Self-Checkout Systems Market Size, Share, Development, Growth and Demand Forecast to 2023 .pdf

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Self-Checkout Systems Market Size, Share, Development,
Self-checkout machines provide an automated mechanism for processing the purchases made by
buyers in the retail stores.The retail automation (self-checkout) system ensures that consumers enjoy
shopping in retail stores, on account of provision of hassle-free transactions and shorter lines owing to
faster throughput. The system is sold as an integrated software, hardware, and service package. The
system holds the ability to process thousands of transactions in the most demanding retail
environments, while continuously feeding data to back-end office for real-time, precise business
analytics and inventory management. The potential for self-checkout systems market is tremendous
in the coming years as there are still many countries that have not adopted the self-checkout systems.
Moreover, manufacturers are aiming at improving the technology along with making it more
affordable.
North America is expected to dominate the global market for self -checkout systems during the
forecast period, owing to the presence of large number of retail stores in the region. The market for
self-checkout systems in Asia-Pacific is expected to record the fastest growth over next few years,
owing to increased expenditure on developing modern infrastructure projects that will result in
establishment of larger number of supermarkets, hypermarkets and modern departmental stores. The
tremendous increase in consumer base and the augmented need to save consumers’ time from
standing in long queues is expected to further propel growth in the self-checkout systems market in
these countries.
The tremendous increase in modern educated consumer base in developing countries has been
consequently encouraging the retailers to deploy automated mechanisms for ensuring a better
customer experience.Pertaining to the strong influence of personal computing, mobile technology and
digital innovations, consumers now-a-days are more likely to choose a retail brand that eases their
purchasing experiences.
It has been observed that the cashless model of self-checkout machines is preferred due to lower
price and lesser system complexity. Thus, the market for cashless model of self-checkout systems is
expected to register higher growth during the forecast period. Moreover, automation of purchase
processes in all types of retail store formats have been on the rise. Self-checkout computer kiosks are
being installed in library systems, thus eliminating long queues, and providing library managers more
time for looking into other tasks, thereby helping to make inventory management in libraries more
efficient and accurate.
The deployment of self-checkout systems leads to significant cost cutting due to reduction in the
number of employees needed to manage the retail store transaction processes, wh ich further drives
its market growth, presenting a viable option for store owners.
Growing need to save consumer’s time from standing in long queues in order to meet their elevated
expectations for a personalized, seamless experience is expected to further drive growth in the self-
checkout systems market.
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The major challenges for the self-checkout systems market lie in the implementation of its
applications.Calculating cost of items such as fruit and vegetables, which do not have UPC codes and
are required to be weighed, is a major constraint, which needs to be addressed with the help of using
better technologies. Another issue that arises for retail managers is the increased chances of theft
with the application of automated retail purchases. However, retailers have tried to address the
problem by incorporating more stringent application software for self-checkout systems and on-the-
floor personnel monitoring.Adoption of self-service systems at retail stores would help in preventing
misuse of such services by consumers. These regulations have put a hold on sale of alcoholic
beverages through any checkout stand enabled to be operated by the customers at any point during
the check-out process. The adoption of self-checkout systems technology is gaining popularity and
technical improvements in system implementation process have been made with help of customer
feedback and a thorough market research methodology.
Some of the key players in the global self-checkout system market include NCR Corporation, Toshiba
TEC Corporation, Fujitsu Limited, Diebold Nixdorf Inc., ECR Software Corporation, Pan-Oston Co.,
ITAB Scanflow AB, Computer Hardware Design Ltd, Olea Kiosks Inc. and PCMS Group plc.
The players are competing in the marketplace on the basis of product design that can offer the least
complex solutions for the retail checkout mechanisms and affordability by their customers. As a result
of increased competition, in a bid to offer improved solutions, companies introduce a number of
innovations in their product designs. The emerging market players like StrongPoint ASA have started
to expand their operations in Asia-Pacific owing to huge untapped potential in the region.