Self-Checkout Systems Market Size to exceed $4bn by 2024

Self-Checkout Systems Market size is set to exceed USD 4 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

Growing supermarket penetration is driving the self-checkout systems market growth. The industry growth can be attributed to the presence of a large number of supermarkets, department stores, hypermarkets, home improvement stores, and other retail chains in North America and Europe. Several large retail chains are constantly upgrading and leveraging self-checkout technology to best meet customer needs. For example, McDonalds updated over 500 restaurants in 2016 with mobile pay options, self-order kiosks, and an updated interior design and table service. In the U.S., the retail self-checkout market is highly competitive with vendors focusing on providing differentiated and innovative products along with top-notch after-sales services.

 

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The self-checkout systems market has seen a shift from traditional kiosks to cashless environments, leading to the evolution of unstaffed store concepts. In China, several consumers have been using mobile payment apps, such as WeChat Pay (Tencent) and AliPay, which are the two most popular and prominent mobile payment services in China. According to the People’s Bank of China, in 2016, mobile payment transactions totaled 25.7 billion, with a transaction volume of about USD 20 trillion. The mobile payment market in China is essentially a duopoly with Tencent and Alibaba holding almost 90% of the mobile payment market share, followed by Chinese card network UnionPay. Manufacturers in the industry are working toward creating unique solutions to meet the needs of the Chinese market such as mobile payments and scan & go concepts. The intensifying price competition in the region can be attributed to the presence of a large number of suppliers in China.
 

UK self-checkout system market, by application, 2017 & 2024 (USD Million)
Self-Checkout Systems Market

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Mobile payment models are the emerging checkout trends, which are gaining high momentum and popularity among consumers. It includes mobile apps and wallets that allow customers to scan products for gathering the required product information and ensuring easy checkout techniques. The rising digitalization trend is encouraging customers as well as manufacturers in the self-checkout systems market to revolutionize checkout systems with the adoption of mobile solutions. The FMCG retail sector is witnessing high adoption of these digital solutions due to the rising demand for effective systems for simplifying payment techniques. For instance, Walmart adopted Scan & Go mobile payment option that allows customers to scan their products using a mobile app. In 2016, the U.S. customers bought physical goods of worth USD 47.6 billion through remote mobile payments. These statistics are expected to increase rapidly due to the rise in the development of smart mobile apps for enhancing the shopping experience.
 

Browse key industry insights spread across 255 pages with 397 market data tables & 27 figures & charts from the report, “Self-Checkout Systems 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 (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, Singapore, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/self-checkout-system-market
 

In the restaurant industry, systems can assist in food ordering and payment processing. The demand for systems in restaurants is poised to grow at a rapid pace owing to features such as the ability to perform complicated transactions including splitting the bill and customizing orders. Most restaurants already have tablets at the table for ordering as seen in restaurant chains such as Chili’s and Olive Garden. Major fast food chains are deploying self-checkout to provide better service to customers and eliminate waiting at long queues, driving the self-checkout systems market growth. For instance, in July 2017, Subway announced a redefined design that includes self-checkout ordering kiosks across 12 pilot locations with mobile payment options such as Apple Pay and Samsung Pay. Hotels also offer self-checkout through a dedicated kiosk in the lobby where guests can access information, look up for reservations, and dispense a room key or print a receipt.
 

Major companies participating in the self-checkout systems market include Versatile Credit, Toshiba Global Commerce Solutions, Slabb Inc., ShelfX Inc., Scandit, PCMS Group, Pan-Oston Co., OLEA Kiosks, NCR Corporation, ITAB ScanFlow AB, IER, IBM Corporation, Fujitsu Ltd., ECR Software Corporation, Digimarc Corporation, and Diebold Nixdorf, among others.. Vendors are focusing on product differentiation through design, pricing, and advanced features such as RFID, NFC, and smartphone integration. The product is designed in a way to accommodate the latest features with lesser complexity and multi-lingual support for a global outreach. Moreover, technology providers have also incorporated a two-way video calling solution that allows customers to use an in-store kiosk for communication with a virtual staff member.
 

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The self-checkout systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2013 to 2024, for the following segments:
 

By Solution

  • Hardware
  • Software
  • Service

By Transaction

  • Cash-based
  • Cashless

By Model

  • Standalone
  • Wall-mounted / countertop
  • Mobile

By Application

  • Entertainment
  • Healthcare
  • Hospitality
  • Retail
  • Travel
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Singapore
    • Australia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

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