LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global retail self-scanning solutions market to grow at a CAGR of almost 19% during the period 2018-2022, according to their latest report.
Increased number of working women resulting in an increase in voluntary spending is one of the major trends being witnessed in the market. As more women are choosing full-time careers, working longer hours, or pursuing higher educational qualifications, the number of working women, particularly in developing nations, has increased substantially. This has also strengthened their purchasing power and resulted in the creation of women-specific retail formats and products. With the rise in income, women spend voluntarily, which further helps retailers earn more revenue. Owing to long working hours, standing in queues can also become tiresome and time-consuming. Thus, it will further help global retail self-scanning market grow as more retailers will opt for self-scanning solutions during the forecast period.
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In this report, Technavio analysts highlight the growth in the retail industry as a key factor contributing to the growth of the global retail self-scanning solutions market:
Growth in the retail industry
The increase in the number of retail outlets across the globe is driving the self-scanning solutions market. Major retailers are expanding their presence in Africa and APAC to increase their reach and market shares. The adoption of self-scanning solutions, particularly in the retail industry, has been increasing at a rapid rate. Furthermore, countries in APAC such as India and China are witnessing rapid growth in the number of modern retail formats.
According to a senior analyst at Technavio for retail goods and services, “A major vendor has introduced a mobile application that lets shoppers scan the barcodes of products, which can be added to their shopping list. This adds the products to the baskets and lets customers make payments at the end through mobile applications through net banking or debit or credit cards.”
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Global retail self-scanning solutions market segmentation
This market research report segments the global retail self-scanning solutions market into the following end-users (hypermarkets, supermarkets, convenience stores, and clubhouse stores and others) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The hypermarkets, supermarkets, convenience stores, and clubhouse stores segment held the largest market share in 2017, accounting for more than 83% of the market. This end-user segment is expected to dominate the market throughout the forecast period.
EMEA was the leading region for the global retail self-scanning solutions market in 2017, accounting for a market share of over 59%. This region is anticipated to witness steady growth during the forecast period.
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