Self-Checkout System Market worth over $6 Bn by 2026
Published Date: October 28, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Self-Checkout System Market size is set to surpass USD 6 billion by 2026, according to a new research report by Global Market Insights, Inc.
The convenience and high degree of security associated with using cashless payment options in self-checkout systems will positively impact the market growth. With the increased popularity of contactless payments among consumers, businesses are focusing on providing a wide range of payment options to users. For instance, self-checkout systems installed at Walmart stores in the U.S. accept an array of flexible banking solutions including cards, coupons, bitcoin, stamps and online-banking processors. These payments enable easy, fast, and secure transactions to customers. Since social distancing has become imperative in the wake of the COVID-19 pandemic, self-service technology is forecast to gain traction.
Industry participants have deployed advanced technology solutions to improve security during payment transactions
The advent of AI and image recognition technology will boost self-checkout system market expansion. Identification technologies, such as biometric and fingerprint recognition, provide enhanced security in financial transactions by validating the identity of a person. The incorporation of biometric recognition technology into self-checkout systems for payment processing provides an additional level of security, leading to a lower rate of frauds and crimes.
Inclination toward advanced technology and modern store format
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Software solution segment in the self-checkout system market is estimated to witness 14% growth rate till 2026. Market players are offering efficient, fast, effective, and scalable self-checkout software solutions. For instance, NCR Corporation developed FastLane software for retail customers that provides gesture-enabled interaction features for easy shopping experience. Manufacturers are providing smart checkout software apps that allow customers to scan their purchased items using product labels.
Dominance of cash payments in developing economies is driving the growth of cash-based transaction
The cash-based transaction dominated more than 60% of the self-checkout system market share in 2019. Emerging economies including India and China have a considerable population base reliant on cash transactions as opposed to digital payments. For example, in India, the usage of cash grew by 10.5% post demonetization. The cash usage in India is expected to reach USD 2.45 trillion by 2021 from USD 1.5 trillion in 2016.
Browse key industry insights spread across 380 pages with 487 market data tables and 29 figures & charts from the report, “Self-Checkout System Market Size, By Solution (Hardware, Software, Service), By Transaction (Cash-based, Cashless), By Model (Standalone, Wall-Mounted/Countertop, Mobile), By Application (Entertainment, Healthcare, Hospitality, Retail, Travel), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend Analysis, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Benefits of digital advertising and promotion in wall-mounted/countertop checkout model
Wall-mounted/countertop checkout models are being widely used in retail, food, logistics, and hospitality sectors. The feature of cross-sell capabilities and digital promotions has enabled companies to utilize self-checkout systems to provide customers detailed information about the product features, price, and offers. Several manufacturers are providing systems integrated with advanced software solutions for enhancing the performance and features of wall-mounted self-checkout models.
Retailers are providing self-checkout solution for enhancing customers’ shopping experience
The retail sector accounted for over 40% of the self-checkout system market revenue share in 2019. Increasing urbanization and standard of living has encouraged the development of new retail outlets, shopping malls, and brand stores. These stores are being integrated with smart solutions for simplifying and elevating customers’ shopping experience. Several retail companies provide self-checkout solutions in their retail outlets.
Rise in number of retail stores is contributing to popularity of self-checkout systems in Europe
Europe self-checkout system market will observe substantial growth from 2020 to 2026 due to the increase in the number of retail outlets in UK, Germany and France. The EHI Retail Institute predicted that as of October 2019, 970 stores in Germany were equipped with self-checkout systems, as compared to 450 stores in 2017. The country is showcasing high adoption of these systems in retail shops. In August 2018, Sainsbury's in the UK tested a till-free store concept to provide self-service checkout to shoppers. The SmartShop app by Sainsbury's allowed customers to scan the contents quickly to reduce waiting time at the checkout. The increasing awareness and acceptance among the consumers are also a major factor fueling the acceptance of such systems in the region.
Industry players are introducing innovative features to remain competitive in the market
Some of the key companies operating in the self-checkout system market include Diebold Nixdorf, Inc., ECR Software Corp, NCR Corporation, IBM Corporation, OLEA Kiosks, Pan-Oston Co., Toshiba Global Commerce Solutions, PCMS Group, Slabb Inc., Versatile Credit, Fujitsu Ltd., Scandit, IER, Inc., ITAB ScanFlow AB, ShelfX Inc., and Digimarc Corporation. Market leaders are focusing on product development to increase their market share and improve profit margin.
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