Self-Checkout System Market has grown by leaps and bounds courtesy the proliferation of retail outlets worldwide and the rising demand for a hassle-free checkout process. Numerous companies operating in the retail sector have been proactive in embracing cutting-edge technologies to alter the conventional norms of shopping.
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.
The growing trend of infrastructure development, new construction activity, and the proliferation of automated solutions are expected to drive demand for self-checkout system over the forecast period. Increasing number of technology adopters, particularly in developing regions, offers a huge potential for the market growth over the next six years. Benefits offered by such systems including an increase in checkout speed and reduction in the overall operational cost are expected to drive demand across industry verticals.
Market players have been employing various strategies including technological innovations, price differentiation, investment in Research & Development (R&D), and mergers & acquisitions to gain a competitive advantage in the global market. Self-checkout system providers are focused on developing and providing advanced features such as higher storage capacity, LED lighting, space saving footprint, RFID detection, NFC-enabled payment, bill and coin accepting/dispensing above scanner, integration of cameras with scanning software, and facial recognition technology to capture loyal customers or shoplifters. Consistent efforts by market players to offer the most advanced solutions at competitive prices are expected to positively drive the self-checkout system market growth.
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On the basis of the solution, the market is segmented into hardware, software, and services. The declining price of self-checkout terminals in the past few years has significantly increased their adoption across diverse applications. Compact design, enhanced security features such as facial recognition, built-in sensors, and aesthetically-pleasing designs are the trends driving the adoption of a self-checkout system across various store formats.
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.
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 market growth in the in Latin America.
Key vendors in the self-checkout system market comprise Diebold Nixdorf, NCR, Fujitsu, and Toshiba. Market players are investing in R&D to develop self-checkout solutions matching the diverse application needs and aesthetic environmental designs.