A three-pronged approach was followed for deducing the self-checkout systems market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for self-checkout systems market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of self-checkout systems market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The self-checkout systems market was categorized into four segments, namely component (Systems, Services), type (Cash-based systems, Cashless-based systems), application (Supermarkets & Hypermarkets, Department Stores, Convenience Stores), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The self-checkout systems market was segmented into component, type, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The self-checkout systems market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nineteen countries, namely, the U.S.; Canada; the UK.; Germany; France; Poland; Italy; Spain; China; Japan; India; Australia; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; and UAE
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The self-checkout systems market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
NCR Corporation - NCR Corporation is involved in creating software and hardware across four divisions: Retail, Hospitality, Banking, and Telecommunications & Technology (T&T). For the Retail division, they provide products such as solutions for payment processing, Point of Sale (POS) terminals, barcode scanners, self-checkout kiosks, POS retail software platforms, and other related peripherals. In the Hospitality division, they offer order and payment kiosks, POS terminals, barcode scanners, peripherals, and cloud-based software applications for managing restaurants, point-of-sale, payment processing, back office, and kitchen production applications. As for the T&T division, the company provides services like maintenance, professional, and managed services.
Diebold Nixdorf, Incorporated - Diebold Nixdorf, Incorporated offers connected commerce solutions to retailers and financial institutions. Diebold Nixdorf, Incorporated operates through two customer segments, namely retail and banking. The banking segment offers a portfolio comprising banking products, banking software, and banking services catering to all types and sizes of financial institutions. The products mainly include cash dispensers, teller automation, intelligent deposit terminals, cash recyclers, and other kiosk technologies.
Fujitsu - The company operates through three business segments, namely Technology Solutions, Ubiquitous Solutions, and Device Solutions. Its main areas of focus are defense, space, intelligence, homeland security, and information technology, including cybersecurity.
Gilbarco Veeder-Root Company - The company, a fully owned branch of Vontier Corporation, specializes in creating, producing, selling, and distributing solutions for operating retail and commercial fuel stations. Their offerings encompass a wide range of solutions such as fueling, convenience store (c-store), electric vehicle (EV) charging, retrofit management, retrofit and reimaging kits, and software development and integration. Their product portfolio includes fuel dispensers, nozzles, tank gauges, pump media, payment systems, point-of-sale systems, and fleet management systems. They also offer self-checkout kiosks, known as Passport Express Lane, as part of their C-store solutions.
MetroClick - MetroClick is a company that specializes in the creation, development, and marketing of both hardware and software solutions aimed at fostering interactive experiences to enhance brand visibility. The firm offers comprehensive display solutions, leveraging their proficiency in both software and hardware. In the software division, they offer a variety of solutions including digital signage software, interactive directory, MetroClick manager, social station, and wayfinding software. In the hardware division, they offer a range of products such as anti-viral shields, touchscreen kiosks, digital signage, large touch monitors, digital frames, digital mirrors, smart coolers, sanitization stations, interactive video walls, and digital photo booths. They also offer different types of kiosks, including landscape, upright, and small format kiosks.
Toshiba Corporation - Toshiba Global Commerce Solutions operates as a subsidiary of Toshiba Corporation, a Japan-based enterprise that operates through business segments such as Retail & Printing Solutions, Electronic Devices & Storage Solutions, and Digital Solutions. The company is engaged in the manufacturing and distribution of integrated in-store solutions such as point-of-sale devices, self-checkout systems, digital signage, printers, and peripherals. The company also offers software applications for the retail sector.
Pyramid Computer GmbH - Pyramid Computer GmbH is a company that specializes in the design, development, and production of IT systems and solutions tailored for the hospitality and retail sectors. The company operates through two main divisions, Polytouch and Akhet. The Polytouch division offers self-service kiosk solutions, localization systems, and digital signage solutions. On the other hand, the Akhet division focuses on delivering solutions related to imaging, industrial PCs, networking, servers, and automation. The company’s self-service kiosk solutions include a variety of products such as Polytouch Classic, Polytouch Curve, Polytouch Flex, Polytouch Mirror, Polytouch Passport, Polytouch Pe Series, Polytouch Portal, and Polytouch Rock.
ITAB - ITAB is a company that specializes in the development and installation of shop fitting concepts for retail chains. Their product offerings encompass professional lighting systems, digital interactive solutions for brick-and-mortar stores, bespoke shop fitting concepts, checkout solutions, and entrance systems. The company also focuses on crafting unique shop concepts, building brand-centric environments, and creating efficient pharmacies, all while maintaining close partnerships with their customers. ITAB classifies its clientele based on sectors such as fashion, grocery, home improvements, and other categories including pharmacies, fuel stations, restaurants, and electronics.
StrongPoint - StrongPoint is engaged in offering digital payment and in-store productivity solutions. The company’s solutions can potentially help retail shops get smarter and enhance the shopping experience for consumers. The company’s product portfolio comprises in-store and warehouse grocery picking solutions, payment solutions, electronic shelf labels, self-checkouts, automated and secured cash management, and click-and-collect temperature-controlled grocery lockers.
EPoS Technologies Limited - EPoS Technologies Limited is engaged in the development and sales of hardware and software for retail and hospitality applications. The company’s product portfolio includes self-checkout kiosks, ePOS systems, card payments, and contactless ordering solutions. The company’s clientele includes restaurants, pubs and bars, and takeaways. The company serves customers across the world.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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