The self-checkout systems market is forecast to expand at 10.8% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 4,720.0 million in 2023.
The self-checkout systems assist retailers with improved flexibility, scalability, reliability, and usability. It supports quicker payment processing and brings down the wait time. Firms across the globe are investing in these checkout technologies to regulate and encourage effective performance in the office.
The market is further driven by the surging implementation of AI and cloud-based integration in self-checkout solutions in hospitality, retail, and other industries. Growing familiarization of AI-based services in systems is augmenting the demand for self-checkout systems in developed economies.
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Automation is rapidly making its way into the hospitality and retail sectors. Execution of cashless payment systems is catalyzing sales of self-checkout systems. These systems offer a unique shopping experience to customers, apart from shortening the waiting time. Key companies are also collaborating to introduce SCO systems in retail stores, thus fueling market growth.
Top Highlights from the FMI’s Analysis of the Self-checkout Systems Market:
- North America self-checkout systems industry is expected to contribute more than 26.6% toward the overall market in 2023.
- The United States market is projected to gain market share exceeding 15.4% over the forecast period.
- The Europe self-checkout systems industry is expected to support the global market by sharing 20.1% with the global market.
- The German market is expected to acquire a total of more than 7.2% of the entire market in 2023.
- The United Kingdom’s self-checkout systems industry is expected to expand at a CAGR of 8.7% over the estimated period.
- The India self-checkout systems industry is expected to propel at a CAGR of 11.2% over the upcoming years.
- The Chinese self-checkout systems industry is projected to register a CAGR of 9.1% over the assessment period.
- The Japanese market is projected to gain a value share of more than 5.3% in 2023.
- The Australian self-checkout systems industry is projected to attain a market share of above 3.2% in 2023.
- Based on application, the hardware segment gained 54.4% in 2022.
- Under the category of the model, the standalone segment acquired 54.3% in 2022.
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News Update from Self-checkout Systems Industry:
- Toshiba is making concerted efforts to develop solutions targeted at users of Chile’s Supermarkets EI Trebol chain.
- NCR Corporation united with Royal Farm, which is a Baltimore-based convenience store retailer, in October 2021. With this partnership, the company is set to offer self-checkout solutions in 250+ stores.
- Conad Nord Ovest, which is a nationwide retailer, cooperated with Diebold Nixdorf Incorporated in September 2021. The purpose of this collab was to deploy SCO solutions and systems in its stores. In the same year, the company installed 160+ checkout systems in Conad hypermarkets and supermarkets in Italy.
- Diebold Nixdorf, Incorporated, in January 2021, released DN Series EASY, which is a self-service checkout solution to cater to retailers’ demands. This solution enhances the store’s efficiency, improves the consumers’ shopping experience, and lessens additional costs.
- Pyramid Computer GmbH came into a partnership contract with Scheidt & Bachmann GmbH in February 2021. This enterprise provides solutions for retail stores throughout parking sites and fuel stations. According to the contract, the latter company is supposed to integrate its SIQMA Smoove, which is a checkout solution, into the former company’s hardware.
Key Players in the Global Self-checkout System Industry
By Solution:
- Hardware
- Software
- Service
By Model:
- Standalone
- Wall-mounted/Countertop
- Mobile
By Transaction:
- Cash-based
- Cashless
By Application:
- Entertainment
- Healthcare
- Hospitality
- Retail
- Travel
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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