Global self-checkout systems market is expected to reach $4,642.7 million by 2023, advancements in technology, growing consumer inclination toward convenient checkout methods, and labor-shortage issues in consumer stores are the major factors contributing to the market growth, according to P&S Intelligence.
Insights on market segments
On the basis of offering, the self-checkout systems market has been categorized into hardware, software, and services, of which software is expected to be the fastest-growing category, advancing at a CAGR of 12.9% during the forecast period. This can be attributed to the growing use of various types of software to support checkout technologies with interactive functionalities. Furthermore, the growing acceptance of advanced technologies among customers is resulting in the increased demand for checkout software in stores.
During the forecast period, the service category is expected to surpass the hardware and software categories in terms of revenue generation. This can be attributed to the growing installation and maintenance needs resulting from the increased usage of self-checkout machines.
Browse report overview with detailed TOC on "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" at:https://www.psmarketresearch.com/market-analysis/self-checkout-systems-market
Based on model type, the market has been divided into cash-based and cashless models. Between the two, cash-based models contributed larger revenue share, accounting for more than 85%, to the self-checkout systems market in 2017. Customers, especially the elderly population, are more comfortable making purchases with cash. Although they are adapting themselves to new technologies, they are still not completely comfortable with the idea of cashless shopping.
Market is expected to witness the fastest growth in Asia-Pacific (APAC)
The self-checkout systems market is expected to continue witnessing the fastest growth in APAC in the coming years, owing to the untapped market in these countries, which is offering huge growth potential to the players. Moreover, with a large population base, the demand for less time-consuming and convenient shopping options, such as self-checkout systems, is high in these countries.
Labor-shortage issues are a key growth driver for the market
Self-checkout systems lead to significant savings in terms of labor costs, as up to eight 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.
Untapped markets and advancements in technology are offering lucrative opportunities to the market players
The self-checkout systems market in countries such as India, South Africa, and Germany is still untapped. With huge market potential and high population, these countries are offering ample growth opportunities to the players in the market. Presently, Germany and South Africa have a small market for these systems, but these are expected to grow on account of increasing awareness and adoption of the self-checkout technology.
Increasing use of mobile-scanning solutions and enhanced security features is another key factor offering lucrative growth opportunities to the vendors operating in the self-checkout systems market over the next few years. Besides, increased adoption of advanced technologies, such as radio frequency identification and near-field communication is leading to increased demand for self-checkout systems in the market.
Self-checkout systems market competitiveness
Players in the self-checkout systems market are focusing on improving self-checkout software and hardware functionality with technology that is simple and effective and increases customer convenience during the checkout.
Some of the key players operating in the self-checkout systems market are NCR Corporation, Fujitsu Limited, Toshiba TEC Corporation, PCMS Group Ltd., Diebold Nixdorf Incorporated, and International Business Machines Corporation (IBM).
Self-Checkout Systems Market Segmentation
By Model Type
By Mounting Type
By Retail Store