Self-Checkout System Market Size By Solution (Hardware, Software, Service), By Transaction (Cash-based, Cashless), By Model (Standalone, Wall Mounted/Countertop, Mobile), By Application (Entertainment, Healthcare, Hospitality, Retail, Travel), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030
The self-checkout system market is poised to expand massively by 2030 as a result of rising prevalence of cashless payment across different countries. In addition, rising infrastructural development, along with growth in the retail and tourism industries, is likely to promote market growth over the forecast period.
The COVID-19 pandemic posed a threat to business growth due to the closure of commercial facilities. The tourism and retail sectors were brought to a halt on account of restrictions on movement in light of rising instances of the coronavirus infection. This resulted in disruptions along the global supply chain, thereby causing a huge decline in market growth.
However, the recent shift towards cashless transactions and infrastructural development in the post-pandemic scenario have bolstered product demand, particularly in the healthcare and hospitality sectors, thereby aiding self-checkout system market growth. Moreover, major industry players have been focusing on implementing modern technologies, such as biometrics and AI in their products, coupled with strategic partnerships and collaborations, to strengthen their market presence.
For instance, in March 2022, Diebold Nixdorf, Inc., a financial and retail technology company, announced the extension of its IT service partnership agreement with McDonald’s Germany. As per the deal, Diebold Nixdorf, Inc. agreed to provide commissioning, installation, and maintenance services in all outlets of McDonald’s Germany, including the deployment of self-service terminals, along with payment transaction technology like the TSE Connect Box, to implement the usage of a German security regulation for POS systems, KassenSichV.
The self-checkout system market has been bifurcated on the basis of model, solution, application, transaction, and region.
In terms of solution, the industry has been segregated into hardware, software, and service. The ease of scanning products faster and paying with any preferred payment option has boosted consumer interest in robust self-service hardware systems, thereby impelling the growth of the hardware solution segment.
From the transaction perspective, the self-checkout industry has been segmented into cashless and cash-based. The cashless segment is expected to witness substantial progress over the analysis period due to rising popularity of smart cards and digital wallets.
The self-checkout system market has been divided with regards to model into wall-mounted/countertop, standalone, and mobile. Growing penetration of smartphones is set to augment the mobile self-checkout system industry progression.
With reference to application, the market has been categorized into travel, entertainment, retail, healthcare, hospitality, and others. Mounting construction of amusement parks and movie theatres is slated to stimulate the development of the entertainment application segment.
The healthcare segment is primed to observe strong growth up to 2030. Prominent digitalization of the healthcare sector is speculated to encourage the integration of self-checkout systems at different touchpoints. The hospitality application segment is anticipated to amass significant gains by 2030 driven by mounting adoption of self-checkout systems attributed to the rising number of tourists traveling globally.
In the regional framework, the Latin America self-checkout system market is estimated to attain high traction through the review timespan on account of increasing adoption of digitalization in the LATAM region. On the other hand, the expanding retail sector that uses advanced digital technologies is projected to offer massive growth opportunities for the self-checkout system industry in the Middle East & Africa region.
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