Self-Checkout Systems Market Top Key Players, Rising Technology Trends & Forecast to 2023

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.

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.

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Geographically, North America held the largest market share in terms of revenue in 2017 due to the early availability of such systems the region. The presence of prominent players in the North America region also helped it in dominating the self-checkout systems market across the world. While the continent will still lead the market during the forecast period, Asia-Pacific would experience the fastest growth owing to the adoption of advanced technologies in the region.

Hence, technological advances and evolving human behavior will continue to push the market ahead.

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