Self-Checkout Systems Market Size, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

The global self-checkout systems market is being driven by numerous factors, such as their ease of use and faster check-out speed as compared to manual handling and the fact that these solve the issue of labor shortage. In 2017, the market was valued at $2,522.1 million, and it is expected to grow at a CAGR of 10.7% during the forecast period (2018–2023). Self-checkout systems scan products, provide their details and take payments, thus leading to a complete transaction at a retail store.

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 They serve as a substitute for a cashier and offer several services. A self-checkout system is an integrated software, hardware, and services package. The system helps the consumers take charge of the whole process, from choosing the products and generating the bill to depositing the amount for the purchase without direct involvement of a human employee at the counter. Retail stores are benefiting from self-checkout systems as these enable store owners to cut their labor costs by automating the work of clerks and cashiers.

One of the factors driving the self-checkoutsystems market is the smooth user experience that these systems offer in terms of being less time-consuming by helping people avoid long queues at the billing counter and keeping human interaction to the minimum. Such systems offer a well-rounded experience in terms of services that consumers expect from store attendants. This results in a faster shopping experience, as customers can simply generate the final bill themselves without having to wait in lines.

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The self-checkout systems market is segmented on the basis of offering, mounting type, model type, retail store, vertical, and geography. In the mounting type segment, the market has standalone, and wall-mounted and countertop systems as its categories. Standalone systems were the larger revenue accumulator, accounting for $1,519.0 million in 2017. The wall-mounted and countertop systems category is expected to prosper at a higher CAGR of 12.7% during the forecast period. Their popularity can be attributed to their less space-occupying feature, which makes them a suitable choice for small store owners.

Based on offering, the self-checkout systems market is divided into software, hardware, and services, among which the hardware category dominated the market in 2017 with more than 38.0% sales volume share. This was because a number of manufacturers and suppliers exist in the market, who sell different components for such systems. Further, with technology advancements, the hardware needs to be upgraded regularly unlike software and services. Further, different types of machines are needed for different goods, which was another reason for the dominance of hardware on the market.