Self-Checkout System Market with Rising Impressive Business Opportunities Analysis and Forecast by 2027
The self-checkout system market has undergone significant transformation over the past few years, led by the need for reduced human effort and an improved customer experience. The uptick in smartphone adoption and the popularity of smart cards and mobile wallets has made self-checkout machines a necessity, that allow customers to scan items and pay for them via smartphone apps.
Retail outlets have been at the forefront of the adoption of self-checkout kiosks. These systems allow retailers to operate stores with minimum employees and enable a faster and more comfortable payment experience for customers.
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In terms of annual revenue, the global self-checkout system market could be worth over US$6.5 billion by the year 2027, says Global Market Insights, Inc. The deployment of these systems across retail, travel, hospitality, and other sectors will be influenced by the need for automated systems that help minimize the involvement of staff during the checkout process.
Wall-mounted countertops have gained massive popularity over the years. These are compact kiosks that offer a user-friendly interface and are ideal for places with space constraints. For owners of small retail outlets or restaurants, for instance, availability of floor space is often an issue. This is resulting in the increased demand for wall-mounted countertops in the self-checkout system market.
To meet the growing demand for these systems, manufacturers are laying emphasis on designing compact solutions with powerful computational performance. For example, Advanced Kiosks had rolled out a self-checkout system with a 17-inch LED touch screen monitor, 2.9 inch depth, 16-guage thick steel enclosure, and amplified speakers to offer a faster and convenient experience to customers.
The self-checkout system market will experience promising opportunities across the travel sector in the forthcoming years. The number of air passengers across the world has surged at a rapid rate in recent years, creating a need for faster and more efficient checkout technologies. The International Air Transport Association (IATA) had estimated that more than 80% of passenger around the world will use a complete self-service system by the year 2020.
To create a smooth customer experience, airport authorities are implementing self-checkout solutions that offer a variety of features. For instance, in January 2021, Hudson, a company with a network of over a thousand stores in airports, commuter hubs, and tourist destinations across North America, had deployed Amazon’s Just Walk Out platform in its convenience stores.
Self-service Bag Drop (SSBD) is another technology which is widely deployed across airport checkout points. It is an automated technology designed to reduce the checkout time for travelers. SSBD systems enable passengers to print boarding passes and place their luggage into the baggage system, all with the help of a simple and easy-to-use user interface.
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Middle East and Africa self-checkout system industry size is projected to advance at a significant CAGR in the coming years. The region, being one of the world’s most popular tourist destinations, is increasingly investing in advanced digital technologies to improve customer experience and satisfaction. Retail is one of the most lucrative and vital sectors for Saudi Arabia and the UAE. These economies have seen a sharp rise in the number of malls built to attract foreign tourists.
Just like the retail sector, hotels, restaurants, and tourist spots are also looking to offer a smooth and hassle-free shopping experience to customers with the help of self-checkout technologies. The rise in international tourists will benefit the regional outlook considerably.
The self-checkout system market has faced significant disruption and uncertainty due to the COVID-19 pandemic. This is due to two key factors – the decline in air travelers and rise in online shopping. Since the outbreak of COVID-19, online sales of essential commodities have surged rapidly, leading to a drop in retail store visits. For instance, in the European Union, grocery stores through online channels increased by 30% in April 2020 compared to the previous year, as per OECD. Moreover, the UN International Civil Aviation Organization (ICAO) reported more than 60% decline in air travel during 2020. The healthcare sector, however, has created positive opportunities for the self-checkout system industry due to the rise in hospital admissions.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Scope & definitions
1.2 Methodology and forecast parameters
1.3 Data sources
1.3.1 Secondary
1.3.2 Primary
Chapter 2 Executive Summary
2.1 Self-checkout system market 3600 synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Solution trends
2.1.4 Transaction trends
2.1.5 Model trends
2.1.6 Application trends
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