U.S. Self-checkout Systems Industry Overview
The U.S. self-checkout systems market size is anticipated to reach USD 2.97 billion by 2028, expanding at a CAGR of 11.3% from 2021 to 2028. The strong emphasis retailers are putting on providing self-checkout solutions as part of the efforts to improve purchase efficiency, enhance the consumer experience, and serve a larger customer base is expected to drive the growth of the market over the forecast period. The blend of cash and cashless features offered by the latest self-checkout solutions, which can potentially allow retailers to tailor their checkout experience to the changing consumer preferences, also bodes well for the growth of the market.
U.S. Self-checkout Systems Market Segmentation
Grand View Research has segmented the U.S. self-checkout systems market based on component, type, and application:
Based on the Component Insights, the market is segmented into Systems, Services.
- The systems segment dominated the market in 2020 with a revenue share of more than 75% and is expected to continue dominating the market over the forecast period. The growing need to reduce customer waiting times across retail stores has been driving the demand for self-checkout systems over the past few years.
- The growing number of grocery stores and the aggressive investments in retail automation technologies to improve consumer experience has also been driving the adoption of self-checkout systems.
- The services segment is expected to expand at the highest CAGR over the forecast period. The services segment primarily covers the consulting and training services offered by the self-checkout vendors to the retailers.
Based on the Type Insights, the market is segmented into Cash-based Self-checkout Systems, Cashless-based Self-checkout Systems.
- The cash-based self-checkout systems segment accounted for the highest revenue share of more than 50% in 2020. Consumers in the U.S. still prefer cash or paper-based transactions at retail stores. Hence, several retail stores in the U.S. are aggressively adopting cash-based self-checkout systems to support cash-based transactions.
- The continued efforts by the government to promote cash-based transactions and ban cashless stores are also expected to drive the demand for cash-based systems over the forecast period.
- The cashless-based self-checkout systems segment is expected to expand at the highest CAGR over the forecast period. The growth of the segment can be attributed to the rapid growth in digital transactions and subsequently, the rapid rollout of digital payment platforms.
Based on the Application Insights, the market is segmented into Supermarkets & Hypermarkets, Department Stores, Convenience Stores, Others.
- The supermarkets and hypermarkets segment accounted for the largest market share of over 50% share in 2020. The demand for self-checkout systems has been higher among the supermarkets and hypermarkets in the U.S. and the trend is expected to continue over the forecast period.
- The growing footfall at the supermarkets and the subsequent need to improve operational efficiency while enhancing customer satisfaction are driving the adoption of self-checkout systems across the supermarkets and hypermarkets in the U.S. The increasing operational costs and the subsequent need to utilize the floor space efficiently are also driving the adoption of self-checkout systems across the retail industry in the U.S.
- The convenience stores segment is expected to register a significant CAGR over the forecast period. Convenience stores are increasingly adopting self-service technologies to ensure frictionless customer service on a 24x7 basis.
Key Companies Profile & Market Share Insights
The market can be described as a consolidated and competitive market owing to the presence of established global market players and local vendors.
Some prominent players in the U.S. self-checkout systems market include
- NCR Corporation
- Toshiba Global Commerce Solutions
- Fujitsu
- Diebold Nixdorf, Incorporated
- Gilbarco Inc.
- Posiflex Technology, Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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