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Self-checkout Systems Market Size Worth $7.8 Billion By 2027 | Grand View Research, Inc.

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Self-checkout Systems Market Size Worth $7.8 Billion By 2027 | Grand View Research, Inc.

May 11
09:16 2020
Self-checkout Systems Market Size Worth $7.8 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global self-checkout systems market size was valued at USD 2.8 billion in 2019 and is expected to register a CAGR of 13.3% from 2020 to 2027. The increase in the influx of retail consumers and a consequent rise in their waiting time during the checkout process is a significant factor driving the adoption of self-checkout systems.

The global self-checkout systems market size is expected to reach USD 7.8 billion by 2027, according to a new study conducted by Grand View Research, Inc. It is projected to register a CAGR of 13.3% during the forecast period. The growing need to enhance the retail shopping experience coupled with the number of customers with medium-size shopping carts is driving the adoption of self-checkout systems. The increasing shift from the transactional product selling approach to a consumer experience-driven business model is transforming the retail industry. Retailers from general stores to large groceries and convenience stores have started embracing technologies and innovated procedures to attract additional consumers and improve their productivity and front-end service with automated systems. These retail in-store transformation strategies provide consumers with a unique shopping experience by offering personalized offers such as promotional plans, and discounts. Moreover, with the ongoing retail automation trend, retailers from large to micro and small chains are increasingly partnering with the self-checkout system providers to help them in improving their customer service and optimize their productivity.

Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.

Growing labor costs in developed economies and the need to achieve retail profitability is further contributing to the adoption of the self-checkout systems. The need for skilled staffs and higher labor wages imposes a challenge to the retailers to manage their expenses. As a result, retailers are adopting self-checkout systems to utilize and free up their staff trapped at checkout towards customer communication and support activities, and in other retail inventory management areas.

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https://www.grandviewresearch.com/static/img/research/us-self-checkout-systems-market.png

The adoption of self-checkout systems has improved the efficiency and convenience among the retailers to a great extent. However, the rise in thefts and additional risks such as unscanned product or miss scanning of products imposes a challenge to the market. As per the University of Leicester study held in 2016, a 4% loss rate was observed among the retailers that used self-checkout systems. The result in the loss rate occurred owing to the products of not being scanned and from shoplifting activities. Despite the challenges, the growing implementation of computer vision and advanced technologies such as Artificial Intelligence (AI) or machine learning in the checkout systems to reduce the risk of thefts is contributing to market development. With the introduction of such modern systems, several retail chains have started upgrading their system over the old system, thereby contributing to the self-checkout systems market growth.

Further key findings from the report suggest:

  • The system segment accounted for more than 55% of the market share in 2019, owing to the roll-out of modern hybrid self-checkout systems with advanced features to reduce employee skimming and shoplifting practices
  • The cashless based system type segment is anticipated to expand at a CAGR of 14.3%. The growth can be attributed owing to the increase in demand for electronic transactions and digital payments among the frequent retail consumers
  • North America accounted for the largest revenue share of more than 46% in 2019 and is anticipated to dominate the self-checkout systems market over the forecast period
  • The key industry participants include NCR Corporation, Toshiba Global Commerce Solutions, Diebold Nixdorf, Incorporated; FUJITSU, and ITAB

The global self-checkout systems market size was valued at USD 2.8 billion in 2019 and is expected to register a CAGR of 13.3% from 2020 to 2027. The increase in the influx of retail consumers and a consequent rise in their waiting time during the checkout process is a significant factor driving the adoption of self-checkout systems. Furthermore, increasing labor costs, shortage of skilled laborers in developed nations, and preference for personalized shopping experience are some of the other factors driving the market growth. Additionally, the ongoing retail transformation to reduce costs and a need to increase productivity also contributes to the adoption of these systems in retail industry.

Growth in e-commerce channels, competition from virtual shops, and the shorter product life cycle is forcing the retailers to develop new strategies and adopt new technologies to increase their revenue and decrease costs. As a result of the increased challenges, retailers are adopting self-checkout systems and thereby enable them to redeploy their staff to dedicate more of their time in supporting other retail operations and serve consumers more effectively. For instance, the NCR Corporations’ FastLane SelfServ Checkout system provides shoppers with ease to scan, bag, and pay themselves at the checkout counters and, thus reduces additional staff intervention. It also improves its retail operations and enhances shopping experience.

Additionally, an increase in competition from curated commerce channels has enabled retailers to flood their outlets with a variety of similar product brands and niche products. However, the increasing availability of various products reduces the floor spaces and increases congestion for the shoppers to move out during checkout. As a result of growing constraints to free up retail floor space and the need to provide a hassle-free checkout experience, retailers are adopting wall or countertop self-checkout systems. For instance, NCR Corporation’s SelfServ 90 is a sleek and compact system that offers retailers the flexibility to free up space by mounting it on a countertop or a pedestal or wall, thereby supporting shoppers with a concept for grab and go solution.

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Currently, retail consumers are more demanding and want their shopping experience to be convenient, secure, and in control. As a result, the preference for self-service solutions among the end users is growing. Furthermore, with the rise in demand for privacy and personalized shopping, retailers are increasingly adopting self-service checkout or self-checkout systems with an effort to engage shoppers with the brands more effectively by themselves. For instance, Fujitsu’s U-Scan and Impulse self-checkout systems include features, such as themes, customer personalization, and charitable donation applications to help retailers to maximize their merchandise, promote brand presence, and increase advertisement space in their retail stores.

The advancement in Near Field Communication (NFC) technologies and the integration of Radio Frequency Identification Device (RFID) with mobile technology capabilities are further contributing to the development of the self-checkout systems market. The technology enables the shoppers to pick, scan, and pay for the products directly from the aisle using an identification device and thus, reduces the shopping time and increases convenience among the end users. Furthermore, with the diffusion in mobile and social technologies, mobile self-checkout solutions, or “mobile scan and go” solutions, are becoming an increasing trend among the consumers and retailers. The solution provides consumers to scan, bag, and pay their products using their smartphones and in turn, enables retailers to optimize their costs and number of sales.

https://www.grandviewresearch.com/static/img/research/global-self-checkout-systems-market.png

The systems segment accounted for the highest market share in 2019. The technological innovation in self-checkout systems is a significant factor contributing to the hardware adoption among retailers over the traditional checkout systems. The modern hybrid self-checkout systems offer advanced security-based features, intuitive customer interface, and high capacity coin dispensing systems, cashless transactions, and multi-item scanning. Moreover, growing consumer preference for both cash and cashless transactions is influencing the retailers to adopt new systems with advanced capabilities.

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Grand View Research has segmented the global self-checkout systems market on the basis of components, type, application:

Self-checkout Systems Components Outlook (Revenue, USD Million, 2016 – 2027)

  • System
  • Services

Self-checkout Systems Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Cash Based System
  • Cashless Based System

Self-checkout Systems Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Supermarket & Hypermarket
  • Department Stores
  • Convenience Stores
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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Website: https://www.grandviewresearch.com/industry-analysis/self-checkout-systems-market