Ocean View, Delaware, July 19, 2016 (GLOBE NEWSWIRE) -- Global self-checkout kiosk market size is estimated to grow at a CAGR of over 16% from 2016 to 2023 and is likely to be valued at over USD 18 billion by 2023. Increasing demand for these devices from the retail industry is anticipated to drive industry growth over the forecast period.
Surging integration of near field communication (NFC) technology in these machines is likely to change the way of operations. This technology enables customers in having touch-free transactions which in turn is anticipated to positively impact the self-checkout kiosk market size.
U.S. self-checkout kiosk market size is likely to continue its dominance over the forecast period. Proliferation of numerous retail stores such as Kroger, Safeway, and Wal-Mart are estimated to drive the demand over the forecast period. Latin America market is expected to witness attractive growth prospects from 2016 to 2023.
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Attributes such as faster transaction and easy check-out offered by these machines is projected to escalate the self checkout systems market demand over the next few years. In addition, it also assists in eliminating long queues at the retail stores. This is likely to prove beneficial for outlets with space constraints, as six self check-out systems can be installed instead of a single traditional checkout systems.
Financial services, retail, entertainment, healthcare, and travel are the key end-use segments. Retail segment accounted for more than 45% of the overall self-checkout kiosk market share in 2015 and is forecast to achieve high potential through 2023. These systems are likely to enable retailers to modify their product offerings with respect to customers' data. Retail systems include barcode scanner, ATM, check stand, and weighing scale.
Retailers around the world are increasing their investments in adopting sophisticated kiosk systems to enhance consumer experience. This can be credited to escalating awareness regarding high quality customer service. In addition, rising application of these devices aids in significantly reducing overhead costs. Furthermore, it provides 24/7 access to the information. It also helps in collecting consumer data that may help retailer in customizing their offerings. Rising significance of these machines in hypermarkets, supermarkets, and department stores is expected to drive the self-checkout kiosk market.
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Kiosks can also be used to collect consumer related data that can assist retailers in modifying their service according to customer needs. Self-service systems are now becoming part of numerous retail formats such as department stores, specialty retailers, and small convenience stores.
Entertainment sector accumulated around 26% of the global self-checkout kiosk industry share in 2015. These machines are deployed in movie theaters, casinos, theme parks, sports arenas, and museums. They also provide a wide range of services such as printing photos, renting out DVDs, and ordering movie tickets.
These machines are used to print tickets for direct sales and online purchases. Print-only kiosks help customers by allowing them to buy tickets online, and in cutting labor costs. Various movie theaters are coming up with systems that help in providing customer service at concession stands.
Travel sector contributed around 11% of the overall industry share in 2015. Machines in this sector are deployed at bus terminals, airports, subways and train stations. It helps travelers in cutting down check-in times as well as enables airlines in reducing labor cost. Furthermore, application of multi-service kiosks for self-boarding and self-bag drop and services in aviation segment are expected to drive the demand for self-service kiosks. This sector is projected to make high investment in kiosks over the next seven years.
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Asia Pacific self-checkout kiosk market share is predicted to witness significant growth. Rapid growth in modern retail formats from emerging economies such as China and India is predicted to propel the market demand over next seven years.
Key industry partners accumulating substantial self-checkout kiosk market share include NCR, Fujitsu, NEC, Toshiba, Pan-Oston, and Wincor Nixdorf. Other prominent players in the industry include Versatile Credit, OLEA Kiosks, and PourMyBeer.
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