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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