The Global Self-Checkout System Market is estimated to be valued at US$ 5,124.37 Mn in 2023 and is expected to exhibit a CAGR of 9.37% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Self-checkout systems allow customers to complete the purchasing process without any human assistance. They are equipped with barcode scanners, weight scales, payment options and receipt printers. Self-checkout systems provide convenience to customers and help retailers improve store efficiency.
Market key trends:
The adoption of artificial intelligence and machine learning technologies is enhancing self-checkout capabilities. AI enables facial recognition for age verification and machine learning helps detect misplaced or forgotten items. AI-powered computer vision accurately identifies products without the need for barcode scanning. This has improved the shopping experience and drives the adoption of advanced self-checkout systems.
Self-checkout systems can be segmented into hardware, software, and services. The hardware segment dominated the market in 2022 as hardware components such as touchscreen kiosks, bill and coin dispensers, card readers, barcode scanners, and weighing scales are the core components of self-checkout systems. The demand for hardware components is high since they need frequent replacement or repair owing to extensive usage.
The Global Self-Checkout System Market is expected to witness high growth, exhibiting a CAGR of 9.37% over the forecast period 2023-2030, due to increasing demand for fast and convenient shopping experiences among consumers.
The market size is expected to reach US$ 5,124.37 Mn in 2023.
North America dominated the self-checkout system market in 2022 accounting for over 35% of the global market share. This is attributed to factors such as increasing adoption of self-checkout systems in supermarkets and hypermarkets coupled with early introduction of advanced technologies in the region. Asia Pacific is expected to exhibit the highest CAGR during the forecast period due to growing organized retail industry and rapid modernization of retail infrastructure in developing nations such as China and India.
Key players operating in the self-checkout system market are Diebold Nixdorf, Inc., DXC Technology, ECR Software Corporation, Fujitsu, ITAB Group, NCR Corporation, Pan-Oston Corporation, ShelfX Inc., Slabb Inc., and Toshiba Global Commerce Solutions. Diebold Nixdorf, Inc. and NCR Corporation captured over 35% of the global market share in 2022 owing to their strong product portfolio and geographical presence.