Americas Self-Checkout Systems Market Analysis, Drivers, Trends, Challenges and Forecast to 2024
Americas Self-Checkout Systems market is predicted to reach $7.1 billion by 2024 posting a CAGR of 10.9% during forecast period, according to P&S Intelligence.
The market is buoyed by several factors, primarily the labor shortage issue, rising internet penetration, and increasing digital transaction in Americas. In conjunction to this, increasing smartphone users is supporting market growth in the region.
Insights on market segments
Based on mounting type, Americas self-checkout systems market is segmented into standalone, and wall-mounted and countertop. Among these, standalone category is estimated to hold a larger market revenue share in 2018. The standalone machines require large space for its deployment, owing to which they are increasingly being deployed in supermarkets and hypermarkets.
On the basis of vertical, Americas self-checkout systems market is classified into entertainment, healthcare, hospitality, retail, and travel. Of these, retail category is estimated to hold the largest share in 2018. Further it is expected to continue holding largest share during the forecast period. This can be attributed to increasing demand for self-checkout systems from hypermarkets, supermarkets and departmental stores in the region that make it easy for consumers to purchase the items from these stores and hence speeds up the whole purchasing process.
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Mexico is expected to record fastest growth in the region during the forecast period
The self-checkout systems market in Mexico is expected to register fastest growth in the region during the forecast period, owing to increasing adoption of self-checkout systems by large retailers such as Wal-Mart de México, S.A.B. de C.V. Retail sales in Mexico grew by 3.5% Y-o-Y in August 2018. With increasing retail stores in the country, the demand for self-checkout systems to reduce billing time and improve shopping experience, is expected to rise. Owing to this, the market for self-checkout systems is expected to grow in the coming years.
Additionally, self-service kiosks are increasingly being used at metro stations and airports in the country. For instance, in 2018, three airports in Mexico began installing digital biometric check-in kiosks. The kiosks assist passengers to check-in in less than two-and-a-half minutes. Hence, with increasing installation of self-service kiosks at airports and metros in the country, the market for self-checkout systems in the travel category is expected to grow in Mexico in the coming years.
Increasing labor shortage issues is a major driver observed in the market
Increasing labor shortage issues is one of the key factors driving Americas self-checkout systems market. Finding employees has been a challenge for store owners due to growing labor shortage in Americas. For instance, in the U.S., companies are struggling to find skilled workers, with around 6.3 million jobs unfilled in January 2018, an increase of nearly 16% over the same period in 2017.
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The Americas self-checkout systems market is characterized by the presence of a limited number of players. Companies such as NCR Corporation, Fujitsu Limited, Toshiba TEC Corporation, PCMS Group Ltd., Diebold Nixdorf Incorporated, and International Business Machines (IBM) Corporation are the major players in the Americas self-checkout systems market. Some of the other prominent players in the market include Olea Kiosks Inc., Pan-Ostan B.V., Slabb, Inc. and Versatile Credit, Inc.