Global self-checkout systems market is expected to reach $4,642.7 million by 2023, advancements in technology, growing consumer inclination toward convenient checkout methods, and labor-shortage issues in consumer stores are the major factors contributing to the market growth, according to P&S Intelligence.
Insights on market segments
On the basis of offering, the self-checkout systems market has been categorized into hardware, software, and services, of which software is expected to be the fastest-growing category, advancing at a CAGR of 12.9% during the forecast period. This can be attributed to the growing use of various types of software to support checkout technologies with interactive functionalities. Furthermore, the growing acceptance of advanced technologies among customers is resulting in the increased demand for checkout software in stores.
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During the forecast period, the service category is expected to surpass the hardware and software categories in terms of revenue generation. This can be attributed to the growing installation and maintenance needs resulting from the increased usage of self-checkout machines.
The self-checkout systems market is expected to continue witnessing the fastest growth in APAC in the coming years, owing to the untapped market in these countries, which is offering huge growth potential to the players. Moreover, with a large population base, the demand for less time-consuming and convenient shopping options, such as self-checkout systems, is high in these countries.
The self-checkout systems market in countries such as India, South Africa, and Germany is still untapped. With huge market potential and high population, these countries are offering ample growth opportunities to the players in the market. Presently, Germany and South Africa have a small market for these systems, but these are expected to grow on account of increasing awareness and adoption of the self-checkout technology.
Market Segmentation
By Offering
- Hardware
- Software
- Services
By Model Type
- Cash based
- Cashless
By Mounting Type
- Standalone
- Wall mounted and countertop
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Some of the key players operating in the self-checkout systems market are NCR Corporation, Fujitsu Limited, Toshiba TEC Corporation, PCMS Group Ltd., Diebold Nixdorf Incorporated, and International Business Machines Corporation (IBM).
