Global Self-Checkout Systems Market - Forecasts from 2024 to 2029

Global Self-Checkout Systems Market - Forecasts from 2024 to 2029

Global Self-Checkout Systems Market is projected to grow at a CAGR of 16.80% during the forecast period to reach US$46.099 billion by 2029, from US$15.541 billion in 2022.

Self-checkout systems are automated systems used in the retail, supermarket, and hospitality sectors to assist customers with self-ordering and checkout without the assistance of any staff members. Self-service checkout systems are becoming more and more popular as a result of their capacity to decrease cart abandonment, guarantee shorter lines than traditional checkout lanes, and free up staff time for other store-related tasks.

The adoption of self-checkout systems has significantly increased globally as a result of merchants' rising emphasis on enhancing consumer happiness and the shopping experience. Additionally, it has become more widely used in the healthcare industry as a result of increasing investments made to enhance the patient experience.

Market Drivers:

Increasing Automation to grow the self-checkout system market-

Automation is quickly replacing traditional forces of transformation in many global sectors. Self-checkout systems are projected to become more prevalent in warehouses and store operations due to the rising adoption of automation across sectors and businesses including retail and hospitality. Self-ordering, self-scan and pay, and other features that reduce long lines are factors in their rising market popularity.

The adoption of robotic and automated goods has also significantly increased in the retail sector over the past several years as a result of the shrinking workforce. The market is still expanding at a steady rate thanks to technological advancements and rising IoT penetration in the retail sector. Shop owners are spending more money on technology to help with inventory management, product identification, and other challenges that occur in-store.
Technological Advancements-

The grocery store experience is undergoing a significant transformation through continuous technological advancements, with a notable success being the integration of artificial intelligence (AI). Kroger, the largest supermarket chain in the United States, has embraced this trend by introducing AI-enabled self-service checkouts (SCOs) to enhance customer satisfaction and minimize stock losses. Following a successful pilot phase, Kroger has implemented this AI-based self-checkout system in 1,700 stores, with plans for a comprehensive rollout across all locations shortly.

This technology has given rise to the concept of virtual self-checkouts, utilizing innovative store planning and shopper research approaches through eye-tracking virtual reality (VR) store simulations. This pioneering method aims to optimize the customer experience and streamline the checkout process.

Furthermore, the integration of biometric authentication methods represents a growing trend within self-checkout systems. This includes leveraging customer fingerprints, wrist scans, or facial recognition to enhance security and simplify payment procedures. Notably, this technology is now available at prominent retailers such as Amazon Go, Amazon Fresh, Whole Foods, and various third-party locations.

A prime example is Amazon One, a system where users intentionally scan their palms for recognition, putting them in control of when and where they choose to be identified. This signifies a significant step forward in the realm of secure and convenient transactions within the evolving landscape of grocery store technology.

Self-checkout Systems Market by component is segmented into hardware and software

By component, the Self-Checkout system market is segmented into Hardware and Software segments. The hardware segment is further subdivided into Customer Displays, Belts, Price Readers, and Other segments.

North America is anticipated to hold a significant share of the self-checkout systems market.

Geographically, the Self-Checkout system market is segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America holds a notable share of the market owing to the rising adoption of self-checkout systems by hypermarkets and supermarkets in Canada and the US. However, the Asia Pacific region is anticipated to have the fastest growth owing to growth in the retail and hospitality industry along with growing automation and digitization trends.

Market Developments:

January 2024- NCR Voyix Corporation, a global platform and provider of digital commerce solutions for the retail, restaurant, and banking industries, and recognized as the world’s largest self-checkout vendor, announced the launch of its Next Generation Self-Checkout Solution powered by NCR Voyix Commerce Platform. The NCR Voyix Next Generation Self-Checkout Solution represented a significant evolution in the checkout experience for both retailers and shoppers.
April 2023- Teamwork Commerce, the global provider of retail management software, announced the launch of its RFID-Powered Self-Checkout solution, aimed at simplifying the checkout process for in-store customers. The technology enabled customers to instantly scan all items, thereby reducing checkout times and making in-store experiences hassle-free.
November 2023- A Self-Service Screening Option was introduced at the airport. With the increasing number of air travelers surpassing pre-pandemic levels. The goal was to enhance screening efficiency and improve the passenger experience while maintaining a stable number of Transportation Security Officers (TSOs). As part of its Screening at Speed Program, S&T pursued a solution involving passenger self-service screening. This initiative allowed PreCheck® passengers to complete the screening process with minimal to no assistance from TSOs.

Company Products:

Belting Self-Checkout.- Belted self-checkout combines the convenience of self-checkout with the advantages of a belted conveyor. For establishments with large-basket clients who prefer self-service checkouts, a belted self-checkout is a fantastic choice. Pan-Self-Service Oston's Technology initiative allows customers to create a unique design centered on their chosen point of sale. The key features include hardware integration services, convenient service access panels, and use of customers' preferred point of sale, cash and coin recycling equipment, weight scale security plates with bag racks, and other customizations upon request.
Flex Market®- The newest advancement in self-service kiosks, Flex Market shortens lines and enhances traffic flow at prepared food areas, delis, coffee counters, client boarding areas, and even rapid checkout lanes. The plug-and-play Made-to-Order functionality of Flex Market gives shop owners and customers infinite customization options when placing orders, providing flexibility to meet the needs of 21st-century retail. It is a durable hardware architecture that offers a frictionless consumer experience and retains consumers. It offers three distinct placement options, is easily maintained, and has customizable configurations.

Market Segmentation:

By Component
Hardware
Customer Display
Belts
Price Readers
Others
Software
By Model
Cash
Cashless
By Mounting
Stand-alone
Countertop
Wall-mounted
By End-user Industry
Entertainment
Healthcare
Hospitality
Retail
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Indonesia
Thailand
Others