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2020 AI-Powered Checkout Market Key Industry Opportunities with 37.2% of CAGR by 2027 - Fujitsu Limited, NCR Corporation, Standard Cognition, Trigo, Zippin

11-27-2020 12:33 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

AI-powered checkout market was valued at US$ 97.88 million in 2019 and is expected to reach US$ 1,182.81 million by 2027; it is estimated to grow at a CAGR of 37.2% during 2020–2027.

The growing popularity of online shopping and competition among the online players encourages traditional retailers to reorganize their store networks from design to layout, size to scale, and various other aspects. Modern customers expect instant services and increasingly prefer automated devices to reduce their manual operating chores. As a result, self-service technologies are gradually transforming the manner of customer interactions with firms. Numerous retailers are currently installing the self-checkout systems in their stores to make it easier for customers to instantly pay for the things they have bought without the cashiers' need. Retailers are using AI-powered checkout systems to provide enhanced shopping experience and more personalized services to customers. Also, the self-checkout systems allow enterprise employees to use their time to restore the shelves, receive products, or advise customers, making it easier for the owners/managers to make more efficient use of their employees to enhance productivity.

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Impact of COVID-19 Pandemic in North America AI-Powered Checkout Market

At present, North America is the largest market in terms of revenue share of global AI-powered checkout market. The region is characterized by the presence of developed nations such as the US and Canada, where the demand for technology solutions & services is quite high owing to the huge presence of companies from various industry sectors. The COVID-19 pandemic continues to enforce the temporary closure of retail stores in the countries of North America, signaling an unprecedented disruption of commerce. Retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In North America, stores started closing in the beginning of March, and this trend is expected to continue as cities and states battle to contain the spread of COVID-19. For instance, out of 26 Amazon Go, the AI-powered checkout, 22 stores have been shut down as people have been asked to not leave their houses.

Strategic Insights

The market players present in the AI-powered checkout market are mainly focusing toward the development of advanced and efficient products. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world the company maintain its brand name globally.

- In 2020, Delek US added Mashgin Touchless Checkout at a c-store in Odessa, Texas, enabling customers to check out in under 15 seconds, completely contact-free.
- In 2019, Accel Robotics announced a US$30 million Series A funding round led by SoftBank Group Corp and participation from existing investors, including New Ground Ventures, Toyo Kanetsu Corporate Venture Investment Partnership, and RevTech Ventures.

The global AI-powered checkout market is a highly fragmented market with the presence of considerable regional and local players providing AI-powered checkout solutions for retailers across the world. North America dominated the global AI-powered checkout market in 2019, with 41.0% of the market share, followed by APAC and Europe. Factors such as the adoption of digital transformation, automated tools, and increasing awareness regarding the benefits of the computerized shopping experience are propelling the market growth.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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