The global Self-checkout Systems Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
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.
Key Players:
- Diebold Nixdorf, Incorporated
- ECR Software Corporation
- FUJITSU
- Gilbarco
- ITAB Group
- NCR Corporation
- Pan-Oston
- PCMS Group Ltd
- StrongPoint
- Toshiba Global Commerce Solutions
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Growth Drivers:
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.
Application Outlook:
- Supermarket & Hypermarket
- Department Stores
- Convenience Stores
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.
Type Outlook:
- Cash Based System
- Cashless Based System
Regional Outlook:
North America accounted for the largest share of about 46% across the global market in 2019 and is projected to attain a notable growth from 2020 to 2027. Supermarkets & Hypermarkets in countries like Canada and U.S. are adopting self-checkout systems to provide convenience to their consumers and to enhance their shopping experience. This is projected to drive the growth of regional market.
Asia Pacific is projected to attain the fastest CAGR of over 15% from 2020 to 2027. Growing adoption of AI based self-checkout systems and rising inclination towards digital payment platforms is propelling the market growth. Moreover, incorporation of emerging technologies to enhance consumer experience by curtailing the waiting time is projected to further fuel the regional demand. Furthermore, lack of labor facilities in Japan and rising automation across the retail industry are the factors anticipated to boost the adoption of self-checkout systems in the country.
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