Pune, India, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The global self-checkout systems market size was valued at USD 3.90 billion in 2021. The market is projected to grow from USD 4.51 billion in 2022 to USD 12.01 billion by 2029, exhibiting a CAGR of 15.0% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled, “Self-Checkout Systems Market, 2022-2029.”
The bolstering demand for automation and cloud-based Self-Checkouts (SCO) in the retail sector for price as well as time proficiency fuels the market for self-checkout systems. Moreover, multiple pioneering players in the market are embracing these advanced solutions in order to automate their business activities across retail stores.
Surging demand for automation and cloud-based Self-Checkouts (SCO) in the retail industry for price and time proficiency fuels the market for self-checkout systems. Various important companies in the market are implementing these advanced solutions to mechanize the business procedures across retail stores.
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Key Industry Development:
January 2022: Qingdao Wintec System Co., Ltd. unveiled its WINTEC SelfPoS60 solution for the Homeplus retail brand based in South Korea. SelfPoS60 is a self-checkout management system that sustains all the primary and advanced activities of inventive self-checkout processing.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 15.0% |
| 2029 Value Projection | USD 12.01 billion |
| Base Year | 2021 |
| Self-Checkout Systems Market Size in 2021 | USD 3.90 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 173 |
| Segments covered | Type, Component, Sales Channel, End-user and Geography |
| Self-Checkout Systems Market Growth Drivers | Increased Penetration of Automation across Retail and Hospitality Industries to Drive the Market |
| Data Security Concerns are Expected to Impede Market Growth |
Shutting of Retail Stores and Strict Lockdown Guidelines Restricted Market Growth
The COVID-19 pandemic destructively influenced the market owing to lockdowns, numerous limitations inflicted by governments of various countries, and the shutting of retail shops, malls, and hypermarkets. The global self-checkout market displayed a trivial deterioration in the market size by 12.4% in 2020 compared to 2019. In regards with revenue, the market perceived a decline in revenue to USD 3.38 billion in 2020.
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Drivers and Restraints:
Amplified Usage of Automation across Retail and Hospitality Sectors to Foster Growth
Surging digitization, connectivity, and data are prime aspects that fuel digital transformation. Industries implement digitalization to create novel products and services to refine customer approval. Self-checkout solutions aid consumers with shopping and enable digital and contactless payments without requiring retail staff. The embracing of electronic payment processes has augmented the demand for checkout systems. These checkout systems are deployed to decrease wait time and offer a ground breaking shopping experience to users.
Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy.
Segments:
Fixed Segment Owns Lion’s Share owing to Bolstering Demand in Convenience Stores
Based on type, the Self-Checkout Systems Market includes fixed and mobile-based self-checkout solutions. The fixed segment is estimated to hold the largest market share as it presents more aspects and functionality. The growing acceptance of fixed checkout systems among convenience store owners has uplifted the market growth.
Increasing Demand for Automations by Retailers Propelled Self-Scanning Solutions Globally
The Self-Checkout Systems Market study involves solution and services based on component. The solution segment is projected to hold the maximum self-checkout systems market share owing to the surging installation of self-checkout machines across the retail and hospitality sectors.
Direct Sales Channel to Witness High Growth Owing to Rising Adoption by Large Retail Chains
The market scope comprises direct and indirect based on sales channel. The direct segment is expected to hold the largest Self-Checkout Systems Market share owing to bulk procurement initiated by the retail and hospitality businesses.
Increasing Adoption of Self-Checkout Systems to Spur Demand for Retail Business
The market scope involves retail, hospitality, and others (mass merchandisers) based on end-user. The retail segment is anticipated to hold the largest market share owing to the surging implementation of self-checkout machines in retail shops, supermarkets, and convenience stores as it is both time and cost-effective.
Geographically, the market share is fragmented into five major regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.
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Regional Insights:
North America to Hold Largest Share Backed by Thriving Utilization of Automation
North America is projected to hold the largest self-checkout systems market share during the forecast period due to multiple deployments of the product by retail stores. Additionally, the North American market is fueled by the surging utilization of automation and digital payment methods by retailers, restaurants, as well as other end-users.
The Europe market is navigated by the rising embracing of mobile self-scanning among retailers and restaurants. The adoption of these advanced technology is perceived across nations such as the U.K., France, and the Netherlands.
Likewise, Asia Pacific is predicted to grow with the highest CAGR owing to the rising number of producers and shipments. The market is enhancing promptly in this region, with consumers predisposing toward automation and digitalization.
Competitive Landscape:
Vital Business-related Declarations by Prime Players to Sway Market Dynamics
Crucial companies in the market often make pivotal announcements concerning a few business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, sign contracts with government organizations, and so on.
List of Key Players Self-Checkout Systems Market in the Report:
- Toshiba Global Commerce Solutions
- NCR Corporation
- Diebold Nixdorf, Incorporated
- Qingdao Histone Intelligent Commercial System Co. Ltd.
- Qingdao CCL Technology Co., Ltd.
- Qingdao Wintec System Co., Ltd.
- Fujitsu Limited
- Erply
- ITAB Group
- Pan-Oston
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Self-Checkout System Key Players Market Share Insights and Analysis, 2021
- Global Self-Checkout System Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Fixed
- Mobile-based
- By Component (USD)
- Solution
- Services
- By Sales Channel (USD)
- Direct
- Indirect
- By End-user (USD)
- Retail
- Supermarket/Hypermarket
- Departmental Stores
- Convenience Store
- Others
- Hospitality
- Hotels
- Restaurants
- Others
- Others
- Retail
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
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