The self-checkout system market size is expected to advance at a CAGR of 13.2% during 2022–2030, to reach USD 9,596.7 million by 2030. The growth of the market can be ascribed because such systems allowing customers to order and pay at once without requiring more laborers.
The self-checkout systems are easy to use and less time-consuming as the queues are usually short as compared to the ones at traditional checkouts. Moreover, the younger generation is accepting new technologies, and as per them such systems are more convenient and the systems involve less or no interaction with humans, in contrast to the traditional purchase systems. Moreover, these systems offer consumers another option in their purchasing process. These factors are increasing the demand for self-checkout systems in the market.
The digitization is increasingly being adopted in the industry by using near-field communication technology and smartphone-enabled payment options. This concept enables buyers to use their mobile device to scan items they shop in-store at a service POS terminal before checking out. With the usage of these systems, customers can make transactions without actually being in contact with the machine, which lessens the time spent on the overall purchase. This will reduce the risk of self-checkout terminal damage, besides offering easy and fast checkouts. Moreover, the demand for the mobile-enabled self-checkout concept is growing in the U.K., Germany, and other countries in Europe.
The APAC region is the fastest-growing market because India, China, and Japan are accepting advanced technologies to enable human-free checkout and inclining toward modern store formats.
In APAC, China generated the highest revenue because of its large population and the escalating number of infrastructure development projects. The availability of diverse forms of such systems is observed in the Japanese market. Moreover, some retailers have invested in semi-self-service systems; where the time-consuming scanning process is handled by the store employees and the customers are able to pack the product and payment them. Moreover, Japanese retailers are quickly commissioning such machines at all kinds of stores with technologically inclined populations. It has been observed that the sales in these stores are growing with the deployment of self-checkout systems.
For instance, in July 2020, in Chennai SunnyBee launched India’s first self-checkout grocery store considering the demand for a safe shopping experience by limiting contact and improving the speed of checkouts.
Moreover, Europe is growing at a significant rate owing to the various advantages offered by the systems among the populace in Western Europe. The market is propelled by rising retail space costs, lack of qualified employees, and long customer lines for orders or checkout.
The most-significant self-checkout system market players are Fujitsu Limited, Diebold Nixdorf Incorporated, NCR Corporation, Toshiba Global Commerce Solutions Inc., Pan-Oston, Gilbarco Veeder-Root Company, ECR Software Corporation,ITAB Shop Concept AB, The International Business Machines Corporation, and StrongPoint ASA.