SELF-CHECKOUT SYSTEM MARKET ANALYSIS

Self-checkout System MarketSize and Trends

The global self-checkout system market US$ 5,124.37 Mn in terms of value by the end of 2022, exhibiting a CAGR of 9.37% during the forecast period (2023-2030). Self-checkout also referred to as a self-service checkout machine provides a mechanism for customers to process their own purchases from a retailer. They are deployed as an alternative to conventional cashier-staffed checkout. The self-checkout system offers various advantages such as reduced labor costs, reduced waste items compared to cash registers, and more efficient pre-orders and bulky purchases, and it offers convenience for foot retail and restaurants as they allow customers to customize their orders. There are different types of technologies included in self-checkout systems namely barcode, Digimarc barcode, Radio-Frequency Identification, etc.

Self-checkout System Market Trends:

Rising trend of ‘mobile scan and go’ solutions

The rising penetration of smartphones and high-speed internet has increased the adoption of mobile self-checkout solutions also referred to as ‘mobile scan and go’ solutions. These solutions are increasingly becoming popular among consumers and retailers. Furthermore, it allows onsumers to scan, bag, and pay for their products using a smartphone. This, in turn, allows retailers to optimize their costs and the number of sales.

Growing adoption of AI-based Self-checkout systems

Artificial intelligence (AI)-based self-checkout systems are gaining popularity among retailers. These systems allow customers to scan individual products and direct them for payments. As a matter of fact, these systems can potentially reduce frauds that take place in supermarkets. For instance, in January 2019, Fujitsu introduced a new self-checkout solution that leverages artificial intelligence to curb fraud at supermarket self-checkouts.( Fujitsu is a world leading Public Sector IT Service provider. They help public sector organizations harness the power of technology to improve citizens' lives. There Digital Government Solutions ensure autonomy, secure sharing & data protection.)

Global Self-checkout System Market- Impact of Coronavirus (COVID-19) Pandemic

According to Coherent Market Insights’ analysis, the impact of coronavirus (COVID-19) pandemic on the self-checkout system market is moderately high. The supply, production cycles, employees are highly impacted due to nationwide lockdowns. Furthermore, the closure of restaurants and physical stores around the globe due to imposed lockdown will also impact the industry growth. However, changes in consumer shopping habits in response to the COVID-19 pandemic will encourage industries to deploy touchless or robust self-checkout options in stores. According to the data published by Shekel Brainweigh Ltd., a provider of weighing technologies in April 2020, in the U.S., two-thirds of consumers are using self-checkout, touchless self-checkout or frictionless micro-markets to pay for groceries, while less than one-third of respondents are ordering groceries online. Therefore, these factors are expected to propel the global self-checkout system market growth over the forecast period.