Global Self-Checkout Systems Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Offering (Hardware, Software, and Services), by Mounting Type (Standalone, and Wall Mounted & Countertop), by Model Type (Cash Model, and Cashless Model), by End User (Supermarkets, Hypermarkets & Department Stores, Convenient Stores, and Others)

Delivery : 24-72 Working Hours	Report Code: IM11049	Available Format:
Category : Automation

MARKET OVERVIEW

Self-checkout machines provide an automated mechanism for processing the purchases made by buyers in the retail stores.The retail automation (self-checkout) system ensures that consumers enjoy shopping in retail stores, on account of provision of hassle-free transactions and shorter lines owing to faster throughput. The system is sold as an integrated software, hardware, and service package. The system holds the ability to process thousands of transactions in the most demanding retail environments, while continuously feeding data to back-end office for real-time, precise business analytics and inventory management. The potential for self-checkout systems market is tremendous in the coming years as there are still many countries that have not adopted the self-checkout systems. Moreover, manufacturers are aiming at improving the technology along with making it more affordable.

Market Dynamics

North America is expected to dominate the global market for self-checkout systems during the forecast period, owing to the presence of large number of retail stores in the region. The market for self-checkout systems in Asia-Pacific is expected to record the fastest growth over next few years, owing to increased expenditure on developing modern infrastructure projects that will result in establishment of larger number of supermarkets, hypermarkets and modern departmental stores. The tremendous increase in consumer base and the augmented need to save consumers’ time from standing in long queues is expected to further propel growth in the self-checkout systems market in these countries.

Trends

The tremendous increase in modern educated consumer base in developing countries has been consequently encouraging the retailers to deploy automated mechanisms for ensuring a better customer experience.Pertaining to the strong influence of personal computing, mobile technology and digital innovations, consumers now-a-days are more likely to choose a retail brand that eases their purchasing experiences.

It has been observed that the cashless model of self-checkout machines is preferred due to lower price and lesser system complexity. Thus, the market for cashless model of self-checkout systems is expected to register higher growth during the forecast period. Moreover, automation of purchase processes in all types of retail store formats have been on the rise. Self-checkout computer kiosks are being installed in library systems, thus eliminating long queues, and providing library managers more time for looking into other tasks, thereby helping to make inventory management in libraries more efficient and accurate.

Growth Drivers

The deployment of self-checkout systems leads to significant cost cutting due to reduction in the number of employees needed to manage the retail store transaction processes, which further drives its market growth, presenting a viable option for store owners.

Growing need to save consumer’s time from standing in long queues in order to meet their elevated expectations for a personalized, seamless experience is expected to further drive growth in the self-checkout systems market.

Restraints

The major challenges for the self-checkout systems market lie in the implementation of its applications.Calculating cost of items such as fruit and vegetables, which do not have UPC codes and are required to be weighed, is a major constraint, which needs to be addressed with the help of using better technologies. Another issue that arises for retail managers is the increased chances of theft with the application of automated retail purchases. However, retailers have tried to address the problem by incorporating more stringent application software for self-checkout systems and on-the-floor personnel monitoring.Adoption of self-service systems at retail stores would help in preventing misuse of such services by consumers. These regulations have put a hold on sale of alcoholic beverages through any checkout stand enabled to be operated by the customers at any point during the check-out process. The adoption of self-checkout systems technology is gaining popularity and technical improvements in system implementation process have been made with help of customer feedback and a thorough market research methodology.

Competitive Analysis

Some of the key players in the global self-checkout system market include NCR Corporation, Toshiba TEC Corporation, Fujitsu Limited, Diebold Nixdorf Inc., ECR Software Corporation, Pan-Oston Co., ITAB Scanflow AB, Computer Hardware Design Ltd, Olea Kiosks Inc. and PCMS Group plc.

The players are competing in the marketplace on the basis of product design that can offer the least complex solutions for the retail checkout mechanisms and affordability by their customers. As a result of increased competition, in a bid to offer improved solutions, companies introduce a number of innovations in their product designs. The emerging market players like StrongPoint ASA have started to expand their operations in Asia-Pacific owing to huge untapped potential in the region.