Ocean View, DE -- (SBWIRE) -- 06/25/2020 -- The self-checkout system market is witnessing growth in the transportation sector owing to the capabilities of these systems for printing tickets and carrying out financial transactions with ease. The entertainment sector also provides growth opportunities for the self-checkout systems market owing to the increasing use of these systems in movie theaters, theme parks, and museums. Many restaurants are adopting these devices for an improved order accuracy and reduced wait times, augmenting the self-checkout kiosks market growth.
The complexities in implementing these systems are the major restraining factors for the self-checkout system market. The calculation of the cost of items such as vegetables and fruits that do not have UPC codes and require weight measurement becomes a tedious task. Additional features must be incorporated into these systems for processing such items. The reluctance in the acceptance of self-checkout systems in underdeveloped economies is anticipated to hinder the industry growth. The high cost of these systems may also hamper the demand for these systems.
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The emergence of a cashless economy, augmenting focus on improving shopping experience, and technological advancements are other factors fueling self-checkout system market trends. Market players are directing substantial efforts to develop self-checkout systems with lesser complexities, improved user interface, and multi-lingual support, which is expected to boost consumer acceptability of these systems in the coming years. Increasing deployment of these systems in movie theatres, museums, and travel industry for facilitating self-ticketing is slated to further intensify market trends.
Payments are gradually marching towards the cashless road, which is laying a favorable groundwork for self-checkout systems market to thrive. Mobile payments facilitate an easy way to shop through self-checkout systems by simplifying the payment techniques.
China is likely to emerge as promising growth window in self-checkout system market owing to the momentous growth of the mobile payment industry in the region. Apps such as WeChat Pay (Tencent) and Alipay are immensely popular in China and as per the estimates of People's Bank of China, total number of mobile payments transactions in China as of 2016 was 25.7 billion that was equivalent to USD 20 trillion.
Businesses in the hospitality industry are deploying self-checkout systems at a torrid pace to reduce wait times and improve order accuracy. The demand for these systems has witnessed a substantial surge in this vertical as they are capable of performing complicated transaction such as order customization and bill splitting. Self-checkout system market volume is increasing as major food corporations across the globe are showcasing heightened interest in the technology deployment to assist customers in quick food ordering and payment processing. For instance, Subway installed self-checkout facilities across 12 of its pilot locations in 2017. Similarly, in 2016, McDonalds upgraded more than 500 of its outlets worldwide with self-checkout kiosks. Additionally, with a high number of customers shifting preference towards self-service, self-checkout systems are experiencing a surge in demand. Hotels are making conscious efforts to offer self-checkout services through dedicated kiosks, where guests can access information related to reservations, dispense room keys, print receipts, and access other information.
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A booming retail sector and the tendency of the region to adopt latest technologies is favoring self-checkout systems market outlook in the US. The country houses numerous supermarkets and hypermarkets, which generates massive product demand. For instance, Walmart has a Scan & Go mobile payment option for consumers to scan their products with a mobile app. Moreover, extensive usage of mobile payments has also created a conducive environment for self-checkout systems market growth. As per reliable estimates, physical goods worth USD 47.6 billion were purchased in the US through remote mobile payments in 2016. Widespread awareness and acceptability of these systems are also influential factors propelling self-checkout system market size.
Table of Contents (ToC) of the report:
Chapter 6. Self-Checkout System Market, By Model (Revenue, Shipment)
6.1. Self-checkout system market share, by model, 2016 & 2024
6.2. Standalone
6.2.1. Market estimates and forecasts, 2013 – 2024
6.2.2. Market estimates and forecasts, by region 2013 – 2024
6.3. Wall-mounted / Countertop
6.3.1. Market estimates and forecasts, 2013 – 2024
6.3.2. Market estimates and forecasts, by region 2013 – 2024
6.4. Mobile
6.4.1. Market estimates and forecasts, 2013 – 2024
6.4.2. Market estimates and forecasts, by region 2013 – 2024
Chapter 7. Self-Checkout System Market, By Application (Revenue, Shipment)
7.1. Self-checkout system market share, by application, 2016 & 2024
7.2. Entertainment
7.2.1. Market estimates and forecasts, 2013 – 2024
7.2.2. Market estimates and forecasts, by region 2013 – 2024
7.3. Healthcare
7.3.1. Market estimates and forecasts, 2013 – 2024
7.3.2. Market estimates and forecasts, by region 2013 – 2024
7.4. Hospitality
7.4.1. Market estimates and forecasts, 2013 – 2024
7.4.2. Market estimates and forecasts, by region 2013 – 2024
7.5. Retail
7.5.1. Market estimates and forecasts, 2013 – 2024
7.5.2. Market estimates and forecasts, by region 2013 – 2024
7.6. Travel
7.6.1. Market estimates and forecasts, 2013 – 2024
7.6.2. Market estimates and forecasts, by region 2013 – 2024
7.7. Others
7.7.1. Market estimates and forecasts, 2013 – 2024
7.7.2. Market estimates and forecasts, by region 2013 – 2024
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