Self-Checkout System Market Outlook – 2027
Self-checkout (also known as self-service checkout and SACAT) machines offer customers with a system to handle their own payments to a retailer. They are a substitute to the conventional checkout by cashier staff. Self-checkout systems address shortage of labor issue, automatically offering product scanning services and offering product information with its quality. Self-checkout is a multi-billion market and also is set to grow at a significant rate due to factors like the need to improve customer satisfaction, the necessity to decrease waiting times in retail supermarket chains and the low cost of self-checkout.
The global self-checkout system market is segmented on the basis of offering, mounting type, model type, end users and region. Based on offering, the market is divided into hardware, software, and services. In terms of mounting type, the market is categorized into standalone and wall mounted & countertop. On the basis of model type, the market is divided into cash model and cashless model. On the basis of end users the market is divided supermarkets, hypermarkets and department stores, convenience stores, others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global self-checkout system industry include NCR Corporation, Toshiba Corporation, Diebold Nixdorf Incorporated, Fujitsu Limited, IBM Corporation, ITAB Scanflow AB, ECR Software Corporation, PCMS Group Ltd., Slabb Inc, and ShelfX Inc.. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global self-checkout system market.
COVID-19 Scenario Analysis
- COVID-19 has affected the self-checkout system market forecast in various manners such as by directly impacting production and demand, has created supply chain disruption, and has also financial impact on corporations and financial markets.
- Toshiba continues to work closely with its parent company, manufacturers, product suppliers and logistics partners while increasing the efficiency of its local warehouse to prevent any production delays.
- Fujitsu Optical Components Ltd.’s factories and suppliers have resumed their operations especially in China and Malaysia of the Asia-Pacific but there will delivery schedule changes due to each country/area government's instruction.
- IBM pools its resources and brings together the right expert groups — customers, governments, scientists, developers, collaborators, academic institutions, health agencies, and IBMers — to work together and manage the COVID-19 outbreak by applying data, expertise, computational power, and insights to solve difficult problems.
Top Impacting Factors
Rapid growth in self-service solutions in the hospitality sector to speed order processes at fast food joints would fuel market growth in the self-checkout system over the coming years. The systems are experiencing the implementation of Near-Field Communication (NFC) technology, and the rising card payment trend will drive cashless system demand. The emergence of various supermarket chains, like Safeway, Wal-Mart, Kroger and Tesco, and the increasing need to reduce customer waiting times have resulted in increased retail space automation.
These solutions benefit from quicker checkout, improved customer service and the removal of long queues. The growth of global self-checkout system market is limited by factors including lack of knowledge of this program as well as the concerns regarding customer struggles in managing the process and the increased risk of theft.
By Model Type, Cash Model is Expected to Account for a Major Share of the Market
Due to their high prominence among retailers and consumers, as opposed to the cashless model type, the cash model type dominated the self-checkout systems segment. Many customers prefer the ability to make payment by cash or by card, or both. The cash model style systems offer the customers versatility in payment, thereby increasing their popularity.
Wall-Mounted and Countertop Model to Rise at the Highest CAGR During the Forecast Period
The self-checkout system market of wall-mounted and countertop mounting form is anticipated to see substantial growth over the coming years. The space needed to install the countertop or wall-mounted systems is typically smaller than that necessary for stand-alone systems; this has resulted in increased demand from retail stores for wall-mounted and countertop self-checkout systems without space constraints.
North America to Lead the Market Growth
North America is one of the major self-checkout system market. The rapid development and penetration of new & advanced technologies in North America can be linked with the high demand for self-checkout system. Furthermore, the presence of a large number and categories of retail stores such as hypermarkets, department stores, supermarkets, convenience stores, among others.
Key companies are designing emerging technology and introducing new products to remain competitive in the marketplace. Certain strategic approaches include acquisitions and mergers, and the creation of new goods. Several countries, such as India, South Africa, and Germany, have an investment opportunity for self-checkout systems. Judging by the outlook, manufacturers look forward to launching the systems in such countries, as they are anticipated to provide them with profitable investments.
Key Benefits of the Report
- This study presents the analytical depiction of the global self-checkout system industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global self-checkout system market share.
- The current market is quantitatively analyzed to highlight the global self-checkout system market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global self-checkout system market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Self-Checkout System Market Research Report
- Which are the leading market players active in the self-checkout system market size?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the self-checkout system market trends?
- What are the projections for the future that would help in taking further strategic steps?
Self-Checkout System Market Report Highlights
Key Market Players
ITAB Group, NCR Corporation, FUJITSU, StrongPoint, Diebold Nixdorf, Incorporated, PCMS Group Ltd., Gilbarco Inc., Toshiba Global Commerce Solutions, ECR Software Corporation, Pan-Oston