The global Self-checkout Systems market size is expected to be worth around US$ 7.9 billion by 2028, according to a new report by Vision Research Reports.
The global Self-checkout Systems market size was valued at US$ 2.9 billion in 2020 and is anticipated to grow at a CAGR of 13.5% during forecast period 2021 to 2028.
Growth Factors
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.
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.
Report Highlights
The service segment is expected to witness the fastest growth over the forecast period. The need for effective systems to provide faster processing, flexibility in the store’s front end, and easy integration of systems and services in the traditional self-checkout as well as checkout systems is motivating the retailers to opt for consulting, implementation, and maintenance services. Ongoing retail in-store transformation and the need for tailored systems with reference to the store layouts also contributes to the growth in consulting and managed services. Additionally, modification or customization in software and a need for professional consulting services to implement updated or upgrade software in the systems also contributes to the segmental growth.
The cashless based self-checkout system is expected to emerge as the fastest-growing segment over the forecast period. The primary factor attributing to the segmental growth is the increasing popularity of electronic payments. Despite the dominance of cash or paper-based payment transaction, a shift in electronic payments is increasing among the millennials and middle age group consumers. Moreover, rising trends of mobile commerce and the availability of solutions are the other factors anticipated to drive the adoption of cashless self-checkout systems.
The hypermarkets and supermarkets segment dominated the market in 2019 with a market share of approximately 56% and are expected to continue its dominance throughout the forecast period. The increase in the number of affluent consumers among the supermarkets and hypermarkets and a need for shorter waiting times to process checkouts is the significant factor contributing to the development of the segment. Furthermore, increasing labor costs, need to replace large-sized tills, and appropriate utilization of floor space has compelled supermarkets and hypermarkets owners to deploy self-checkout systems.
North America dominated the regional segment with a market share of approximately 46%. The region is poised to grow at a considerable pace over the forecast period. The increasing adoption of self-checkout systems by the supermarkets and hypermarkets in the U.S. and Canada attributes to the regional segment growth. For instance, in June 2019, Albertsons Companies, Inc., a U.S. based drug and food retail chain, extended its partnership with Toshiba Global Commerce Solutions to improve in-store consumer checkout experience by deploying the later company’s self-checkout systems. Europe accounted for the second-largest regional segment in 2019. The larger retailers, such as grocery chains and discount stores, are increasingly expanding self-checkout lanes.
Key Players
NCR Corporation; Toshiba Global Commerce Solutions; Diebold Nixdorf, Incorporated; FUJITSU; ITAB Group, and ECR Software Corporation.
Market Segmentation
Components Outlook
Systems
Services
Type Outlook
Cash based systems
Cashless based systems
Application Outlook
Supermarkets & Hypermarkets
Department Stores
Convenience Stores
Others
Regional Outlook
North America
U.S.
Canada
Europe
U.K.
France
Germany
Asia Pacific
China
Japan
Rest of the World
Brazil
Mexico
The Self-checkout Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Self-checkout Systems market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Self-checkout Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Self-checkout Systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Self-checkout Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Self-checkout Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Self-checkout Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Self-checkout Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Self-checkout Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Self-checkout Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Self-checkout Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Self-checkout Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Self-checkout Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Self-checkout Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Self-checkout Systems market. These factors have benefited the growth of the global market for Self-checkout Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Self-checkout Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Self-checkout Systems are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers