Self-checkout Systems Market size was accounted for USD 2.8 billion, in 2019. It is estimated to grow at a CAGR of 13.3% during the forecast period, 2020 to 2027. Growing inflow of consumers in retail industry coupled with extended checkout time are the major factors proliferating the market growth. In addition, rising costs of labor, lack of skills, and growing trend of personalized shopping are other key factors expected to drive the demand for self-checkout systems. Moreover, rising automation across the retail industry owing to improve the performance and efficiency is projected to contribute to the market growth over the forecast period.
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The key driving factors responsible for the growth of Self-checkout
Systems market :
Majority of the retail stores
offer variety of products which sometimes reduces the floor space making the
store congested. Therefore, consumers feel suffocated and inconvenient while
moving in such stores and waiting for checking out. Thus, to enhance consumer
shopping experience, these store managers are implementing self-checkout
systems to reduce this clutter and inconvenience. Moreover, growing preference
for self-service among large consumer groups owing to its convenience is anticipated
to further contribute to the market growth.
Concept of personalized shopping
is gaining high popularity among the consumers as it offers high end consumer
experience. Therefore, majority of the retailers are employing self-checkout
systems to enhance shopping experience of their consumers, provide high
convenience, and boost the consumer engagement. For example, Fujitsu launched
self-checkout systems named U-Scan and Impulse with features like charitable
donation, customer personalization, and themes to create brand awareness,
engage large number of consumers, and create space for advertisement inside the
retail shops.
Technologies such as Radio
Frequency Identification Device and Near Field Communication are playing major
role in development of highly efficient self-checkout systems. Such technology
enabled systems provide high-end shopping experience to the consumers by
automating the purchasing process. Moreover, AI integrated systems enable
shoppers to pay for the purchased products by scanning QR codes through their
mobile phones. This also helps retailers to boost their sales and control their
expenses. All these factors are projected to proliferate the popularity of
self-checkout systems in the forthcoming years.
Components Insights
In 2019, the systems component
segment held the largest share across the global self-checkout system market.
This is attributed to emerging advancements in technology that are employed in
self-checkout systems. Therefore, majority of the retailers prefer such automized
systems over conventional systems. Hybrid systems provide advanced features
such as multi-product scanning, instinctive user interface, cashless
transactions, and coin dispensing systems with increased capacity. In addition,
rising popularity of cashless transactions is projected to influence retailers
to opt for advanced systems, which is further driving the market growth.
The service component segment is
projected to grow at the fastest CAGR from 2020 to 2027. Growing need for
highly efficient systems with faster processing speed and high flexibility in
the front end of the store is influencing retailers to adopt services such as
maintenance, consulting, and implementation. Moreover, growing requirement for
tailored checkout systems suitable for particular store layout is projected to
impact the growth of managed and consulting services. In addition, rising
demand for customized software and professional services to update the software
systems is anticipated to further propel the market growth.
Type Insights
In 2019, the cash-based systems
segment held the largest share across the global self-checkout systems market.
Majority of the small-scale and large-scale retailers opt for paper-based or
cash-based transactions which are projected to drive the segment’s growth. For
example, the reports by the World Economic Forum and the World Bank Group
suggested that paper-based or cash-based transactions, in June 2016, valued to
USD 19 trillion. In addition, the government in U.S, is promoting paper-based
transaction across the retail outlets in the country. This is projected to
propel the growth of the segment over the forecast period.
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