New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Self-Checkout Systems Global Market Report 2023" - https://www.reportlinker.com/p06479853/?utm_source=GNW
Ltd., Mashgin Inc., MishiPay Ltd. and 365 Retail Markets LLC.
The global self-checkout systems market is expected to grow from $4.20 billion in 2022 to $4.71 billion in 2023 at a compound annual growth rate (CAGR) of 12.20%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The self-checkout systems market is expected to reach $7.53 billion in 2027 at a CAGR of 12.43%.
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.
Self-checkout systems refer to automated machines that allow customers to scan and pay for their purchases without the assistance of a cashier or store employee. These systems are commonly used in commercial settings and are designed to provide customers with a convenient and efficient way to complete their purchases.
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 forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of self-checkout system models are stand-alone, countertop, and mobile, which are used in various transaction modes, including cash-based systems and cashless-based systems.Stand-alone refers to a financial system that operates independently without relying on external connections or dependencies.
These are used to offer hardware, software, and services that are used by several end-users, such as retail, entertainment, travel, financial services, healthcare, and others.
The growing demand for retail and tourism industries is expected to propel the growth of the self-checkout systems market going forward.Retail and tourism are the two main industries that drive the economy.
The retail industry encompasses any establishments that provide goods and services to clients, while the tourist industry refers to going to other places using a variety of modes of transportation.Self-checkout systems are mostly utilized in the retail and tourist sectors to help customers finish their purchases from a merchant without the need for a conventionally staffed checkout.
For instance, in January 2022, according to reports shared by the United States Census Bureau, a US-based government agency, US retail sales increased by 3.1% from $5.40 billion in 2019 to $5.57 billion in 2020. And grocery store sales increased 9.4% from $694.3 billion in 2019 to $759.7 billion in 2020. Furthermore, in February 2023, according to the Bureau of Economic Analysis (BEA), a US-based government agency, the actual production of the US travel and tourism industry expanded by $362.0 billion, or 64.4%, from 2021. Therefore, growing demand for retail and tourism industries is driving the growth of the self-checkout systems market.
Technological advancements are a key trend gaining popularity in the self-checkout systems market.Companies operating in the self-checkout systems market are adopting new technologies to sustain their position in the market.
For instance, in June 2021, Kyocera Corporation, a Japan-based electronics manufacturer, developed the Smart Checkout System, an artificial intelligence (AI)-based low-cost object-recognition checkout technology that boosts retail trade productivity significantly while minimizing physical touch that could spread viruses.This low-cost object-recognition checkout technology increases retail efficiency significantly while minimizing physical touch that can spread infectious viruses.
Even when products overlap in the checkout area, Kyocera’s AI object-recognition technology immediately identifies numerous purchase items with a single camera.Additionally, Kyocera’s AI architecture and large database of various product types cut down on the amount of time needed for machine learning when a store introduces a new product.
Kyocera’s Smart Checkout System offers three primary benefits: low cost, easy implementation, high-precision object detection, and detection technology using proprietary technology created by Kyocera’s research and development division.
In February 2023, Standard AI, a US-based software development company, acquired Skip Checkout Company for an undisclosed amount.With this acquisition, Standard AI is expected to combine self-checkout with autonomous retail.
Furthermore, the company is going to combine Skip’s cloud-based point of sale (POS) with the intricate back-office infrastructure with the goal of streamlining operations and providing more control over things like price, discounts, and promotions. Skip Checkout Company is a US-based self-checkout solutions provider.
The countries covered in the self-checkout systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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 resale along the supply chain, either further along the supply chain or as part of other products.
The self-checkout systems market research report is one of a series of new reports that 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.
Read the full report: https://www.reportlinker.com/p06479853/?utm_source=GNW
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