Self-Checkout Systems Global Market Report 2024

The self-checkout systems market has grown rapidly in recent years. It will grow from $4.71 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth observed in the historic period can be attributed to several factors, including the versatility of applications, a surge in construction activities, the availability of cost-effective equipment, heightened demand in the agriculture sector, and an increased presence in the rental market.

The self-checkout systems market is expected to see rapid growth in the next few years. It will grow to $8.54 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The anticipated growth in the forecast period can be attributed to factors such as urbanization and infrastructure development, a heightened focus on fuel efficiency, improved operator comfort, compliance with emission standards, and increased demand from emerging markets. Major trends expected in the forecast period include technological advancements, the incorporation of autonomous and remote-controlled features, the rise of electric and hybrid variants, the digitalization of construction processes, and the emphasis on ease of operation.

The self-checkout systems market is poised for growth, driven by the increasing demand in the retail and tourism industries. Both sectors are pivotal contributors to the economy, with the retail industry encompassing establishments providing goods and services, and the tourism industry involving travel to various destinations using different modes of transportation. Self-checkout systems play a prominent role in these industries, enabling customers to complete their purchases without the need for conventionally staffed checkouts. For instance, in December 2022, US retail sales saw a notable increase of 17.1%, reaching $6.52 billion from $5.57 billion in 2020, as reported by the United States Census Bureau. Additionally, the US travel and tourism industry's actual production expanded by $362.0 billion, or 64.4%, in February 2023, according to the Bureau of Economic Analysis (BEA). This surge in demand from retail and tourism sectors is a key driver fueling the growth of the self-checkout systems market.

The growing demand for faster checkout experiences is expected to contribute significantly to the expansion of the self-checkout systems market. Faster checkout entails a simplified and streamlined process that allows customers to swiftly and efficiently complete their purchases. Self-checkout systems play a crucial role in expediting the checkout process by enabling multiple customers to scan and pay for their items simultaneously, leading to shorter queues and faster checkout times compared to traditional cashier lanes. A survey conducted by Dover Fueling Solutions in June 2023 revealed that approximately 73% of 1,003 US customers desire fast payments for purchases at convenience stores or gas stations. Moreover, 59% expressed willingness to use self-service solutions in 2023. This growing demand for quicker checkout experiences is a significant driver propelling the growth of the self-checkout systems market.

Technological advancements stand out as a significant trend gaining traction in the self-checkout systems market. Companies within this market are actively adopting new technologies to maintain their competitive positions. For instance, in June 2021, Kyocera Corporation, a Japan-based electronics manufacturer, introduced the Smart Checkout System - an artificial intelligence (AI)-based, low-cost object-recognition checkout technology. This innovative system enhances retail trade productivity while minimizing physical touchpoints that could contribute to the spread of viruses. The AI object-recognition technology by Kyocera efficiently identifies multiple purchase items, even when they overlap in the checkout area. The system's architecture and extensive database of various product types contribute to reduced machine learning time when a new product is introduced. Key benefits of Kyocera's Smart Checkout System include low cost, easy implementation, and high-precision object detection, driven by proprietary technology.

Major players in the self-checkout systems market are actively focusing on the development of innovative products, such as facial recognition-enabled checkout terminals, to gain a competitive edge. These self-service kiosks utilize artificial intelligence (AI) and computer vision technology to identify customers, allowing them to complete purchases without interacting with a cashier or using physical cards. For example, in September 2023, Telepower Communication Co Ltd., a China-based provider of smart terminals and solutions, launched the Telpo C50 AI Vision terminal. This AI-powered self-checkout system aims to enhance the customer experience, reduce queue times, and includes features such as a built-in weight scale for weighing produce and contactless payment support, such as NFC and QR codes.

In February 2023, Standard AI, a US-based software development company, acquired Skip Checkout Company, a self-checkout solutions provider, for an undisclosed amount. This acquisition positions Standard AI to integrate self-checkout with autonomous retail. By combining Skip's cloud-based point-of-sale (POS) system with a sophisticated back-office infrastructure, the aim is to streamline operations and offer greater control over aspects such as pricing, discounts, and promotions. This strategic acquisition reflects the ongoing efforts in the market to advance technological capabilities and provide comprehensive solutions.

Major companies operating in the self-checkout systems market report are Diebold Nixdorf Inc., NCR Corporation, Toshiba Global Commerce Solutions, Fujitsu Limited, ITAB Group, Gilbarco Inc., Pan-Oston Corporation, StrongPoint, ECR Software Corporation, The International Business Machines Corporation, Pyramid Computer GMBH, Qingdao CCL Technology Co.Ltd., Mashgin Inc., MishiPay Ltd., 365 Retail Markets LLC, MetroClick, Scanflow AB, DXC Technology Company, Slabb Inc., ShelfX Inc., Pegasus Technologies, Ombori, Hisense Systems Europe, U-Scan Genesis, Capgemini SE, Wincor Nixdorf, Zebra Technologies, Honeywell International Inc., Trigo Vision Ltd., Datalogic S.p.A.

North America was the largest region in the self-checkout systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global self-checkout systems market during the forecast period. The regions covered in the self-checkout systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the self-checkout systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of self-checkout system models include stand-alone, countertop, and mobile options, each accommodating various transaction modes, such as cash-based systems and cashless-based systems. Stand-alone systems operate independently, free from external connections or dependencies, and offer hardware, software, and services that cater to diverse end-users, including those in retail, entertainment, travel, financial services, healthcare, and other sectors.

The self-checkout systems market research report provides self-checkout systems market statistics, including self-checkout systems industry global market size, regional shares, competitors with a self-checkout systems market share, detailed self-checkout systems market segments, market trends and opportunities, and any further data you may need to thrive in the self-checkout systems industry. This self-checkout systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The self-checkout systems market consists of revenues earned by entities by providing self-checkout systems services such as arch barcode scanning solutions, self-checkout software, bagging areas, and payment options services. The market value includes the value of related goods sold by the service provider or included within the service offering. The self-checkout systems market also includes sales of scan products, touch screen monitors, and hybrid systems, which are used in providing self-checkout systems services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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