Global Self-Checkout System Market Forecast to Register a CAGR of 10.2% During 2020 and 2025

The Self-Checkout Systems Market is expected to register a CAGR of 10.2% over the forecast period 2020-2025. The technological advancements, the scope for increased speed of checkout, shift from traditional payment system to cashless environment, labor shortage issues across the emerging countries, the growing demand for modern store formats are some of the major factors influencing the growth of the self-checkout systems market while reluctance/lack of awareness to use self-checkout systems is expected to hinder the growth of the market.

Over the past few years, the market has witnessed the increasing deployment of these systems at various industrial domains such as retail, entertainment, healthcare, financial services, among others. In the retail sector, the market is further propelled by the deployment of these systems in stores such as supermarkets, hypermarkets, department stores, and convenience stores.

The consumer market is witnessing a trend of Do-it-yourself. Customers are interested to rather interact with machines than with people. Connected Retailer Survey (2019), conducted by SOTI, indicated that about 66% of respondents (retail shoppers) prefer using a self-service technology over having to ask a salesperson.

Further, consumers across the world are developing a habit of dropping by the supermarket stores multiple times a week, rather than buying all the items at once. According to global research conducted by Dunnhumby, more than 60% of store baskets contain six or even fewer items. The tendency, also called small basket visits, is predicted to increase 3% y-o-y in regions like Asia-Pacific, 7.5% in Europe, and 11% in Latin America. Such a tendency is ideal for self-checkout machines, as these machines have shown to deliver significant time savings in the case of baskets with ten items or less.