The global self-checkout systems market is projected to attain USD 7.80 billion by the end 2027, according to a new report released by Million Insights. The market is anticipated to expand at a CAGR of 13.3% throughout the forecast period, 2020 to 2027. Extended time for checking out and rising inconvenience due to delayed waiting time is projected to propel the demand for self-checkout systems. Moreover, lack of skilled workers, increasing labor costs, and rising popularity of personalized shopping are some of the key factors expected to proliferate the market growth over the forecast period.
Growing prominence of e-commerce platforms and digital payment portals and rising number of virtual retail stores are projected to boost the adoption of such systems across the retail sector. In addition, technologies such as Radio Frequency Identification Device and Near Field Communication are playing major role in development of highly efficient self-checkout systems that enhance the checkout experience and provide convenience to the consumers. Moreover, AI integrated systems enable consumers to scan QR codes using their mobile phones. This ensure easy checking out process which is projected to propel the demand for self-checkout systems in the forthcoming years.
The hypermarket & supermarkets application segment held the largest share of 56.0% in 2019 and is projected to maintain its leading position from 2020 to 2027 owing to rising inconvenience by long waiting queues and delay caused for checking out. In addition, in-appropriate utilization of available space and high labor costs are the key factors projected to influence retailers to deploy such systems in their retail stores.
The segment of convenience stores is projected to grow at the fastest CAGR of 14.6% from 2020 to 2027 owing to rising adoption of scan and go systems by majority of convenience stores. For example, O Kay stores in Nov 2018, introduced a mobile application named ‘Scan.Pay.Go’ to provide convenience and easy payment options to their consumers.
Asia Pacific is anticipated to attain the fastest CAGR from 2020 to 2027 owing to factors such as growing adoption of AI based self-checkout systems, rising inclination towards digital payment platforms, increasing number of retail stores across the region, rising automation, and development of new technologies. Furthermore, leading players in the self-checkout system market are focusing on strategic initiatives such as strategic partnership, development of advanced systems, and contract extensions to retain their market position.
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Further key findings from the report suggest:
• The service component segment is projected to grow at the fastest CAGR from 2020 to 2027 owing to growing need for highly efficient systems with faster processing speed and high flexibility in the front end.
• In 2019, the cash-based systems segment held the largest share across the global market owing to high preference of majority of the small-scale and large-scale retailers for paper-based or cash-based transactions.
• The segment of hypermarket & supermarkets held the largest share of 56.0% in 2019 and is projected to maintain its leading position from 2020 to 2027.
• The segment of convenience stores is projected to grow at the fastest CAGR of 14.6% from 2020 to 2027.
• North America accounted for the largest share of about 46% across the global market in 2019. On the other hand, Asia Pacific is projected to attain the fastest CAGR of over 15% from 2020 to 2027.
• Leading players operating in this industry include Toshiba Global Commerce Solutions; NCR Corporation; Diebold Nixdorf, FUJITSU; Incorporated; ECR Software Corporation, and ITAB Group.
Million Insights has segmented the global self-checkout systems market on the basis of components, type, application, and region:
Self-checkout Systems Components Outlook (Revenue, USD Million, 2016 - 2027)
Self-checkout Systems Type Outlook (Revenue, USD Million, 2016 - 2027)
• Cash Based System
• Cashless Based System
Self-checkout Systems Application Outlook (Revenue, USD Million, 2016 - 2027)
• Supermarket & Hypermarket
• Department Stores
• Convenience Stores
Self-checkout Systems Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Rest of the World