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Self-Checkout Systems Global Market Report 2024 - By Size, Share, Demand, Growth And Trends, Outlook By 2033
Self-Checkout Systems Market
As per the report, the self-checkout systems market size 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 self-checkout systems market size 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%.
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Retail And Tourism Industries Fueling The Growth Of The Self-Checkout Systems Market
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 December 2022, according to reports shared by the United States Census Bureau, a US-based government agency, US retail sales increased by 17.1% from $5.57 billion in 2020 to $6.52 billion in 2021. 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 And The Rise Of Ai-Based Checkout Systems
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.
The self-checkout systems market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Model Type: Standalone, Countertop, Mobile
3) By Transaction: Cash-Based Systems, Cashless-Based Systems
4) By End-User Industry: Retail, Entertainment, Travel, Financial Services, Healthcare, Other End-User Industries
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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.
Contents of the report:
1. Executive Summary
2. Self-Checkout Systems Market Report Structure
3. Self-Checkout Systems Market Trends And Strategies
4. Self-Checkout Systems Market - Macro Economic Scenario
5. Self-Checkout Systems Market Size And Growth
…..
27. Self-Checkout Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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