NFC technology
Shortly, the development of technologies such as NFC will change the way in which customers operate self-checkout terminals. NFC is a wireless communication technology that enables the users to exchange data between two devices by bringing the two devices very close, within an inch. With the help of such technologies, customers can make transactions without touching the self-checkout system in the store which leads to faster and easier checkouts. Thus, using NFC technology helps in minimizing the damage of self-checkout terminals.
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Some of the major contributors in the global retail self-checkout terminals market:
- Diebold Nixdorf
- ITAB Shop Concept
- TOSHIBA TEC
The global retail self-checkout terminals market consists of a limited number of players. Due to the growing demand for faster checkout and enhanced convenience, the market is growing steadily. On the basis of product differentiation, pricing, product portfolios, and value-added services, there is considerable competition among the vendors yearning to gain market share. Through promotional offers or by simply cutting down their product prices, market players often engage in price wars to sustain their existing position in the market.
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