SAN FRANCISCO, March 3, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Self-Checkout Systems – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
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Edition: 18; Released: February 2022
Executive Pool: 3422
Companies: 75 – Players covered include Diebold Nixdorf, Inc.; ECR Software Corporation; Fujitsu Frontech North America, Inc.; Fujitsu Limited; IER SAS; International Business Machines Corporation; ITAB Group; NCR Corporation; Pan-Oston Company; Slabb Inc.; SPAR International; Toshiba Global Commerce Solutions; Toshiba Tec Corporation and Others.
Coverage: All major geographies and key segments
Segments: Component (Systems, Services); Type (Cash, Cashless); Application (Supermarkets & Hypermarkets, Department Stores, Convenience Stores, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Self-Checkout Systems Market to Reach US$5.9 Billion by the Year 2026
Self-checkout devices are a category of systems that assist in processing transactions. Such devices perform a cashier’s job and deliver other services. Self-checkout technology is more beneficial to customers as compared to cash registers and provides greater customer satisfaction owing to factors, such as ease of operation, higher efficiency, greater transactional speed and perceived control. Growth in the global market is set to be driven by the technology’s ability to reduce waiting time at retail stores like supermarkets and convenience stores, thus enhancing customers’ shopping experiences and lowering operational expenses of stores. The growth of the self-checkout system market is likely to be significantly impacted by the expansion of retail industry, and the level of technology adoption by retail industry players. The growing reliance of consumers on digital payment technologies and the provision for the such payments to be made in self-checkout systems augurs well for the market. The growth in the market is likely to be significantly impacted by the expansion of retail industry, and the level of technology adoption by retail industry players. The growing reliance of consumers on digital payment technologies and the provision for the such payments to be made in self-checkout systems augurs well for the market. With labor shortage becoming a major issue for all industry verticals particularly in view of the ongoing pandemic, the role of self-checkout technologies is likely to play a role in addressing the labor shortage issue facing retail industry to some extent.
Amid the COVID-19 crisis, the global market for Self-Checkout Systems estimated at US$3.6 Billion in the year 2022, is projected to reach a revised size of US$5.9 Billion by 2026, growing at a CAGR of 11.5% over the analysis period. Systems, one of the segments analyzed in the report, is projected to grow at a 10.8% CAGR to reach US$3.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 12.5% CAGR for the next 7-year period. This segment currently accounts for a 41.8% share of the global Self-Checkout Systems market.
The U.S. Market is Estimated at $1.5 Billion in 2022, While China is Forecast to Reach $814.8 Million by 2026
The Self-Checkout Systems market in the U.S. is estimated at US$1.5 Billion in the year 2022. The country currently accounts for a 41.38% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$814.8 Million in the year 2026 trailing a CAGR of 16.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.3% and 11.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.5% CAGR while Rest of European market (as defined in the study) will reach US$930.8 Million by the end of the analysis period. Developed regions of North America, Europe, and Japan account for a major share of the market. The well-established and widespread presence of retail networks like supermarkets and hypermarkets and the high level of digitalization in the regions are presenting opportunities for adoption of self-checkout systems.
Amid the Pandemic, Food Retailers Move Towards Self-Checkout Technologies
A new normal in food retail that may become permanent brings grim news and tepid post COVID-19 outlook. The pandemic has emerged to be massive disruption for food supermarkets and grocery stores worldwide. The pandemic has strained traditional retail. There have been widespread closures of department stores around the world since the beginning of the year. At the height of global lockdowns, the pandemic widened the gap between brick-and-mortar and online commerce as consumers were pushed fully online. The early days of the pandemic which engulfed Europe and North America taking an unprepared world by storm, people rushed to the supermarket stockpiling on food, groceries and daily essentials. To manage the unprecedented spike in demand, supermarkets had to introduce online queues and wait-list new customers. 12 months into the pandemic, food supermarkets are now facing their worst ever crisis. Infection spread has led consumers to critically re-examine the way groceries are procured.
Changes in consumer behavior will affect stores that are already struggling with low profitability and declining footfall. Fashion, furniture, and electronics retailers have been hit hardest as consumers forego discretionary purchases in favor of stocking up on food and household supplies. Because of the continuing safety concerns around COVID-19, consumers that switched to online shopping will be resistant to going back to stores as they reopen with social distancing and other restrictions in place. Digital transformation grants huge opportunity for traditional retail. As retailers shift their strategies due to the impact of the pandemic, they are quickly adapting to a new set of consumer behavior and ecommerce solutions. Department store retailers will need to pivot to omnichannel fulfilment capabilities in order to remain competitive in the new environment. Offering an expanded set of ship-from-store services will drive traffic to stores.
Omnichannel approaches such as Buy Online, Pick Up in Store (BOPIS) have thrived and these new practices are here to stay as consumers intend to continue using BOPIS after the pandemic. For instance, large retailers like Walmart and Target have embraced omnichannel fulfilment to their advantage and as a result witnessed stellar earnings due to earlier investments in e-commerce. Consumers are also increasingly using contactless and mobile payments ahead of handling cash or touching POS terminal keypads. An integrated POS system across both online and offline stores will help streamline and enable contactless payments. More
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