(I-BusinessNews.Com, June 29, 2020 ) Market Overview • The Global Retailself-scanningsolutions Market is expected to grow at a CAGR of 18.5% during the forecasting period (2020-2027). • The growing retail outlets, coupled with the adoption of advanced technologies for the retail store all around the world, are anticipated to drive the Retail Self-Scanning Solutions market in the forecast period. • Self-scanning has revolutionized the way customers interact with brick-and-mortar stores. This innovative retail technology enables shoppers to scan their purchases, eliminating long checkout lines and creating more flexible shopping experiences on the whole. And now that most customers bring their favorite smart devices along on shopping trips, retailers can leverage mobile self-scanning apps to make self-checkout even faster, easier and more profitable. • The report covers all the major trends and drivers playing a vital role in the growth of the global Retail Self-Scanning Solutions market. The global Retail Self-Scanning Solutions market has been segmented based on Type, End-User, and Region.
Market Dynamics • The global Retail Self-Scanning Solutions Market is primarily driven by the rising retail industry, coupled with the increase in the adoption of the technological advancements in retail outlets all across the globe. The technological advances line self-scanning solutions enables customers to shop with ease and check out hassle-free with waiting times in the check-out lines. • U.S. retail sales rose 0.7% in July 2019, according to the U.S. Census Department. Department store sales rose by 1.2%. Department store sales were down 5.5% since last year. Retail sales hit a record of $6 trillion in 2018, according to the U.S. Census. That's better than the pre-recession high of $4.4 trillion spent in 2007. It's also a 50% increase from 2009's record low of $4.06 trillion. And hence, with the rise in the retail industry the demand for self-scanning solutions is anticipated to increase owing to customer satisfaction in the forecast period. • However, the high set-up or up-front cost for retailers will be hampering the growth of the Retail Self-Scanning Solutions market for the forecast period.
Market Segmentation Analysis • By Type, the global Retail Self-Scanning Solutions Market is segmented into Hardware, Software, and Others. Hardware has the dominant position in the Retail Self-Scanning Solutions market of type segment due to the rising number of people using self-scanning devices in the retail store. It is expected that hardware retail-scanning solution will grow at a CAGR of ~XX% during the forecast period. • By End-User, the global Retail Self-Scanning Solutions Market is segmented into Hypermarkets, supermarkets, convenience stores, and clubhouse stores, and Others. Hypermarkets, supermarkets, convenience stores, and clubhouse stores have higher dominance in the end-user segment of Retail Self-Scanning Solutions as hypermarkets and supermarkets are gaining high popularity among people around the world because all necessary things are available under one roof.
Market Geographical Analysis • By geography, the global Retail Self-Scanning Solutions Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA). • Europe is after APAC in terms of the market share of Retail Self-Scanning Solution market due to the rise in the supermarket and hypermarket culture backed by a rise in disposable income of people will be the major drivers for market in the region. With investment and development in Eastern Europe are constantly growing. Poland is entering its third decade of dynamic growth with new overseas retailers and luxury brands entering the market, with thirty new global brands set up operations in the country last few years. There is retail boom in Russia as 63 new complexes in 40 Russian cities have been completed. There is positive attitude in Western Europe of investment in outdated shopping centers to allow retailers to expand locally. • However, APAC will grow with the highest CAGR in terms of the market share of Retail Self-Scanning Solutions Market due to the adoption of modern retail formats is increasing in various counties in APAC such as India and China. This is resulting in an increased preference for self-scanning solutions, especially in the retail industry. The Indian retail industry is one of the fastest-growing in the world. For instance, retail industry reached Rs 66.39 lakh crore (US$ 950 billion) in 2018 at CAGR of 13 percent and expected to reach Rs 76.87 lakh crore (US$ 1.1 trillion) by 2020. India is the fifth largest preferred retail destination globally. The country is among the highest in the world in terms of per capita retail store availability. India’s retail sector is experiencing exponential growth, with retail development taking place not just in major cities and metros, but also in Tier-II and Tier-III cities. Healthy economic growth, changing demographic profile, increasing disposable incomes, urbanization, changing consumer tastes and preferences are the other factors driving growth in the organized retail market in India.
Market Competitive Trends • Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Retail Self-Scanning Solutions Market is consolidated with few global and local players. The major players include Datalogic, Diebold Nixdorf, Convergence (Kwallet), Re-Vision, and Zih (Zebra Technologies). • In March 2019, Walmart-owned Sam’s Club opened a test store in Dallas where it planned to trial new technology, including mobile checkout, an Amazon Go-like camera system, in-store navigation, electronic shelf labels, and more. This morning, the retailer announced it will now begin testing a revamped Scan & Go service as well, which leverages computer vision and machine learning to make mobile scanning easier and faster. • In November 2018, New York-area grocer Fairway Market has officially launched mobile self-scanning checkout in all of its stores, reportedly making it the first grocer with such an option in the region. Partnering with FutureProof Retail to introduce the grocery technology, Fairway now let’s shoppers use the Fairway-branded mobile checkout app to scan products via their phone cameras.
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