DUBLIN--(BUSINESS WIRE)--The "Self-checkout Systems Market Size, Share & Trends Analysis Report by Component (Systems, Services), by Type (Cash Based, Cashless Based), by Application, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global self-checkout systems market size is expected to reach USD 10.50 billion by 2030. It is expected to expand at a CAGR of 13.3% from 2022 to 2030.
Companies Mentioned
- NCR Corporation
- Diebold Nixdorf, Incorporated
- Fujitsu
- Gilbarco Inc.
- Metroclick
- Toshiba Global Commerce Solutions
- Pyramid Computer GmbH
- ITAB
- Strongpoint
- Epos Hybrid
Increased demand for automation and technology advancements focused on reducing theft incidences are significant factors driving the market. Furthermore, the well-established and widespread presence of retail networks like supermarkets and hypermarkets and increasing digitalization in the market are creating lucrative opportunities for self-checkout systems.
Retailers bet high on self-checkout technology primarily to reduce costs in hiring staff. Although retailers save considerably by cutting labor costs, they are still incurring losses due to customer thefts. Shoplifting incidences have witnessed an uptick in recent times, contributing to revenue loss. In light of this, self-checkout tech vendors and retailers are collaborating to introduce solutions such as video surveillance or security cameras that alert the staff if theft occurs.
Implementing personal identification on mobile apps is another way by which retailers can reduce thefts. For example, Salling Group in Denmark uses nemID, a unique personal identification number in the country that users are required to register with this ID or some other personal identity while installing mobile apps that enable scan-n-go shopping.
Currently, retail consumers demand and desire their shopping experience to be in control, convenient, and secure. Due to this, the end-users demand self-service solutions increasingly. Additionally, with the growing demand for personalized and private shopping, retailers are adopting self-checkout systems or self-service checkout to attract shoppers to the brands more effectively. For instance, FUJITSU's subsidiary, Fujitsu Frontech North America Inc., introduced "U-Scan Mini Express." The new system used RFID technology to allow shoppers to scan their products quickly and easily. The new system automatically scanned the products placed in the basket within seconds without having to remove them individually.
The COVID-19 pandemic has significantly changed the dynamics of self-checkout systems. A temporary shutdown in stores, transportation, and production owing to government restrictions for controlling the spread of COVID-19 negatively impacted the market growth for a short period. However, the market is expected to witness growth with the reopening of transportation and manufacturing activities. In 2020, a change in the retail store format was observed worldwide due to the changing consumer attitude toward e-commerce or online shopping and increasing competition.
Self-checkout Systems Market Report Highlights
- The systems component segment dominated the market in 2021 and is expected to maintain its lead over the forecast period owing to an increased need to reduce rising employee costs and increase customer satisfaction.
- With a steady growth of the global automation sector, the cashless based systems type segment is expected to grow at a lucrative rate in the coming years due to the growing preference for electronic transactions and digital payments among consumers.
- Asia Pacific is anticipated to expand at a healthy CAGR over the forecast period. This growth is attributed to the growing consumer inclination towards the buy-as-you-need trend and it is influencing several large format retail grocery store chains to deploy convenience stores in the region.
- Since the coronavirus outbreak, retailers and other types of stores using self-checkout systems have been focused on adopting innovative ways and self-service technologies to reduce queues. For instance, in July 2020, Stokrotka, a supermarket and grocery retail chain based in Poland, placed an order for 100 self-checkout units for its 43 outlets across the country.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Global Self-Checkout Systems Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Penetration & Growth Prospect Mapping
3.2 Industry Value Chain Analysis
3.3 Market Dynamics
3.3.1 Market Driver Analysis
3.3.1.1 Technology advances in the retail space
3.3.1.2 Increased demand for automation
3.3.1.3 Technology advancements focused on reducing theft incidences
3.3.2 Market Restraint Analysis
3.3.2.1 Reluctance to use self-checkout solutions / Lack of awareness
3.3.2.2 Rising instances/incidences of skimming, fraud and shoplifting
3.4 Global Self-Checkout Systems Industry Analysis - Porter's
3.5 Global Self-Checkout Systems Industry Analysis - PEST
3.6 Global Self-Checkout Systems Market - COVID-19 Impact
3.7 Self-Checkout Systems among Grocery Stores - COVID-19 Impact
Chapter 4 Global Grocery Retail Stores Sales Market: by Region Estimates & Trend Analysis
Chapter 5 Global Self-Checkout Systems Market: by Component Estimates & Trend Analysis
Chapter 6 Global Self-Checkout Systems Market: by Type Estimates & Trend Analysis
Chapter 7 Global Self-Checkout Systems Market: by Application Estimates & Trend Analysis
Chapter 8 Global Self-Checkout Systems Market: Regional Estimates & Trend Analysis
Chapter 9 Competitive Analysis
Chapter 10 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/1ez417
