Newark, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The self-service supermarket sensor market was estimated at around USD 3.2 billion in 2021, growing at a CAGR of nearly 10.6% during 2022-2030. The market is projected to reach approximately USD 9.8 billion by 2030.
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Self Service Supermarket Sensor Market: Overview
The entire market expansion during the COVID-19 epidemic was driven by the demand to preserve social distance, shorten line wait times, and provide products outside of retail store premises. The expense of shop space is rising, and the length of consumer lines to place orders or pay is lengthening. Other factors driving the market's expansion include the lack of experienced personnel in emerging countries, growing labour prices, and a preference for individualized shopping experiences.
Over the past few years, self-checkout systems have gained popularity across a range of end-user sectors. The adoption of numerous technological trends is necessitated by retail automation and the growing demand to improve customer experience, which has an impact on the retail industry. Customers' demands for seamless shopping journeys and AI product recommendations are accelerating the market's adoption of self-service kiosks. Self-service kiosks are very important for encouraging self-checkout at retail establishments.
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Growth Factors
One of the key factors propelling the market's expansion is the shifting consumer inclination for self-service options. Consumers that are tech-savvy are very picky about how easily, safely, and independently they can buy at retail establishments. Retailers are aggressively implementing cashless self-checkout systems, which normally allow customers to buy securely and check out without any manual interaction, as a result of technical advancements and shifting technological trends. For instance, having observed the increased demand for self-service among millennial customers, Key Food Montague, a grocery store situated in New York, U.S., introduced Toshiba Global Commerce Solutions cashless self-checkout systems in August 2017 as part of the efforts to achieve a competitive edge.
Segmental Overview
Due to consumers' increasing demand for digital payments and electronic transactions, cashless-based solutions are gaining significant acceptance. During the projection period, the segment is anticipated to grow at the quickest CAGR of 14.5%. Millennials and middle-aged consumers are more inclined to use electronic payments, even though cash and paper-based transactions still predominate. The accessibility of digital payment options and the expanding trend of mobile commerce are further factors propelling the market for cashless self-checkout systems.
Over the course of the projected period, the services segment is anticipated to grow the fastest. Retailers are being influenced to use motivating, consulting, and maintenance services by factors like the demand for efficient systems to provide flexibility in the store's front end, faster processing, and simple integration of systems and services in the traditional checkout systems and self-checkout. The demand for customised solutions that take into account shop layouts and the ongoing transformation of retail in-stores also adds to the expansion of consultancy and managed services. The segment's expansion is also fueled by the requirement for expert consulting services to integrate updated or upgraded software in the systems as well as software customization or modification.
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Regional Overview
With a market share of more than 40% in 2021, North America dominated the industry. The expansion of the regional market is being fueled by the presence of numerous grocery and supermarket chains as well as expanding retail in-store transformation. The rise of the regional category was influenced by the increasing use of self-checkout systems in Canadian and American supermarkets and hypermarkets. The main cause of the unfilled employment void in the United States is employee desire for a better pay range. Self-checkout systems are becoming more and more popular in all types of physical stores because of the increasing need for workers at an optimal wage scale.
Report Scope
| Base Year | 2021 |
| Forecast period | 2022-2030 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) | USD Billion |
| Self Service Supermarket Sensor Market CAGR | 10.6% |
| Segments Covered | By Component By Type |
List of the prominent players in the Global Self Service Supermarket Sensor market:
• Diebold Nixdorf, Incorporated
• ECR Software Corporation
• FUJITSU
• Gilbarco Inc.
• ITAB Group
• NCR Corporation
• Pan-Oston
• PCMS Group Ltd.
• StrongPoint
• Toshiba Global Commerce Solutions
The global Self Service Supermarket Sensor market is segmented as follows:
By Component
• Systems
• Services
By Type
• Cash Based Systems
• Cashless Based Systems
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Egypt
o Kuwait
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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