Self-Checkout System Market worth over $6.5bn by 2027
Published Date: September 13, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Self-Checkout System Market size is set to surpass USD 6.5 billion by 2027, according to a new research report by Global Market Insights Inc.
The high demand for automated solutions that minimize human intervention during the checkout process will fuel the market growth. Self-checkout system solutions enable consumers to experience a seamless checkout procedure with minimal hassle and reduced transaction errors. These systems enable to bust long queues at cash counters, in turn, enhancing the consumer convenience and comfort. With retailers and hotel owners focusing on ensuring customer comfort to maximize profitability, the market will witness high growth. The market will observe growth with several industry verticals, such as hospitality, retail, and travel, implementing self-checkout systems to combat the issue of labor shortage and workforce retention.
The coronavirus (COVID-19) pandemic negatively impacted the self-checkout system market in 2020, attributed to the stringent lockdowns imposed by government administrations globally. The closure of retail stores, hotels, and entertainment venues resulted in the decline in the demand for self-checkout solutions from these industry verticals. The market also showcased a decline due to the disruptions in the supply chains impacting the manufacturing capabilities. However, with the relaxations in lockdown measures, resulting in the streamlining of industrial activities, the market will regain traction in 2021. The increasing demand for contactless self-checkout systems will register growth in the wake of the pandemic.
High demand for self-checkout system software that ensures seamless checkout experience and offers a customer friendly user interface will stimulate the market expansion
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The self-checkout system market will gain traction, with the increasing demand for robust AI-integrated software solutions that ensure customer convenience. There is a rising demand for software solutions that process the data recorded by scanning products on a smartphone. Leading companies are developing high-end software solutions in response to the growing demand from consumers.
Browse key industry insights spread across 380 pages with 487 market data tables and 28 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Expanding retail sector adopting advanced digital technologies will offer growth opportunities to the market
The self-checkout system market will witness high growth credited to the modernizing retail sector implementing the latest technologies to ensure customer satisfaction and convenience. Self-checkout systems enable customers to scan items and pay for their items purchased without the help of store staff. These kiosks help retailers to save cost while offering an improved customer experience. Improved convenience at checkout enables customers to get through the store faster, enabling owners to process more transactions with less staff even during peak hours. Market players are focusing on offering high-end solutions tailored for the retail sector requirements.
Increasing penetration of digitalization in European region will impel the adoption of self-checkout systems
The trend of self-checkouts that ensure fast transactions at hypermarkets and supermarkets in the region will drive the market progression. Self-checkout systems are enabling owners to keep supermarkets open even on Sundays in the absence of cashiers. Retail automation has gained traction in countries, such as the UK, France, Germany, and Italy, providing growth opportunities to the self-checkout system market. The strong biometrics market in the region will further foster the R&D associated with facial recognition based self-checkout systems. Increasing number of consumers preferring to use smart cards and digital wallets for payments will also spur the demand for self-checkout systems.
New innovative product launches forms a key strategy amongst the market players
Key companies functioning in the market are 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 focus on launching differentiated solutions to sustain the increasing competition.
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