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Self-Checkout System Market size exceeded USD 3.5 billion in 2020 and is anticipated grow at a CAGR of 11% from 2021 to 2027. The global industry shipments are projected to cross 180 thousand units by 2027.
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The growth of the digital payments sector globally, will support the expansion of market. Customers are using online payments, digital wallets, and smart cards due to the increased convenience and payment security. According to the National Bank of Poland’s report, 94% of all transactions in the region were made using contactless cards in the third quarter of 2020. Similarly, according to India Brand Equity Foundation, digital payments in the country will increase around three-folds to USD 100.61 trillion by 2025. The expanding e-Payments market is eliminating the need for sales personnel at counters to enable financial transactions. There is an increasing demand for self-checkout systems that enable seamless financial transactions resulting in fast checkouts.
The coronavirus pandemic hampered the growth of market in 2020 attributed to the temporary closure of retail stores, entertainment venues, hotels, and transportation terminals following the lockdowns imposed. New hypermarket and mall construction projects were delayed resulting in the lower demand for self-checkout systems from the retail industry. The market witnessed a downfall owing to the dip in the transportation sector following the bans on unnecessary travels. However, following the easing of the lockdown measures coupled with the reopening of stores, entertainment venues, transportation terminals, and hotels in 2021, the market will regain traction. Contactless self-checkout systems will showcase increasing demand in the wake of the pandemic.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 3.5 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 11% |
2027 Value Projection: | 6.5 Billion (USD) |
Historical Data for: | 2017 to 2020 |
No. of Pages: | 380 |
Tables, Charts & Figures: | 515 |
Segments covered: | Solution, Transaction, Model, Application and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The UK self-checkout system market will expand at 9% growth rate through 2027. The developed retail sector in the region adopting advanced technologies to maximize productivity will support the industry growth. There were around 300,000 retail stores in the region in 2020. The UK is a leader in retail digitalization with retailers adopting the latest self-checkout hardware systems including POS terminals and kiosks that enable seamless shopping experience to consumers. Self-checkout kiosks and machines offer several benefits to progressive retailers that focus on digitizing in-store operations. Hypermarkets in the region are increasingly accepting self-checkout systems in response to high demand from consumers. Robust self-service hardware systems enable consumers to scan their products fast and pay using any preferred technique.
Mobile self-checkout systems are gaining popularity with the sharp rise in the adoption of smartphones over the past five years. Consumers can scan items with their smartphones while shopping and can check out at a dedicated self-payment counter. Walmart, IKEA, 7-11 U-Haul, and Macy's are amongst the earliest adopters of the technology and have already launched scan-and-go applications. Mobile self-checkout systems enable to bust the long queues at customer payment counters, in turn, improving customer satisfaction. Market players are launching innovative solutions in response to the high demand for automated solutions.
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The U.S. cashless self-checkout system market is poised to expand at more than 13% CAGR through 2027, with the rising popularity of smart cards and digital wallets. Among U.S. consumers, around 19% made a digital payment in a store for the first time in May 2020. The contactless payment market in the region has also gained traction and will grow rapidly. Cashless self-checkout systems enable hassle free checkout experience at hotels, transportation terminals, and retail stores. With consumers demanding advanced digital solutions that ensure fast checkouts, the market will register high growth.
The expanding hospitality industry will foster the adoption of self-checkout systems that enable guests to checkout seamlessly, without the need for hotel staff. There is an increasing demand for machines that facilitate the customers to pay using different payment techniques and return the keys by inserting into the machine. Manufacturers are focusing on developing machines that enable customers to choose the preferred language for the checkout instructions and payments. This factor will impel the demand for self-checkout systems that can be installed in hotels with frequent international visitors.
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Asia Pacific self-checkout system market accounted over 20% of revenue share in 2020 owing to the increasing penetration of digitalization across all sectors. There is rising usage of digital wallets and smart cards for payment, encouraging retailers to install self-checkout systems. Since the outbreak of the pandemic, several consumers are demanding the use of kiosks that reduce human interaction at stores, hotels, and transportation terminals. The improving economic conditions are favoring the installation of advanced automated systems. A fully automated self-checkout system ensures fast, seamless, and simple check-out for guests, while ensuring authentication and security of travel documents/identity cards.
Key companies operating in the market include Diebold Nixdorf, Inc., Digimarc Corporation, ECR Software Corporation, Fujitsu Limited, Gilbarco Inc., IBM Corporation, IER, Inc., ITAB Shop Concept AB, NCR Corporation, Olea Kiosks, Inc., Pan-Oston Co., QINGDAO WINTEC SYSTEM CO., LTD., Scandit Inc., ShelfX, Inc., Slabb, Inc., StrongPoint, and Toshiba Global Commerce Solutions.
Market leaders are focusing on integrating the latest technologies, such as biometrics and AI, into self-checkout systems to ensure robust business growth. Market participants focusing on expanding the product portfolio to capture a larger market share will stimulate the industry competitiveness.
Market, By Solution
Market, By Model
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Market, By Application
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