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U.S. Self-Checkout Systems Market – Industry Trends and Forecast to 2031

ICT

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U.S. Self-Checkout Systems Market – Industry Trends and Forecast to 2031

  • ICT
  • Published Report
  • May 2024
  • Country Level
  • 350 Pages
  • No of Tables: 11
  • No of Figures: 29

U.S. Self-Checkout Systems Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 1.31 Billion
Diagram Market Size (Forecast Year) USD 3.57 Billion
Diagram CAGR %

U.S. Self-Checkout Systems Market, By Offering (Hardware, Software, and Services), End User (Grocery, General Merchandise, Fuel & Convenience, Restaurant, Fashion/Specialty, Hospitality, Travel, Entertainment, and Others) - Industry Trends and Forecast to 2031.

U.S. Self-Checkout Systems Market Analysis and Insights

U.S. self-checkout systems market is driven by several factors including increased demand for automation and efficiency, a growing shift towards cashless payments, and a notable labor shortage. However, rising security concerns regarding digital payments and the high initial investment coupled with hidden costs pose significant restraints to market growth. Nonetheless, the market presents opportunities driven by surging technological advancements, enabling data-driven optimization and omni-channel integration. Despite these opportunities, challenges persist, such as difficulties in handling certain items and customer resistance to self-checkout processes, requiring innovative solutions to address them effectively.

U.S. Self-Checkout Systems MarketU.S. Self-Checkout Systems Market

Data Bridge Market Research analyzes that U.S. self-checkout systems market is expected to reach USD 3.57 billion by 2031 from USD 1.31 billion in 2023, growing with a substantial CAGR of 13.7% in the forecast period of 2024 to 2031.

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016–2021)

Quantitative Units

Revenue in USD Billion

Segments Covered

Offering (Hardware, Software, and Services), End User (Grocery, General Merchandise, Fuel & Convenience, Restaurant, Fashion/Specialty, Hospitality, Travel, Entertainment, and Others)

Market Players Covered

NCR Voyix Corporation, Diebold Nixdorf, Incorporated, Toshiba Global Commerce Solutions, VeriFone, Inc., Posiflex Technology, Inc., Invenco Group Ltd., ECR Software Corporation, 365 Retail Markets, Caper, and Pan-Oston among others

Market Definition

Self-checkout systems are automated machines in retail environments that allow customers to scan, bag, and pay for their purchases without the assistance of a cashier. These systems typically consist of a touchscreen interface, barcode scanner, weighing scale, and payment terminal, enabling users to complete transactions independently. They offer convenience, speed, and efficiency for both customers and retailers. In the U.S. market, self-checkout systems encompass a range of hardware and software solutions tailored to various retail sectors, including grocery stores, convenience stores, department stores, and DIY retailers, aiming to streamline the checkout process and enhance the overall shopping experience.

U.S. Self-Checkout Systems Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below: 

Driver

  • Increased Demand for Automation and Efficiency

The growing emphasis on automation and efficiency in retail operations is fuelling the expansion of the U.S. self-checkout systems market. Leveraging advanced technologies and catering to the evolving needs of retailers and consumers, self-checkout solution providers can capitalize on this trend to drive adoption and market penetration. A focus on delivering seamless, user-friendly experiences and addressing key challenges such as security and reliability, self-checkout systems have the potential to transform the retail landscape and drive sustainable growth in the years to come.

Restraint

  • Rising Security Concerns

The escalating security concerns surrounding self-checkout systems pose a significant restraint for the U.S. self-checkout systems market. As evidenced by increasing instances of theft and fraud, coupled with consumer perceptions and technological challenges, businesses face mounting pressure to address these issues effectively. While self-checkout offers undeniable benefits in terms of convenience and operational efficiency, the need to bolster security measures to mitigate risks is paramount. Retailers must navigate this delicate balance between convenience and security to ensure the sustained adoption and success of self-checkout systems in the U.S. market. Failure to address these concerns comprehensively may hinder market growth and erode consumer trust, underscoring the urgency for proactive strategies and innovative solutions to safeguard against security threats.

U.S. Self-Checkout Systems Market

Opportunity

  • Surging Technological Advancements

Self-checkout technology continues to evolve rapidly, offering retailers innovative solutions to enhance customer experiences, improve operational efficiency, and drive sales growth. The surging technological advancements present a significant opportunity for the US self-checkout systems market. With innovations such as touchless payments, artificial intelligence, virtual reality, research, biometric authentication, and smart carts, self-checkout systems are poised to revolutionize the retail landscape. By leveraging these advanced technologies, retailers can enhance the customer experience, streamline operations, and drive sales growth. As consumer preferences continue to evolve towards digital convenience and efficiency, self-checkout systems equipped with cutting-edge technology will play a pivotal role in meeting these demands and staying competitive in the market.

Challenge

  • Challenges in Handling Certain Items

The inability of self-checkout systems to accurately process certain items can result in increased instances of errors and theft, further complicating the checkout process for both customers and retailers. Retailers may incur losses due to unscanned or mispriced items, while customers may become dissatisfied with the overall reliability of self-checkout technology. Addressing these challenges requires innovative solutions, such as improved image recognition technology or redesigned checkout interfaces, to enhance the functionality and efficiency of self-checkout systems, ultimately improving customer satisfaction and driving market growth.

Recent Developments

  • In March 2024, NCR Voyix Corporation commissioned a survey through Incisiv, revealing a significant rise in the adoption of self-checkout systems among retail executives. According to the findings, 43% of retailers already have mature self-checkout implementations, with an additional 17% scaling up their deployments. The adoption of self-checkout systems can help companies improve customer satisfaction, reduce costs, and stay competitive in the retail market
  • In February 2024, Toshiba Global Commerce Solutions is showcasing innovative solutions at EuroCIS 2024 to empower retailers to transform operations and customer experiences. The solutions focus on unified commerce, self-service, and connected services, leveraging advanced technologies like A.I., computer vision, and edge computing. Toshiba enables retailers to thrive by resiliently evolving with consumers and adapting to market conditions

U.S. Self-Checkout Systems Market Scope

U.S. self-checkout systems market is segmented into two notable segments which are on the basis of offering and end user.

Offering

  • Hardware
  • Software
  • Services

On the basis of offering, the U.S. self-checkout systems market is segmented into hardware, software, and services.

 End User

  • Grocery
  • General Merchandise
  • Fuel & Convenience
  • Restaurant
  • Fashion/Speciality
  • Hospitality
  • Travel
  • Entertainment
  • Others

On the basis of end user, the U.S. self-checkout systems market is segmented into grocery, general merchandise, fuel & convenience, restaurant, fashion/speciality, hospitality, travel, entertainment, and others.

U.S. Self-Checkout Systems Market

Competitive Landscape and U.S. Self-Checkout Systems Market Share Analysis

U.S. self-checkout systems market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product approvals, product width and breadth, application dominance, and product type lifeline curve. The above data points provided are only related to the company’s focus on the U.S. self-checkout systems market.

Some of the major players operating in the U.S. self-checkout systems market are NCR Voyix Corporation, Diebold Nixdorf, Incorporated, Toshiba Global Commerce Solutions, VeriFone, Inc., Posiflex Technology, Inc., Invenco Group Ltd., ECR Software Corporation, 365 Retail Markets, Caper, and Pan-Oston among others.


SKU-

TABLE 1 U.S. SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

TABLE 2 U.S. SELF-CHECKOUT SYSTEMS MARKET, BY END USER, 2022-2031 (USD MILLION)

TABLE 3 U.S. GROCERY IN SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

TABLE 4 U.S. GENERAL MERCHANDISE IN SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

TABLE 5 U.S. FUEL & CONVENIENCE IN SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

TABLE 6 U.S. RESTAURANT IN SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

TABLE 7 U.S. FASHION/SPECIALTY IN SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

TABLE 8 U.S. HOSPITALITY IN SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

TABLE 9 U.S. TRAVEL IN SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

TABLE 10 U.S. ENTERTAINMENT IN SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

TABLE 11 U.S. OTHERS IN SELF-CHECKOUT SYSTEMS MARKET, BY OFFERING, 2022-2031 (USD MILLION)

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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The U.S. Self-Checkout Systems Market size will be worth USD 3.57 billion by 2031.
The U.S. Self-Checkout Systems Market growth rate will be 13.7% by 2031.
Increased Demand for Automation and Efficiency are the growth drivers of the U.S. Self-Checkout Systems Market.
The offering and end user are the factors on which the U.S. Self-Checkout Systems Market research is based.
The major companies in the U.S. Self-Checkout Systems Market are NCR Voyix Corporation, Diebold Nixdorf, Incorporated, Toshiba Global Commerce Solutions, VeriFone, Inc., Posiflex Technology, Inc., Invenco Group Ltd., ECR Software Corporation, 365 Retail Markets, Caper, and Pan-Oston.
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