Self-Checkout Systems Market by Offering (Hardware, Software, Services), by Model Type (Cash Based, Cashless), by Mounting Type (Standalone, Wall Mounted & Countertop), by Vertical (Entertainment, Healthcare, Hospitality, Retail, Travel), by Retail Store (Hypermarkets, Supermarkets & Departmental Stores, Convenience Stores), by Geography (U.S., Canada, U.K., Germany, France, Russia, Japan, China, Australia, Brazil, Mexico, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023

Self-Checkout Systems Market Overview

The global self-checkout systems market was valued at $2,522.1 million in 2017 and is forecast to witness a CAGR of 10.7% during 2018–2023. The major factors supporting the market growth are advancements in technology, the growing demand for modern store formats, increasing focus on leveraging the self-service technology to meet customer needs, and shift from traditional payment system to cashless environment.

Based on offering, the self-checkout systems market has been classified into hardware, software, and services. Among these, the software category is expected to witness the fastest growth, at a CAGR of 12.9%, during 2018–2023. The growth of software is chiefly attributed to the inclination toward advanced technology and modern store formats, especially in North America. Additionally, there is a rise in the demand for more customizable and interactive software, so as to make the purchase process convenient for customers.

APAC SELF-CHECKOUT SYSTEMS MARKET, BY MOUNTING TYPE, $M (2013–2023)

Based on mounting type, the self-checkout systems market has been categorized into standalone and wall-mounted & countertop systems. Between the two, wall-mounted & countertop systems are predicted to witness faster growth, with an expected CAGR of 12.7%, during the forecast period. The smaller stores are also deploying self-checkout systems to provide a better customer experience. With lesser space at hand, these stores are more inclined toward the deployment of wall-mounted and countertop-type self-checkout systems.

Based on model type, the global self-checkout systems market is categorized into cashless model and cash model. Of these, the cashless model category held the larger share in 2017 and is also projected to witness the faster growth during the forecast period. This is attributed to the fact that the populace, globally, is accepting technological changes associated with transactions and the payment process. The adoption of self-checkout systems has been co-related with cashless payments, and it has been observed that customers prefer cashless payment methods over cash-based ones owing to the increasing focus toward digitization and ease of access to money, using electronic transactions, worldwide.

Globally, the self-checkout systems market in Asia-Pacific (APAC) recorded the fastest growth in the recent years and is expected to continue witnessing the highest CAGR, of 13.4%, during the forecast period. This is attributed to the fact that countries such as China, India, and Japan are adopting advanced technologies to enable human-free checkouts and are inclined toward modern store formats.

Self-Checkout Systems Market Dynamics

Trends

Self-checkout system providers are focusing on offering solutions that can be integrated with the latest technologies, such as radio frequency identification (RFID) and near-field communication (NFC), and smartphones, which would expand the market scope. An RFID reader helps read the labels on the products to be purchased, by capturing the identification number of each item. The implementation of convertible self-checkout systems is also a growing trend in the self-checkout systems market, as there are times when retailers require an increased throughput, specifically during the peak hours. These systems support both self- and assisted-checkout options.

Drivers

Self-checkout systems lead to significant savings in terms of labor costs, as multiple systems can be handled by one person. This is particularly important at times when stores have limited personnel to handle long checkout queues and assist shoppers with the purchasing process. Besides, with the automation of the checkout process, staff personnel can be redeployed to the sales floor to enhance direct customer service. Hence, labor shortage issues can be viewed as a key factor driving the growth of the self-checkout systems market.

Opportunities

There is an untapped self-checkout systems market in various countries, such as India, South Africa, and Germany. Going by the potential, manufacturers are looking forward to introduce the systems in these countries, as they are expected to offer lucrative opportunities to them. Countries such as Germany and South Africa have a small market for self-checkout systems presently and are expected to grow due to the increasing awareness among the population. This is primarily attributed to factors such as the need for improving the shopping experience of customers, increasing demand for cashless operations, preference for default language, and improved customer satisfaction.

Self-Checkout Systems Market Competitive Landscape

The players operating in the self-checkout systems market are adopting growth strategies, such as partnerships, facility expansions, and product launches. For instance, in May 2018, NCR Corporation launched Horizon, a web-based analytics system, for the retail industry, which enable retailers to analyze the data generated from self-checkout lanes and provides recommendations on how they can improve the store operations and checkout experience.

Similarly, in February 2018, Fujitsu Limited, a key self-checkout systems market player, announced the launch of its internet of things (IoT) solution, SMAVIA, which is a service platform designed to link the data stored in various systems in a supply chain. SMAVIA analyzes data such as the status of sales and inventory, logistics costs, and work efficiency of employees, which helps in addressing labor shortage issues and implementing measures to improve sales. As of yet, the solution has only been introduced in Japan; however, the company plans to introduce it globally in the coming years. Through this launch, Fujitsu continues to show interest in digital transformation in retail and product distribution.

NCR Corporation, Fujitsu Limited, Toshiba TEC Corporation, PCMS Group Ltd., Diebold Nixdorf Incorporated, and International Business Machines (IBM) Corporation are the key players in the self-checkout systems market. Some of the other prominent companies in the market are Olea Kiosks Inc., Pan-Oston, and ITAB Group.

Key questions answered in the report:

• What is the current scenario of the global self-checkout systems market?
• What are the emerging technologies in the global self-checkout systems market?
• What are the major catalysts for the global self-checkout systems market and their impact during the short, medium, and long terms?
• What are the historical size and present size of the categories within the market segments and their comparative future potential?
• What are the evolving opportunities for the players in the global self-checkout systems market?
• What are the key strategies being adopted by the major players to expand their market share?
• What are the key regions from the investment perspective?