Self-checkout Systems Market Growth & Trends
The global self-checkout systems market size is anticipated to reach USD 10,494.3 million by 2030 and is expected to expand at 13.4% CAGR from 2023 to 2030, according to a new study by Grand View Research Inc. Increased demand for automation and technology advancements focused on reducing theft incidences are significant driving factors for the self-checkout systems industry. Furthermore, the well-established and widespread presence of retail networks such as supermarkets and hypermarkets and increasing digitalization in the market over the forecast period are creating lucrative opportunities for players in the self-checkout systems industry.
Retailers bet high on self-checkout technology primarily to reduce costs in hiring staff. Although retailers save considerably by cutting labor costs, they are still incurring losses due to thefts. Shoplifting incidences have witnessed an uptick in recent times, contributing to revenue loss. In light of this, self-checkout tech vendors and retailers are collaborating to introduce solutions such as video surveillance or security cameras that alert the staff if theft occurs.
Implementing personal identification on mobile apps is another way by which retailers can reduce thefts. For example, Salling Group in Denmark uses nemID, a unique personal identification number in the country which customers are required to register with, while installing mobile apps that enable scan-n-go shopping.
Currently, retail consumers demand and desire their shopping experience to be in their control, convenient, and secure. Due to this, the end-users increasingly demand self-service solutions. Additionally, with the growing demand for personalized and private shopping, retailers are adopting self-checkout systems or self-service checkouts to attract shoppers toward their brands more effectively.
For instance, Fujitsu’s subsidiary, Fujitsu Frontech North America Inc., introduced “U-Scan Mini Express.” The new system used RFID technology to allow shoppers to scan their products quickly and easily. The new system automatically scans products placed in the basket within seconds without having to remove them individually.
The COVID-19 pandemic has significantly changed the dynamics of self-checkout systems. A temporary shutdown in stores, transportation, and production owing to government restrictions for controlling the spread of COVID-19 negatively impacted the market growth in the short term. However, the self-checkout systems industry is expected to witness growth with the reopening of transportation and manufacturing activities. In 2020, a change in the retail store format was observed worldwide due to the changing consumer attitude toward e-commerce or online shopping and increasing competition.
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Self-checkout Systems Market Report Highlights
- The systems segment dominated the market in 2022 and is expected to continue leading during the forecast period with an increased need to reduce rising employee costs, increase employee and customer satisfaction
- With a steady increase in the global automation sector, the cashless segment captured a sizeable revenue share in 2022. The segment is expected to grow at a steady pace during the forecast period, driven by the growing preference for electronic transactions and digital payments among consumers
- Asia Pacific is anticipated to grow at a heathy CAGR over the forecast period. This growth is attributable to growing consumer preference toward the buy-as-you-need trend and it is influencing several large format retail grocery store chains to deploy convenience stores in the region
- Since the coronavirus outbreak, retailers and other types of stores using self-checkout systems have been focused on adopting innovative ways and self-service technologies to reduce queues. For instance, in July 2020, Stokrotka, a supermarket & grocery retail chain based in Poland, placed an order for 100 self-checkout units for its 43 outlets across the country
Self-checkout Systems Market Segmentation
Grand View Research has segmented the global self-checkout systems market based on component, type, application, and region:
Self-checkout Systems Component Outlook (Revenue, USD Million, 2018 - 2030)
- Systems
- Services
Self-checkout Systems Type Outlook (Revenue, USD Million, 2018 - 2030)
- Cash Based Systems
- Cashless Based Systems
Self-checkout Systems Application Outlook (Revenue, USD Million, 2018 - 2030)
- Supermarkets & Hypermarkets
- Department Stores
- Convenience Stores
- Others
Self-checkout Systems Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- France
- Germany
- Poland
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
List of Key Players in the Self-checkout Systems Market
- NCR Corporation
- Diebold Nixdorf, Incorporated
- Fujitsu
- Gilbarco Veeder-Root Company.
- MetroClick
- Toshiba Global Commerce Solutions
- Pyramid Computer GMBH
- ITAB
- StrongPoint
- ePOS HYBRID
The Global Self-Checkout Systems Market research report offers accurate insights for the growth prospects of the Self-Checkout Systems market in the forecast years 2020-2027.
The report is an all-inclusive study of the Self-Checkout Systems market that offers the readers a better view of the current and emerging market trends through a thorough analysis of the market size, growth trends, supply and demand ratio, market share, sales network and distribution channels, and other key elements.Furthermore, the report is furnished with the current market scenario with regards to the COVID-19 pandemic.
The global public health emergency has disrupted the lives of everyone across the globe.
It has also had a substantial impact on the Self-Checkout Systems industry as global supply chains have been disrupted, and the financial scenario is tight.
The report assesses the initial and future impact of the pandemic on the market and its key segments to offer an accurate futuristic outlook for remuneration in a post-COVID-19 scenario.Get a sample copy of the report @ https://www.reportsanddata.com/sample-enquiry-form/2795Scope of the Market Report: The report offers a holistic overview of the Self-Checkout Systems industry that offers all the essential information.
Furthermore, the market is segmented into product types, applications, end-user industries, and regions.
Global Self-Checkout Systems Market was valued at US$ 3.1 Bn in 2019 and is expected to reach US$ 7.2 Bn by 2027, at a CAGR of 11.11% during a forecast period.The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters.
Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments.
The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
However, Reluctance to use self-checkout systems among elderly users and increasing risk of inventory loss are the major restraints for the self-checkout market globally.The standalone mounting type is leading segment in the global self-checkout system market during the forecast period.
The USA self-checkout kiosks market dominated the global industry in 2017 owing to a large number of retail installations.
The rapid adoption of automated solutions and the presence of a huge number of regional players in the region have also factored in increasing their adoption in the region.Major leading players are developing advanced technologies and launching new products in order to stay competitive in the self-checkout systems market.
