Global Self-Checkout Systems Market Size, Share, and COVID-19 Impact Analysis, By Component (Systems, Services), By Type (Cash Based, Cashless Based), By Application (Supermarkets & Hypermarkets, Department Stores, Convenience Stores, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Electronics, ICT & Media
Global Self-Checkout Systems Market Insights Forecasts to 2030
- The global Self-Checkout Systems market was valued at USD 3.90 billion in 2021.
- The market is growing at a CAGR of 15.0% from 2022 to 2030
- The global Self-checkout systems market is expected to reach USD 4.51 billion by 2030
- The Asia Pacific is expected to grow the fastest during the forecast period
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The global self-checkout systems market is expected to reach USD 17.34 billion by 2030, at a CAGR of 15.0% during the forecast period 2022 to 2030. The expense of shop space is rising, and the length of consumer lines to place orders or pay is lengthening. Other factors driving the market's expansion include the lack of experienced personnel in emerging countries, growing labour prices, and a preference for individualized shopping experiences.
Customers can process their individual purchases from a retail establishment using a self-checkout system. The self-checkout system instantly scans the items and records their codes along with their prices. These systems can be used in a variety of industrial domains, including retail and others, and are an alternative to the conventional cashier-staffed checkout. They were developed as an alternative to the standard checkout with cashiers. The self-checkout system has many benefits, including lower labour costs, less waste compared to cash registers, better pre-order and bulky buy efficiency, and convenience for restaurants and foot retail since it lets customers customise their orders. Self-checkout systems use a variety of technologies, including barcode, Digimarc barcode, RFID, etc.
Global Self-Checkout Systems Market Report Coverage
|Forecast Period 2022-2030 CAGR:||15.0 %|
|2030 Value Projection:||USD 4.51 Billion|
|Historical Data for:||2019-2020|
|No. of Pages:||205|
|Tables, Charts & Figures:||115|
|Segments covered:||By Component, By Type, By Application, By Region|
|Companies Covered:||Diebold Nixdorf, Inc., DXC Technology, ECR Software Corporation, Fujitsu, ITAB Group, NCR Corporation, Pan-Oston Corporation, ShelfX Inc., Slabb Inc., and Toshiba Global Commerce Solutions|
|Growth Drivers:||the rising need for quick checkout and the transition from a traditional payment system to a cashless environment.|
|Pitfalls & Challenges:||Inventory loss is one of the self-checkout systems main drawbacks.|
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During the forecast period, the market for self-checkout systems is anticipated to be driven by the rising need for quick checkout and the transition from a traditional payment system to a cashless environment. The industry is expected to benefit over the evaluation period from the rising need for modern store layout in developing countries. These systems have been introduced to the market in a number of sectors, including entertainment, healthcare, retail, and financial services, among others. The global market for self-checkout systems is anticipated to experience substantial growth during the forecast period as a result of technological advancement and expanding IoT penetration. Retailers are spending a lot of money on technology to solve inventory mapping problems that arise in-store. The use of self-checkout systems enables clients to rapidly check out without the assistance of staff while also knowing the many product attributes and promotional offers available in the store. In the near future, features like self-ordering and self-scan and pay are projected to increase the appeal of the self-checkout system.
Faster checkout times are a top priority for many end-use industries, like restaurants and retail, in order to effectively serve a high number of consumers. Checkouts that are quicker, easier, and more efficient provide better user experiences. It results in fewer checkout abandonments and greater conversions for a retailer. A faster checkout process is also ensured by an express checkout system's ability to return customers with fewer fields. Self-checkout systems provide an effective and quick checkout service with a consistent user experience across many devices. Additionally, it permits users to continue making purchases without leaving shopping sites. Therefore, during the forecast period, these factors are anticipated to fuel market growth for self-checkout systems worldwide.
Inventory loss is one of the self-checkout system's main drawbacks. Many merchants have observed that self-checkout systems are frequently to blame for stock losses. A typical store may face an increase in stock loss of the sales that pass via self-checkout machines, according to the ECR Community Shrinkage and On-shelf Availability Group (OSA). Self-checkout systems are often avoided by customers out of ignorance. On the grounds that they interfere with cashiers' work, some people refuse to utilise self-checkout devices. In addition, several customers claim they were dissatisfied with the result and stopped using it. Thus, throughout the forecast period, these factors are anticipated to hinder the growth of the global Self-checkout system market.
This research report categorizes the market for Self-checkout systems based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the self-checkout systems market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the self-checkout systems market.
- In 2021, the systems segment dominated the market with the largest market share of 60.0%.
Based on component, the self checkout systems market is segmented into systems and services. The significant share is ascribed to self-checkout systems' increasing use of cutting-edge technology including artificial intelligence, voice interface, and computer vision. Retailers much prefer cutting-edge hardware systems than outdated checkout methods. The most recent hybrid self-checkout systems offer sophisticated security-based features, large coin dispenser systems, a simple user interface, multi-item scanning, and cashless transactions. Additionally, the shops' decision to implement new, more sophisticated systems is being influenced by consumers' growing preference for both cash and cashless transactions.
- In 2021, cash-based segment dominated the market with the largest market share of 50.0%.
On the basis of type, the self check out system market is segmented into cash-based and cashless based. Among these, cash based segment is dominating the market with the largest market share. The market is being driven by growing preferences for paper-based transactions among small, medium, and big shops. Customers who only have a few goods in their bags prefer to check out at self-service kiosks at stores. These clients also favour using cash or a credit card to pay. Because cash-based systems give customers more flexibility for both cash and cashless transactions, the market for them is expanding. Furthermore, the U.S. government's promotion of cash-based transactions in retail establishments is contributing to the market's expansion.
- In 2021, supermarkets and hypermarkets segment dominated the market with the largest market share of 55.0%
Based on application, the self-checkout systems market is segmented into Supermarkets & Hypermarkets, Department Stores, Convenience Stores, Others. Among these, supermarkets and hypermarkets segment holds the largest market share of 55.0%. The increase is attributable to the rising popularity of self-checkout machines in supermarkets and hypermarkets. Self-checkout systems have become increasingly popular due to the substantial increase in shoppers at supermarkets and the necessity to increase personnel productivity in the stores while improving customer happiness. They are also able to embrace self-checkout due to rising personnel costs and the necessity to effectively use available floor space.
Regional Segment Analysis of the self-checkout systems Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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North America emerged as the largest market for the global self-checkout systems market, with a market share of around 40.0% in 2021.
- North America emerged as the largest market for the global self-checkout market, with a market share of around 40.0% of the market revenue in 2021. The expansion of the regional market is being fueled by the presence of numerous grocery and supermarket chains as well as expanding retail in-store transformation. The rise of the regional category was influenced by the increasing use of self-checkout systems in Canadian and American supermarkets and hypermarkets. The main cause of the unfilled employment void in the United States is employee desire for a better pay range. Self-checkout systems are becoming more and more popular in all types of physical stores as a result of the increasing need for workers at an optimal wage scale.
- Over the course of the projected period, the Asia Pacific region is anticipated to have the fastest growth. The expansion of the retail and hotel sectors is anticipated to accelerate the trend toward automation and digitization, as well as the growth of the regional market. To give customers a seamless shopping experience, retail businesses in the area are growing through the integration of omnichannel methods and hyperlocal products. A rise in household spending, a decline in household size, quick urbanisation, rising disposable income, and the adoption of improved technologies are other factors that aided in the expansion of the regional market.
The report offers the appropriate analysis of the key organizations/companies involved within the global self-checkout systems market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Diebold Nixdorf, Inc.
- NCR Corporation
- Toshiba Global Commerce Solutions
- Pan-Oston Corporation
- Fujitsu Ltd
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- April 2022: All 50 of Pete's of Erie Inc.'s convenience stores in Kansas, Oklahoma, and Missouri will use the Passport Express Lane self-checkout system from Gilbarco Veeder-Root. In addition to express lanes, Pete's will have CPI Paypod cash recyclers to guarantee that customers have access to all forms of payment, including cash, cards, and contactless options.
- March 2022: The self-checkout technology developed by NCR Corporation was introduced as supporting Bed Bath & Beyond's in-store experience. The self-checkout option from NCR will be made available in a few Bed Bath & Beyond stores in the USA. Bed Bath & Beyond will be able to offer its customers self-checkout service capabilities through NCR, expanding them options for a simple and convenient shopping experience.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global self-checkout systems market based on the below-mentioned segments:
Self-Checkout Systems Market, By Type
- Cash based systems
- Cashless based systems
Self-Checkout Systems Market, By Component
Self-Checkout Systems Market, By Application
- Supermarkets & hypermarkets
- Department stores
- Convenience stores
Self-Checkout Systems Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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