The global self-checkout systems market size is anticipated to register a substantial CAGR during the forecast period, 2020-2027. The growth of the market is attributed to the need of better and faster shopping experience.
Self-checkouts (SCOs), also known as assisted checkouts (ACOs), are specially designed machines that provides a range of effective transaction mechanism and process for customers’ shopping experience. The process helps to complete consumers’ transaction and billing from a retailer without the need of a traditional staffed checkout. The COVID-19 pandemic have forced the governments around the world to impose lockdown of several business operations and shut offices, schools, and colleges. This has resulted for almost every businesses to rapidly implement Work from home (WFH) policy to continue their services or operations online using various means of digital platforms. This has ultimately led to increased online transactions and consumers are preferring it more due to safety reasons.
Market Drivers, Restraints and Opportunities
- Cost-effectiveness of the Internet and rising digitalization of payment mode for shopping are key driving factors for the market.
- Increasing usage of mobile wallets and rapid expansion of platforms for such wallets are another major factors boosting the market.
- Advancement of technology and integration of Radio Frequency Identification Device (RFID) with mobile technology and Near Field Communication (NFC) technologies capabilities are further contributing to the market growth.
- Threat of cyber-attacks and fraudulent payment modes for increased online transactions are major challenges that can hamper the market expansion.
- Increasing demand for online, fast, and efficient shopping services is expected to create lucrative opportunities during the forecast period. Rising development of online e-commerce platforms selling online products is further accelerated during the pandemic.
Scope of the Report
The report on the global self-checkout systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Self-checkout Systems Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2016–2018
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Forecast Period
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2020–2028
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Segmentation
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Components (Services and Systems), Applications (Department Stores, Hypermarket, Convenient Stores, and Others), and Types (Cashless-based and Cash-based)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Toshiba Global Commerce Solutions; NCR Corporation; FUJITSU; ECR Software Corporation; and ITAB Group
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Market Segment Insights
System segment to account for a key market share
On the basis of components, the self-checkout systems market is bifurcated into services and systems. The systems section is expected to account for a key market share in the coming years owing to technological innovations in self-checkout systems. Advancement in the hardware adoption among retailers over the standard checkout systems is a key driver of the segment. The hybrid self-checkout systems often provide advanced security-based options, intuitive client interface, high capability coin dispensing systems, cashless transactions, and multi-item scanning. Additionally, growing shopper preference for both cash and cashless transactions, is influencing the retailers to further adopt new systems, which have advanced capabilities. On the other hand, the service segment is projected to witness a fast growth rate during the forecast period. The necessity for effective systems to supply quicker process, flexibility within the store’s side, and straightforward integration of systems and services within the traditional self-checkout are key factors motivating the retailers to take consulting, implementation, and maintenance services.
Convenient stores segment to register a high CAGR
Based on applications, the market is divided into department stores, hypermarket, convenient stores, and others. The convenient stores segment is projected to register a high CAGR during the forecast period due to a high demand for digital aggregation to supply digital experience of consumers in the stores. Moreover, easy accessibility of these stores sue to rising establishment in several local areas present another key factor fuelling the segment.
Cashless-based segment is likely to constitute a dominant market share
On the basis of types, the self-checkout systems market is bifurcated into cashless-based and cash-based. The cashless-based segment is likely to constitute a dominant market share during the targeted period owing to rising demand for digitalization in the payment mode and growing access to smartphones among a large number of the global population. Moreover, increasing penetration to the Internet and installation of user-friendly technology in shopping stores help to accelerate the demand for cashless transaction.
North America to dominate the market
In terms of regions, the market is classified as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is anticipated to continue its domination of the market, with expected roughly 48% of the total market share during the forecast period. The increasing adoption of self-checkout systems by the supermarkets and hypermarkets within the U.S. and Canada due to early adoption of advanced technology for payment presents another key aspect for the regional market growth. On the other hand, the market of Asia Pacific is anticipated to expand at a high CAGR during the forecast period. The increasing trend toward cashless payment systems and gradual adoption of technologies like artificial intelligence (AI) in self-service checkout systems is driving the regional market. In contrast to the opposite traditional self-checkout systems that alter customers to scan individual merchandise, the advanced systems with new AI-based options scan all the merchandise instantly and direct customers for payments.
Segments
Segments Covered in the Report
The global self-checkout systems market has been segmented on the basis of
Components
Applications
- Department Stores
- Hypermarket
- Convenient Stores
- Others
Types
- Cashless-based
- Cash-based
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Toshiba Global Commerce Solutions
- NCR Corporation
- FUJITSU
- ECR Software Corporation
- ITAB Group
Competitive Landscape
Key players in the global self-checkout systems market are Toshiba Global Commerce Solutions; NCR Corporation; FUJITSU; ECR Software Corporation; and ITAB Group. These players have widely adopted various market development strategies including production capacity expansion, collaborations, new product launches, mergers & acquisitions, and partnerships to increase their market share. As an example, in June 2019, Albertsons corporations, Inc., a U.S. based drug and food chain, extended its partnership with Toshiba international Commerce Solutions to enhance in-store shopper checkout expertise by deploying the later company’s self-checkout systems.
