The self-checkout systems market was valued at US$11.041 billion in 2020 and is projected to increase at a CAGR of 19.44% to reach US$38.295 billion by 2027.
Self-checkout systems are automated systems used in the retail, supermarket, and hospitality sectors to assist customers with self-ordering and checkout without the assistance of any staff members. Self-service checkout systems are becoming more and more popular as a result of their capacity to decrease cart abandonment, guarantee shorter lines than traditional checkout lanes, and free up staff time for other store-related tasks. The adoption of self-checkout systems has significantly increased globally as a result of merchants' rising emphasis on enhancing consumer happiness and the shopping experience. Additionally, it has become more widely used in the healthcare industry as a result of increasing investments made to enhance the patient experience.
Increasing Automation to grow the self-checkout system market
Automation is quickly replacing traditional forces of transformation in many global sectors. Self-checkout systems are projected to become more prevalent in warehouses and store operations due to the rising adoption of automation across sectors and businesses including retail and hospitality. Self-ordering, self-scan and pay, and other features that reduce long lines are factors in their rising market popularity. The adoption of robotic and automated goods has also significantly increased in the retail sector over the past several years as a result of the shrinking workforce. The market is still expanding at a steady rate thanks to technological advancements and rising IoT penetration in the retail sector. Shop owners are spending more money on technology to help with inventory management, product identification, and other challenges that occur in-store.
By component, the Self-Checkout system market is segmented into Hardware and Software segments. The hardware segment is further subdivided into Customer Displays, Belts, Price Readers, and Others segments.
Geographically, the Self-Checkout system market is segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America holds the major share of the market owing to the rising adoption of self-checkout systems by hypermarkets and supermarkets in Canada and the US. However, the Asia Pacific region is anticipated to have the fastest growth owing to growth in the retail and hospitality industry along with growing automation and digitization trend.
March 2022: The retailer Bed Bath & Beyond® has partnered with NCR Corporation, the leading self-checkout provider in the world and a provider of enterprise technology, to facilitate the transition of its stores. Bed Bath & Beyond® is giving customers a more contemporary shopping experience as it increases its dominance in the home sector. This includes an updated store layout, an eye-catching selection of owned and national brands, and in-store capabilities on its mobile apps. Bed Bath & Beyond will be able to offer self-service capabilities to its consumer's thanks to NCR, giving them more choices for a simple and quick shopping experience. Bed Bath & Beyond is providing a modern shopping experience that streamlines the trip for customers while also enabling staff to become more proactive, empowered hosts by integrating cloud-enabled SCO into its checkout strategy. The SCO solutions from NCR also offer operational advantages including quicker checkouts and sophisticated capabilities on a single potent platform, including shrink prevention and computer vision technologies. Customers can checkout according to their preferences with the addition of SCO, reducing friction, waiting times, and irritation.
March 2022: With the launch of its new Independent Software Vendor (ISV) Partner Program, Toshiba Global Commerce Solutions dramatically increased the scope of its Global Commerce Alliance Program for external retailers. Software developers have the chance to become a part of Toshiba's broad partner ecosystem, which includes leading distributors, integrators, and resellers in the retail sector. Partners in the programme will also have access to the company's global resources, including collaborative marketing, technology, and technical assistance, and the chance to work with other top independent Toshiba retail solution providers. To help hasten the go-to-market process, each ISV partner will have access to Toshiba's expertise. A partner manager is needed to increase their sales footprint, and a technical partner is needed to enable porting and give access to evaluation hardware and demo equipment for lab systems, testing, deployment, and support.
Frequently Asked Questions (FAQs)
Q1. What is the size of the global self-checkout systems market?
A1. Self-Checkout Systems Market was valued at US$11.041 billion in 2020.
Q2. What will be the self-checkout systems market size by 2027?
A2. The self-checkout systems market is projected to reach a total market size of US$38.295 billion by 2027.
Q3. What are the growth prospects for the self-checkout systems market?
A3. The global self-checkout systems market is projected to grow at a CAGR of 19.44% over the forecast period.
Q4. What factors are anticipated to drive the self-checkout systems market growth?
A4. The adoption of self-checkout systems has significantly increased globally as a result of merchants' rising emphasis on enhancing consumer happiness and the shopping experience.
Q5. How is the global self-checkout systems market segmented?
A5. The self-checkout systems market has been segmented based on component, model, type of mounting, end-use industry, and geography.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL SELF-CHECKOUT SYSTEM MARKET ANALYSIS, BY COMPONENT
5.2.1. Customer Display
5.2.3. Price Readers
6. GLOBAL SELF-CHECKOUT SYSTEM MARKET ANALYSIS, BY MODEL
7. GLOBAL SELF-CHECKOUT SYSTEM MARKET ANALYSIS, BY MOUNTING
8. GLOBAL SELF-CHECKOUT SYSTEM MARKET ANALYSIS, BY END-USER INDUSTRY
9. GLOBAL SELF-CHECKOUT SYSTEM MARKET ANALYSIS, BY GEOGRAPHY
9.2. North America
9.3. South America
9.4.3. United Kingdom
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.6. Asia Pacific
9.6.4. South Korea
10. COMPETITIVE INTELLIGENCE
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.2. NCR Corporation
11.3. Toshiba Global Commerce Solutions
11.5. ECR Software Corporation
11.7. OLEA Kiosks Inc.
11.8. Slabb Kiosks
11.9. Diebold Nixdorf, Incorporated
Toshiba Global Commerce Solutions
ECR Software Corporation
Diebold Nixdorf, Incorporated
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