DUBLIN--(BUSINESS WIRE)--The "Self-Checkout System Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Self-Checkout Systems Market is expected to register a CAGR of 10.2% over the forecast period 2020-2025. The technological advancements, the scope for increased speed of checkout, shift from traditional payment system to cashless environment, labor shortage issues across the emerging countries, the growing demand for modern store formats are some of the major factors influencing the growth of the self-checkout systems market while reluctance/lack of awareness to use self-checkout systems is expected to hinder the growth of the market.
- Over the past few years, the market has witnessed the increasing deployment of these systems at various industrial domains such as retail, entertainment, healthcare, financial services, among others. In the retail sector, the market is further propelled by the deployment of these systems in stores such as supermarkets, hypermarkets, department stores, and convenience stores.
- The consumer market is witnessing a trend of Do-it-yourself. Customers are interested to rather interact with machines than with people. Connected Retailer Survey (2019), conducted by SOTI, indicated that about 66% of respondents (retail shoppers) prefer using a self-service technology over having to ask a salesperson.
- Also, the technological advancements in the field are enabling the reduction of the time spent on the entire checkout experience. For instance, in 2020, DXC Technology, in collaboration with Murata and Harting Systems, launched a new RFID-based self-checkout counter. The product is expected to scan all the items tagged with RFID at once without any effort and displays a full list of the products and total price within 30 seconds.
- Further, consumers across the world are developing a habit of dropping by the supermarket stores multiple times a week, rather than buying all the items at once. According to global research conducted by Dunnhumby, more than 60% of store baskets contain six or even fewer items. The tendency, also called small basket visits, is predicted to increase 3% y-o-y in regions like Asia-Pacific, 7.5% in Europe, and 11% in Latin America. Such a tendency is ideal for self-checkout machines, as these machines have shown to deliver significant time savings in the case of baskets with ten items or less.
- The breakout of the COVID-19 pandemic is expected to have a significant impact on the market in the short term, owing to the dependence on equipment production in China. The result of halting the production and, thereby, sales has led to a pile of orders, which is likely to increase the cost of the equipment.
- However, situations such as these are expected to be beneficial for the market in the long term. The need to reduce the risk of infection both in stores and in queues outside stores is addressed by these systems as they allow stores to reduce the number of people waiting in line using a simple virtual queuing system and control the number of people within the store.
- In such regard, retail stores, pharmacies, and other stores around the world are embracing the technology to face similar pandemics in the future, to keep their store operating even throughout such situations.
The Self-Checkout System Market is highly competitive and is currently dominated by a few players with their technological expertise. The global market is expected to be nearly consolidated in nature, and the major players with a prominent share in the market are focusing on expanding their customer base across foreign countries by leveraging on adopting growth strategies, such as facility expansions, partnerships and product launches to increase their market share and their profitability.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Speed of Checkout
4.2.2 Addressal of the Labor Shortage Issues Across the Emerging Countries
4.3 Market Restraints
4.3.1 Reluctance/Lack of Awareness to Use Self-Checkout Systems
4.4 Industry Value Chain Analysis
4.5 Porter's 5 Force Analysis
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.2 Transaction Type
5.3 Model Type
5.4 End-user Industry
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Diebold Nixdorf, Inc.
6.1.2 Fujitsu Ltd.
6.1.3 NCR Corporation
6.1.4 ECR Software Corporation
6.1.5 Toshiba Global Commerce Solutions
6.1.6 ITAB Scanflow AB
6.1.7 Pan-Oston Corporation
6.1.8 DXC Technology
6.1.9 Slabb Inc.
6.1.10 ShelfX Inc.,
6.1.11 Pegasus Technologies
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/83vb2z
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