Self-Checkout System Market Sales, Demand Outlook By Type, Component, Sales Channel, End-user & Region - Forecast 2023 - 2030
The Global Self-Checkout System Market Size Was Valued At USD 3.90 Billion In 2021. The Market Is Projected To Grow From USD 4.51 Billion In 2022 To USD 12.01 Billion By 2029, Exhibiting A CAGR Of 15.0% During The Forecast Period.
Self-Checkout System Market Overview:
The global COVID-19 pandemic has been unprecedented and shocking. As a result, demand for self-checkout solutions has been lower than expected in all regions compared to levels before the pandemic. Based on our research, the world market was 12.4% smaller in 2020 than it was in 2019.
The report covers a wide range of solutions and services from companies like NCR Corporation, Toshiba Global Commerce Solutions, Diebold Nixdorf Incorporated., Hisense Systems Europe, and Qingdao CCL Technology Co., Ltd., which are considered to be key players. Self-checkout machines let customers buy things from a store without needing a traditional checkout with a person working there. Fujitsu Limited has a number of self-checkout machines, such as the FUJITSU Impulse self-service, U-Scan 6.0, U-Scan Genesis, and others. In the same way, NCR Corporation has a model of the advanced self-checkout system called FastLane Self-Service Checkout R6C. These systems give retailers advanced scalability, flexibility, usability, and reliability. It makes payment processing go faster and cuts down on waiting time. Companies all over the world are using these checkout technologies to track and encourage good performance at work.
The market is driven by the growing need for automation and cloud-based Self-Checkouts (SCOs) in retail to save money and time. Several of the biggest players in the market are using these new technologies in their retail stores. For example, in March 2022, NCR Corporation gave Bed Bath & Beyond cloud-based SCO, which let the company use self-checkout in stores. Bed Bath & Beyond is a group of stores that sell home goods. By adding cloud-based SCO to its checkout process, NCR self-checkout solutions helped Bed Bath & Beyond Company run stores all over the country.
The growth of the market is helped by the fact that more retailers, hotels, and other businesses are using self-checkout systems that are based in the cloud and use AI. Services in systems that are based on AI are becoming more popular and more common in developed countries.
Several of the biggest players on the market are putting in self-checkout systems that use the cloud and AI to stay competitive. As an example,
In June 2022, the Canadian company Mashgin, which makes SCO systems for Couche-Tard, put in place AI-based self-checkout systems. Couche-Tard put self-checkout machines with computer vision and AI in its more than 7,000 convenience stores in Canada, the United States, and Europe.
Connectivity, digitization, and data are all very important parts of the digital transformation process. Businesses use digitalization to make new products and services in order to make their customers happier. Self-checkout systems help customers shop and make digital and contactless payments possible without the need for retail workers. Since cashless payment methods are becoming more popular, there is more demand for checkout systems. These checkout systems are used to cut down on wait times and give customers a unique shopping experience. Also, because more people are using smartphones, the number of electronic payments is rising quickly around the world. Also, the market's biggest players are working together to put self-checkout systems in stores. For example, Capgemini said that the number of cashless transactions rose by 14.1% from 2018 to 2019 to reach 708.50 billion around the world in 2020.
So, cashless payment methods and more automation are expected to quickly drive the growth of the global self-checkout system market over the next few years.
SCO helps a lot of businesses and firms. But there are some problems that businesses need to be ready for, like data leaks, broken devices, phishing attacks, and software and network problems. For example, there is a high chance that data can be hacked in unsafe and unsecure networks, which is a cyber risk. Data hackers can easily break into and access important data and records, like the financial credentials for a business customer's account. This can cost a lot of money and hurt the company's reputation.
Also, even in a well-protected network, devices must have good security. So, cyber threats and data leaks caused by a lack of security could slow the growth of the market.
The types of self-checkout solutions on the market are fixed and mobile. Because it has more features and functions, the fixed segment is expected to have the biggest market share. The market has grown because more and more convenience store owners are putting in fixed checkout systems.
Also, because customers are quickly adopting digital technologies, the mobile-based segment is expected to grow at the fastest rate during the forecast period. This segment's growth has also been helped by the fact that more retailers and customers are using mobile payments.
The market study includes services and solutions that are based on the components. Because more self-checkout machines are being put in place in the retail and hospitality industries, the solution segment is expected to have the largest market share.
Also, the services segment is expected to grow quickly during the forecast period, with the highest CAGR. Key players in the market are working on developing customised self-checkout services to make these systems work better and use all of their features.
By Sales Channel:
Based on the sales channel, the market is both direct and indirect. Due to the fact that retail and hospitality businesses buy in bulk, the direct segment is expected to have the largest share of the market. SCO systems are sold in large quantities by manufacturers in regions with low prices and import and export taxes.
The indirect segment, on the other hand, is expected to grow steadily and at the fastest rate during the forecast period. The big players may put more money into third-party affiliates than they do in their own employees in order to make changes and boost sales.
The retail segment is expected to have the largest market share because more shops, supermarkets, malls, and convenience stores are using self-checkout machines to save time and money on extra labour. In stores and malls, customers can scan the bar codes on products to pay for them without having to wait in long lines. Together with De Pindakaaswinkel, ShopMe opened a self-checkout system at the Westfield Mall in the Netherlands in November 2021. ShopMe has a self-checkout app that lets people at Westfield Mall in the Netherlands pay their bills online.
During the forecast period, the hospitality segment is expected to grow at the fastest rate. This growth is because more food chain restaurants like McDonald's, Domino's, and others are using these checkout systems.
During the period of the forecast, North America is expected to have the largest share of the global market. This is because many stores there have already put in place self-checkout systems. For example, as of July 2020, Walmart, a U.S.-based store, had 34 self-checkout stations that customers could use at its 180,000-square-foot stores. The new self-checkout station made it possible for stores to get rid of whole lines of customers.
The North American market is also driven by the fact that retailers, restaurants, and other end-users are becoming more open to automation and digital payment methods.
The U.S. leads the North American market because more and more people in the U.S. use mobile payments. Also, Canada is expected to grow at the fastest rate due to the fact that retailers and restaurants are using these machines.
The European market is being driven by the fact that more stores and restaurants are using self-scanning systems that work on mobile phones. The U.K., France, and the Netherlands all have self-checkout systems that use this kind of high-tech software.
In the same way, the Asia-Pacific region is expected to grow at the fastest rate due to the fact that the self-scanning system is being improved by the key players there. For example, in July 2021, the Japanese company Kyocera Group, which makes parts for electronics, released an innovative self-checkout system that is powered by AI. This smart system recognises items right away, so people don't have to touch them or work as hard in long checkout lines.
Also, labour shortages and the fact that more and more stores and restaurants in the Asia-Pacific region are using self-scanning systems have helped the market grow.
Countries in South America like Argentina and Brazil are using digital technologies to automate a lot of their business processes. For example, an Amazon Grocery Go store opened in Seattle in 2020. It used RFID sensors, artificial intelligence, and machine learning, among other things. Also, shops and convenience stores in South American countries are getting self-checkout systems to get rid of checkout lines and cut down on the number of people who do the billing.
|Units||Value (USD Billion)
|Growth Rate||CAGR of 15.0% from 2023 to 2030|
|By Sales Channel||
|Reasons to Purchase this Report||
- In January 2022: Qingdao CCL Technology Co., Ltd. partnered with Tusson Ltd. to install self-checkout machines in 10 stores in Minsk, Russia.
- In September 2021: Conad Nord Ovest, a large-scale retailer, collaborated with Diebold Nixdorf Incorporated to deploy SCO systems and solutions in its stores. In 2021, the company installed more than 160 checkout systems in Conad supermarkets and hypermarkets in Italy.
- In March 2019 - JD.com collaborated with Fung Retailing Group and launched AI-powered self-checkout systems that recognize items within seconds without needing to scan their barcodes. These AI checkouts have been implemented in two Fung's Circle K convenience stores in Hong Kong.
By Sales Channel:
- Direct Channel
- Indirect Channel
- Toshiba Global Commerce Solutions (U.S.)
- NCR Corporation (U.S.)
- Diebold Nixdorf, Incorporated (U.S.)
- Qingdao Histone Intelligent Commercial System Co. Ltd. (Shiji Group) (China)
- Qingdao CCL Technology Co., Ltd. (China)
- Qingdao Wintec System Co., Ltd. (China)
- Fujitsu Limited (Japan)
- Erply (U.S.)
- ITAB Group (Sweden)
- Pan-Oston (U.S.)
Overview of the regional outlook of the Self-Checkout System Market:
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America