The global Self-checkout System Market is estimated to surpass $7.1 billion mark by 2026 growing at an estimated CAGR of more than 9.5% during the forecast period 2021 to 2026. Self-checkout systems market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for self service technology in the area of retail stores, healthcare and entertainment.
Increased retail stores and virtual shops along with this improved shopping experiences with contactless payments, labor shortage issues, biometric recognition, modernization in the stores, increasing labor costs and simplifying checkout process are some of the factors driving the market. The exponential shift from the transactional product selling approach to a consumer experience-driven model is changing retail industry. Increase in the ease of medical bill payments and other payments in healthcare are also driving the market for self checkout systems. These factors are set to boost the market growth for Self-checkout system during the forecast period 2021-2026.
Self-Checkout System Market Segment Analysis – By Component
Self Checkout System Market is segmented based on the components into Hardware, Software and Services. Technological advancement has been the significant factor for the adoption of Hardware in the retail store rather than traditional checkout system. This Hardware offers benefits including cashless transactions, security-based features, high capacity coin dispensing systems, intuitive customer interface, and multi-item scanning. The services segment is expected to grow in the forecast period. This is due to its efficiency in providing the fast processing, easy integration with the system and the hardware.
Even though the self checkout system is not implemented, the services provided in the stores are similar. So the growth is high for the services than the hardware components. The changes can be tailored according to the store’s need in the software by updating the software. These are the factors that influencing the growth of the market.
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Self-Checkout System Market Segment Analysis – By Model
Based on the Model, the market is segmented into Standalone, Wall mounted/ Countertop, and Mobile. Wall mounted/ Countertops are the majorly used model in many of the retail stores and other stores, and have significant share in the market at 49.2% in 2020. These wall mounted models can be installed with less space wherein the case of standalone, it requires more space.
These wall mounted checkout model are also used in the cross selling of the products through digitalization and promotions. The Standalone is utilised in the store where there is no space constraint, these are used for the crowd control with many features integrated in it such as product sensing, payment mode whether cash or cashless. This model also has significant growth in the forecast period.
Self-Checkout System Market Segment Analysis – By Geography
Self-checkout system market is dominated by North America and is expected to have substantial growth in the forecast period at 7.7% through 2026. The increased demand and adoption in many retail stores such as supermarkets, hypermarkets is anticipated to drive the growth of market share. Increasing minimum wages for the employees is influencing the installation of self checkout systems all over the U.S region.
APAC follows North America and is the leader in the growth of market share. Increasing demand for cashless operations, increasing number of start-up companies enabled by the technologies, customer satisfaction in the stores are some factors that influence the market growth.
Self-Checkout System Market Drivers
Increased minimum wages for the labors
One of the major drivers of Self-checkout systems market is growing labour costs in many developed countries and the need to increase retail profitability which is further accelerating to the adoption of the self-checkout systems. Increased need for skilled staff, increased minimum wages for the labours significantly accelerating the challenges for the store owners for managing their expenses. This in turn increased adoption of self-checkout systems where the labour cost and other challenges have been reduced.
The outbreak of COVID-19 pandemic drives the market growth
Self checkout systems can help to reduce the risk of spread of diseases in many places by limiting accessibility to a wide number of users. Many businesses are using self-serving to minimize human-to-human encounters with most day-to-day activities by replacing the interaction with a human-to-machine interface. There are various ways that self checkout technologies can help battle COVID'19. Self checkout systems eliminate the need for person-to-person contact, help in maintaining user confidence and specialized systems to prevent transmission of the virus and spread of COVID'19. Self checkout machines with temperature recognition systems held at the doors of various stores/hotels help to test people based on their body temperatures and allow for those with normal temperature conditions to check in
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Self-Checkout System Market Challenges
Huge initial investment
Although Self-checkout systems have many advantages there are also some constraints that affect the market growth such as high initial investment for setting up the self checkout counter systems. Thi is particularly a hindrance for for the small business owners, where there is lack of awareness about the self checkout systems and who are facing difficulties in the approach for billing and payment.
Self-Checkout System Market Landscape
Product launches, acquisitions, and facility expansion are key strategies adopted by players in the Self-checkout system market. The Self-checkout system market is dominated by few players with their expertise. Companies such as Toshiba Global Commerce Solutions, Diebold Nixdorf, Inc., Fujitsu Ltd., NCR Corporation, ECR Software Corporation, ITAB Scanflow AB, Pan-Oston Corporation, DXC Technology, Slabb Inc., ShelfX Inc., and Pegasus Technologies
Acquisitions/Technology Launches/Partnerships
In December 2020, Jumbo Supermarkten selected NCR that run the store, to roll-out self-checkout solutions for its more than 680 retail stores in Holland and Belgium.
In October 2020, Amazon and Walmart’s New Checkout Systems and The Big Battle Coming At Retail Point-Of-Sale. Walmart is increasing the number of self-checkout and contactless lanes in over 1,000 stores in the next year.
In June, 2020, Walmart joined with Shopify to expand the marketplace and pilots self-checkout only stores the main goal is to see if the increased use of self-checkout will speed up purchases, while providing a safer experience for shoppers through less interaction.
Key Takeaways
The Self-checkout system market is estimated to witness substantial growth over the forecast period primarily due to the growing demand for adoption of advanced technologies like contactless payment, modernized stores for easy and fast checkout process.
Retail industry is one of the major driving factors for the growth of the Self-checkout system market. Retail stores, hyper stores, shopping malls are the end user application that benefits from this market.
Self-checkout system market is dominated by North America and is expected to hold highest market share during the forecast period, 2021-2026.
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