According to a recent study from market research firm Global Market Insights, The self-checkout system market is expected to grow at a substantial rate by 2026 owing to steady deployment of these systems across restaurant outlets. Current advancements in wireless technology and easy accessibility of online payment solutions have enabled the use of self-service systems on scale. Rising trend of automation across restaurants, shopping and entertainment arenas and use of mobile payment solutions will have a positive impact of the industry.
Companies operating in the self-checkout system market are working on development systems that are tailored for specific business applications. In 2020, MishiPay Limited, a Scan & Go technology provider, partnered with leading sports gear firm, Decathlon to launch ‘Scan, Pay, Leave’ mobile self-checkout systems in stores across Germany. With such advanced innovations, Global Market Insights, Inc., estimates that the self-checkout system market may register around USD 6 billion by 2026.
Citing an instance of the same, Albertsons Companies announced deploying Toshiba’s self-checkout systems in an attempt to reduce the wait time, improve operation throughput, minimize customer interventions, and enable faster payment. As per a news source, the partnership between these two companies includes immediate as well as long-term initiatives to best engage in-store shoppers, augment overall customer satisfaction, and optimize front-end output.
Today, as the threat of COVID-19 pandemic and infection spread is deepening worldwide, about 87% of shoppers are inclined towards using touchless or self-checkout options. Elaborating further, self-checkout is also expanding amongst 75% shoppers who are looking forward to leveraging the benefits of these systems to pay for groceries. An important point to note here is that 90 per cent of the people making use of self-checkout systems fall under the age category of 18 to 60.
Not to mention, online transaction and cashless payment trends are also stimulating the growth graph of self-checkout system market. According to Reserve Bank of India Reports, total inward and outward NEFT and mobile transactions in September 2020 across the Indian states were 2468.3 lakh.
The mention of Japan’s Aeon has, indeed paved way for self-checkout systems market progression in the region of Asia Pacific. In fact, industry experts predict that Asia Pacific self-checkout market would grow at a CAGR of 15 per cent through 2026, given the rapid urbanization trend and increasing economic conditions in the region. It would be pivotal to state that emerging economies like China, India, and Japan, are currently experiencing the adoption of advanced technological solutions in vivid industrial verticals.
On these lines, FDI in the retail industry is bolstering the construction of branded retail outlets and the subsequent adoption of smart systems across such stores. On top of that, global companies operating in the field of self-checkout business are setting up their retail chain across some of these countries to expand their global presence thus gaining a competitive advantage in the overall market space. Say for example, a popular fashion brand H&M announced its plans of establishing two new stores in India any time soon.
Mobile payment transaction models are the upcoming checkout trends which are gaining momentum among customers. The model includes mobile wallets and apps that allow consumers to scan products, collect information as well as ensure simple checkout methods.
The growing trend of digitalization is encouraging self-checkout system manufacturers to develop updates through the application of mobile solutions. A high implementation area of these systems is the FMCG retail industry where digital solutions are being extensively used on account of increasing demand for effective self-checkout systems that simplify payment transactions.
Key Companies covered in self-checkout system market are Diebold Nixdorf, Inc., Digimarc Corporation, ECRS Software Corporation, Fujitsu Limited, IBM Corporation, IER, Inc., ITAB Shop Concept AB, NCR Corporation, Olea Kiosks, Inc., Pan-Oston Co., PCMS Group Ltd., Scandit Inc., ShelfX, Inc., Slabb, Inc., Toshiba Global Commerce Solutions and Versatile Credit.