|• Acrelec • Kiosk Group • Flooid • Gilbarco Inc • Pan Ostan • Strongpoint • Toccl Tech • 4POS AG • Diebold Nixdorf • Fujitsu LTD|
|• ECR Software Corporation • ITAB Group • NCR Corporation • Zebra Technologies • Pyramid Computer GMBH|
|Market Driving Forces|
|Shorter Lines and Faster Checkout|
|Better Store Capacity|
|Improved Customer Experience|
|Increased Staff Productivity|
The global Self-Checkout in Retail market was valued at USD 2,427.8 million in 2021 and is expected to reach USD 6,499.8 million by 2030, with a CAGR rate of 12.8% during 2022–2030.
Self-checkouts (SCOs), also known as assisted checkouts (ACOs) or self-service checkouts, are machines that provide a mechanism for customers to complete their own transactions from a retailer without needing a traditional staffed checkout. The use of SCOs eliminates the need for one-on-one worker assistance as customers scan item barcodes before paying for their entire purchase. Self-checkouts are typically utilized in supermarkets, though they can also be found in a convenience or department stores.
This study on the global Self-Checkout in Retail market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the global Self-Checkout in Retail market by offering, model type, mounting type, end-user, and region/country.
Based on offering, the Self-Checkout in Retail market has been divided into Hardware, Software, and Services. The Hardware segment dominated the market in 2021 and is estimated to remain the same during the review period, whereas the Software segment is expected to register the highest CAGR during the forecast period from 2022 to 2030.
COVID-19 has impacted various industries across the globe resulting in travel bans, worldwide lockdown, and the slowdown in the supply chain of various businesses. The semiconductor industry has also been deeply affected by the ongoing unprecedented event and witnessed a sharp decline in revenues due to the uncertain positioning of digital devices. Despite the growing uncertainties, semiconductor manufacturers, are trying to continue the operations and work upon their long-term strategies. Many semiconductor manufacturers are also collaborating with their partners and specific markets with consistent business stability. For instance, while focusing on the health and safety of their employees, the semiconductor manufacturers are making constant efforts for research, designs, and manufacturing processes
Various components are essential in assembling semiconductor devices. However, the global pandemic has induced a steep decline in the demand for the components, especially in economies with complete lockdowns. Moreover, the war between the US and China has already disturbed the US tech industry, which has been further triggered by the novel coronavirus outbreak. All the self-checkout system manufacturers and other component providers are mostly affected by restrictions in the import and export of components. Additionally, for component manufacturers, the impact is severe due to the shortage of labor, testing plants in China, and several packages. Various small and medium-sized manufacturers face the problem of being unable to get sufficient production capacity from package suppliers. If this production holds up continues for an extended period, these companies may face bankruptcy or acquisitions. However, as many economies have resumed economic activities from June in most of the countries, the demand for semiconductor components is expected to gradually resume the average growth rate by the end of 2020.
Self-Checkout in Retail Market Dynamics
Self-checkout systems offer various benefits including greater accuracy, reduced labor cost, and better in–store optimization. The market is primarily driven by the increasing retail space cost and growing consumer queue time to order or checkout. Furthermore, the shortage of skilled laborers in developing nations, rising labor costs, and inclination toward personalized shopping experience are some of the other factors boosting the market growth. The global self-checkout systems market size was valued at USD 3,219 Million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.2 % from 2022 to 2030. During the COVID-19 pandemic, the need to maintain social distancing, reduce wait time in queues, and offer products beyond retail store premises triggered the overall market growth. The market is primarily driven by the increasing retail space cost and growing consumer queue time to order or checkout.
Self-Checkout in Retail Market Drivers
Rapid digitization, connectivity, and data are major factors that propel digital transformation. To enhance customer satisfaction, businesses adopt digitalization to produce new products and services. Self-checkout solutions assist customers with shopping and facilitate digital and contactless payments without needing retail staff. The adoption of cashless payment methods has increased the demand for checkout systems. Self-checkout is deployed to reduce wait time and provide an innovative shopping experience to customers. Furthermore, rising in electronic payment transactions globally, due to increasing use of smartphones. Also, major players in the market are collaborating to deploy self-checkout systems in retail stores. Growing adoption of self-checkout machines in retail shops, supermarkets, malls, and convenience stores to save time and reduce additional labor cost. In retail stores and malls, customers can scan the products' bar codes and pay effortlessly without standing in long queues.
Self-Checkout in Retail Market Opportunity
Technology developments and increasing IoT penetration in the retail space continue to contribute to the growth of the market at a steady pace. Shop owners are increasingly investing in technology to reduce in-store issues related to inventory mapping, product information identification, payment, and customer experience. For instance, motion sensors and lasers help retailers detect if a product is shoplifted or a product has not been scanned at a self-checkout counter. Moreover, the deployment of self-checkout systems would help customers understand several product features and promotional offers provided in the store and check out quickly without any intervention from employees. Therefore, self-checkout systems also serve as an additional touchpoint allowing store owners to improve customer engagement and enhance their shopping experiences. Leading players in the market are adopting several strategies, such as mergers, partnerships, and collaborations, for developing advanced technologies such as AI and cloud-based self-checkout in retail.
Self-Checkout in Retail Market Segmentation
The Self-Checkout in Retail Market has been segmented based on offering, model type, mounting type, end-user, and region.
Based on offering, the global Self-Checkout in Retail market has been segmented into Hardware, Software, and Services.
By model type, the Self-Checkout in Retail market has been segmented into Cash Model Type and Cashless Model Type.
Based on mounting type, the Self-Checkout in Retail market has been segmented into Stand-Alone Mounting Type, Wall-Mounted And Countertop Mounting Type, and Mobile.
By end-user, the Self-Checkout in Retail market has been segmented into Supermarkets & Hypermarkets, Department Stores, Convenience Stores, and Others.
Self-Checkout in Retail Market Regional Analysis
Globally, the Self-Checkout in Retail market has been categorized into four different regions—North America, Europe, Middle East & Africa, and South America. Europe accounted for the largest market share, with a market value of USD 1,296.1 Million in 2021; it is expected to register a CAGR of 12.9% during the forecast period. North America was the second-largest market in 2021, valued at USD 939.7 Million; it is projected to register CAGR of 12.7%. The North American market is expected to witness significant growth for self-checkout systems during the forecasted period. The region is among early adopters of new technology. The region being home to rich economies such as the US and Canada provides an ideal demand for the self-checkout system market. Retailers in North America are embracing self-checkout technology. For instance, in US Amazon has expanded the technology in its locations such as in fresh grocery stores. Moreover, Hudson group opened its first self-checkout store in Dallas Love Field Airport. Additionally, Dollar General an American chain of a variety of stores is working on implementing self-checkout technology in its chain of more than 18,000 stores.
Furthermore, Walmart announced in July 2021, that the company is planning to remove all human cashiers and implement a fully autonomous checkout system in its stores. The company announced on its website they are testing a store with 34 customer-operated check-out stations in a wide-open store of 180,000 square foot.
The factor driving the growth of self-checkout in the retail system in MEA region is increasing digitalization and growing focus by the government on promoting digital technologies. Moreover, the Middle East being a tourist hub has led retailers to implement new technologies to attract customers. For instance, in 2021 French retail giant Carrefour inaugurated its cashier-free mall in Dubai.
Additionally, In September 2022, MishiPay a London-based mobile payment technology company enabled users to make the in-store shopping experience convenient and faster. launched a self-checkout technology across virgin megastores outlets in UAE.
Most recently, MishiPay also added a tablet-based self-checkout kiosk to its product lineup, expanding it to handle 100% of store transactions. By increasing the average basket value by 35%, the technology reduces long checkout lines and boosts employee productivity on the shop floor. Experiencing a positive response, the company is planning to expand its presence in other crucial regions of the Middle East such as Saudi Arabia and Qatar.
|Market Size||2021: USD 2,427.8 Million 2030: USD 6,499.8 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||• by offering (Hardware, Software, and Services) • by model type (Cash Model Type and Cashless Model Type) • by mounting type (Stand-Alone Mounting Type, Wall-Mounted And Countertop Mounting Type, and Mobile) • by end-user (Supermarkets & Hypermarkets, Department Stores, Convenience Stores, and Others)|
|Geographies Covered||• North America (US, Canada, and Mexico) • Europe (Italy, France, Germany, UK and Rest of Europe) • Middle East & Africa • South America|
|Key Vendors||• Acrelec • Kiosk Group • Flooid • Gilbarco Inc • Pan Ostan • Strongpoint • Toccl Tech • 4POS AG • Diebold Nixdorf • Fujitsu LTD, • ECR Software Corporation • ITAB Group • NCR Corporation • Zebra Technologies • Pyramid Computer GMBH|
|Key Market Opportunities||• Technology Developments And Increasing IoT Penetration In The Retail Space|
|Key Market Drivers||• Shorter Lines and Faster Checkout • Better Store Capacity • Improved Customer Experience • Increased Staff Productivity|
At 12.8% CAGR is expected to transform the market.
The Europe regional market is projected to be the major driver of the market.
The segments in the market are offering, model type, mounting type, and end-user
The key contenders in the market are Acrelec, Kiosk Group, Flooid, Gilbarco Inc, Pan Ostan, Strongpoint, Toccl Tech, 4POS AG, Diebold Nixdorf, Incorporated, Fujitsu LTD, ECR Software Corporation, ITAB Group, NCR Corporation, Zebra Technologies, and Pyramid Computer GMBH.