Self-Checkout System Market in Cashless Transaction Segment is Projected to Witness Sharp Growth by 2024

The self-checkout system market for the cashless self-checkout system is expected to witness sharp growth over the forecast period, given the rising use of card and mobile wallets for payments. The soaring rate of card-based, mobile, and NFC-enabled payment, particularly in developed countries, has led to an increased trend of the automation technology in such regions. Standalone self-checkout models are predominantly employed in large retail formats due to the need for accommodating the large volume of items being purchased in such stores. Wall-mounted and countertop models have gained an increased prominence in the entertainment sector for ticketing purposes. Mobile self-checkout solutions are expected to serve disruptive technologies displacing the need for checkout counters and enabling customers to scan and pay for items using their smartphones.

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The growing labor shortage issues, particularly in developed regions, have pressed the need for automated checkout. Furthermore, favorable infrastructure trends and increase in the number of supermarket and hypermarket stores, such as Wal-Mart, Kroger, and Safeway, are expected to drive the self-checkout system market growth. However, the reluctance to use such systems owing to the increased risk of theft and loss of inventory may hinder the market growth. Increasing use of mobile scanning solutions and enhanced security feature could offer growth opportunities for the global market over the forecast period.

Self-checkout system providers focused on offering solutions that can be easily integrated with the latest trending technologies, such as RFID, NFC, and smartphones, to expand the market scope. The launch of Amazon Go, a convenience store opened in January 2018 without any checkout counters and automatic mobile payments is expected to offer a stiff competition to market players with the need to push on R&D for diverse and innovative solutions. Such technology breakthrough is expected to drive the evolution of the self-checkout system market.

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The self-checkout system market demand in hospitality applications, such as hotels and travel accommodations, restaurants, pubs, bars, cafés, and fast food joints, is expected to foresee the growing demand over the next six years given the escalating number of such formats, particularly in developing regions. Hospitality deployment mainly comprises menu and food ordering, hotel check-ins, information access, bookings and appointments, and advertising. The surging number of fast food chains and the need for eliminating long queues and wait times are expected to significantly drive the demand across hospitality applications.

The self-checkout system market in Asia Pacific is expected to witness a substantial growth due to the increasing number of infrastructure development projects and the rising demand for automated solutions in the region. The North American self-checkout system market dominated the global industry in 2016 and this trend is expected to continue over the forecast period owing to the presence of key market players in the region and the early adoption of new technologies particularly in the U.S. The rise in investments by retailers and high demand from customers to curtail long lines are expected to favorably boost self-checkout system market growth in the in Latin America.

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