Global Self-Checkout System Market Size (Volume and Value) And Growth to 2026 Shared in Most recent Research

Rigidly driven by the transforming digitalization trends around the globe, Self-Checkout System Market is poised to foresee commendable growth over the forthcoming years. Customers today are much more advanced and aware of the use of advancing technologies, paving for the adoption of these systems on a much larger scale. In fact, ongoing tech developments in remote and wireless communications are likely to fuel implementation of robotics in self-service over the span of 2020 to 2026. The worldwide acclamation of these systems is such that retailers and store owners are now massively incorporating these to stand a step ahead in the competition.

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.

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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.

 

In this regard, it is quite overt that mobile payment transaction models are evolving checkout trends that are gaining immense popularity and momentum among not only the gen-Z customers but also others. This expansion can be credited to the rising digitalization trend which is prompting manufacturers to revolutionize their checkout systems by adopting mobile solutions.

 

In a recent turn of events, Japan’s supermarket giant- Aeon Retail had introduced a self-checkout system at its Hiroshima marketplace, which makes use of smartphones just to prevent the spread of COVID-19 by reducing the chance of contact at the register. This development allows the shoppers to scan barcodes of items they plan to purchase using the phone and further proceed to a self-checkout counter to pay via a digital payment option. During its initial launch period, about 150 smartphones were installed in the store. Also, it was noted that the average rate of customers who made transaction with e-money at the store was somewhere about 70%.

 

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.

 

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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.

 

In a nutshell, burgeoning trends of digitalization, cashless transactions, and touchless payment options would undeniably propel self-checkout system market dynamics, which as per Global Market Insights, Inc., report is anticipated to reach a mammoth worth USD 6 billion by the end of 2026.

Browse key industry insights spread across 380 pages with 480 market data tables and 29 figures & charts from the report, Self-Checkout System Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/self-checkout-system-market

Report Content

Chapter 3   Self-Checkout System Industry Insights

3.1    Industry segmentation

3.2    Impact of coronavirus (COVID-19) pandemic

3.2.1    Global outlook

3.2.2    Regional outlook

3.2.2.1    North America

3.2.2.2    Europe

3.2.2.3    Asia Pacific

3.2.2.4    Latin America

3.2.2.5    MEA

3.2.3    Industry value chain

3.2.3.1    Research and development

3.2.3.2    Manufacturing

3.2.3.3    Marketing

3.2.3.4    Supply

3.2.4    Competitive landscape

3.2.4.1    Strategy

3.2.4.2    Distribution network

3.2.4.3    Business growth

3.3    Industry ecosystem analysis

3.3.1    Raw materials suppliers

3.3.2    Component suppliers

3.3.3    Software providers

3.3.4    Contract manufacturers

3.3.5    Self-checkout system providers

3.3.6    Distribution network

3.3.7    End-user landscape

3.3.8    Vendor matrix

3.4    Technological landscape

3.4.1    Impact of AI and sensors

3.4.2    Robot and automation

3.4.3    Key technologies

3.4.3.1    RFID technology

3.4.3.2    NFC technology

3.4.3.3    Mobile self-checkout

3.4.4    Interactive kiosks

3.5    Price trend analysis, 2016 – 2026

3.5.1    Region

3.5.1.1    North America

3.5.1.2    Europe

3.5.1.3    Asia Pacific

3.5.1.4    Latin America

3.5.1.5    MEA

3.5.2    Application

3.6    Regulatory landscape

3.6.1    EMV mandate

3.6.2    Payment Card Industry Data Security Standard (PCI DSS)

3.6.3    North America

3.6.3.1    The Health Insurance Portability and Accountability Act (HIPAA)

3.6.3.2    Electronic Fund Transfer Act (EFTA)

3.6.3.3    Electronic Transactions Association (ETA)

3.6.3.4    Electronic Communications Privacy Act (EPA) and the Consumer Fraud and Abuse Act (CFAA)

3.6.4    Europe

3.6.4.1    European Payment Council (EPC)

3.6.4.2    Smart Payment Association (SPA)

3.6.4.3    European Union Agency for Network and Information Security (ENISA)

3.6.4.4    European Union Data Protection Directive

3.6.4.5    French Data Protection Authority's (CNIL)

3.6.5    Asia Pacific

3.6.5.1    National Payments Corporation of India (NPCI)

3.6.5.2    Payment and Settlement Systems Act

3.6.5.3    Chinese Communist Party (CCP)

3.6.6    Latin America

3.6.6.1    National System for Consumer Protection and Defense (SNDC)

3.6.6.2    Interbank Electronic Payment System (SPEI)

3.6.7    MEA

3.6.7.1    UAE Banks Federation (UBF)

3.6.7.2    Payments Association of South Africa (PASA)

3.7    Industry impact forecast

3.7.1    Growth drivers

3.7.1.1    Growing supermarket penetration in the U.S.

3.7.1.2    Hike in minimum wages in Canada

3.7.1.3    Rise in contactless payment in the UK

3.7.1.4    Rising number of online payments in China

3.7.1.5    Demonetization effect in India

3.7.1.6    Proliferation of RFID tagging in Japan

3.7.1.7    Infrastructure development in Latin America

3.7.1.8    Growth in the retail and tourism industry across the Middle East

3.7.2    Industry pitfalls & challenges

3.7.2.1    Low reliability

3.7.2.2    Loss of inventory and shoplifting

3.7.2.3    High upfront cost

3.8    Growth potential analysis

3.9    Porter’s analysis

3.9.1    Supplier power

3.9.2    Buyer power

3.9.3    Threat of new entrants

3.9.4    Threat of substitutes

3.10.1    Political

3.10.2    Economic

3.10.3    Social

3.10.4    Technological

3.10.5    Environmental

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