SAN FRANCISCO, April 16, 2020 /PRNewswire/ -- The global self-checkout systems market size is expected to reach USD 7.8 billion by 2027, according to a new study conducted by Grand View Research, Inc. It is projected to register a CAGR of 13.3% during the forecast period. 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.
Key suggestions from the report:
- The system segment accounted for more than 55% of the market share in 2019, owing to the roll-out of modern hybrid self-checkout systems with advanced features to reduce employee skimming and shoplifting practices
- The cashless based system type segment is anticipated to expand at a CAGR of 14.3%. The growth can be attributed owing to the increase in demand for electronic transactions and digital payments among the frequent retail consumers
- North America accounted for the largest revenue share of more than 46% in 2019 and is anticipated to dominate the self-checkout systems market over the forecast period
- The key industry participants include NCR Corporation, Toshiba Global Commerce Solutions, Diebold Nixdorf, Incorporated; FUJITSU, and ITAB
Read 125 page research report with ToC on "Self-checkout Systems Market Size, Share & Trends Analysis Report By Components (Systems, Services), By Type (Cash Based, Cashless), By Application, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/self-checkout-systems-market
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.
The adoption of self-checkout systems has improved the efficiency and convenience among the retailers to a great extent. However, the rise in thefts and additional risks such as unscanned product or miss scanning of products imposes a challenge to the market. As per the University of Leicester study held in 2016, a 4% loss rate was observed among the retailers that used self-checkout systems. The result in the loss rate occurred owing to the products of not being scanned and from shoplifting activities. Despite the challenges, the growing implementation of computer vision and advanced technologies such as Artificial Intelligence (AI) or machine learning in the checkout systems to reduce the risk of thefts is contributing to market development. With the introduction of such modern systems, several retail chains have started upgrading their system over the old system, thereby contributing to the self-checkout systems market growth.
Grand View Research has segmented the global self-checkout systems market based on components, type, application, and region:
- Self-checkout Systems Components Outlook (Revenue, USD Million, 2016 - 2027)
- Self-checkout Systems Type Outlook (Revenue, USD Million, 2016 - 2027)
- Cash Based System
- Cashless Based System
- Self-checkout Systems Application Outlook (Revenue, USD Million, 2016 - 2027)
- Supermarket & Hypermarket
- Department Stores
- Convenience Stores
- Precision Harvesting Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Rest of the World
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
- Sound Recognition Market – The global sound recognition market size was valued at USD 66.5 million in 2018 and is anticipated to expand at a CAGR of 75.8% from 2019 to 2025.
- Explosive Trace Detection Market – The global explosive trace detection (ETD) market size was valued at USD 977.8 million in 2016 and is expected to register a CAGR of 10.5% over the forecast period.
- Facial Recognition Market – The global facial recognition market size was valued at USD 3.4 billion in 2019 and is anticipated to expand at a CAGR of 14.5% from 2020 to 2027.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519
Email: [email protected]
SOURCE Grand View Research, Inc.