Self-Checkout Systems Market Revenue, Share, Demand and Opportunities by 2023
The global self-checkout systems market is growing at a CAGR of 10.7% during 2018–2023 and will reach $4.642 billion by 2023. Advancements in technology, growing consumer inclination toward convenient checkout methods, and labor-shortage issues in consumer stores are the major factors contributing to the market growth.
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On the basis of offering, the self-checkout systems market has been categorized into hardware, software, and services, of which software is expected to be the fastest-growing category, advancing at a CAGR of 12.9% during the forecast period. This can be attributed to the growing use of various types of software to support checkout technologies with interactive functionalities. Furthermore, the growing acceptance of advanced technologies among customers is resulting in the increased demand for checkout software in stores.
Self-checkout systems lead to significant savings in terms of labor costs, as up to eight systems can be handled by one person. This is particularly important at times when stores have limited personnel to handle long checkout queues and assist shoppers with the purchasing process. Besides, with the automation of the checkout process, staff personnel can be redeployed to the sales floor to enhance direct customer service. Hence, labor-shortage issues can be viewed as a key factor driving the growth of the self-checkout systems market.
The self-checkout systems market is expected to continue witnessing the fastest growth in Asia-Pacific(APAC) in the coming years, owing to the untapped market in these countries, which is offering huge growth potential to the players. Moreover, with a large population base, the demand for less time-consuming and convenient shopping options, such as self-checkout systems, is high in these countries.
Some of the key players operating in the self-checkout systems market are NCR Corporation, Fujitsu Limited, Toshiba TEC Corporation, PCMS Group Ltd., Diebold Nixdorf Incorporated and International Business Machines Corporation (IBM).
