The global market for self-checkout systems is on track to be worth around $6 billion (€4.96 billion) by 2026, according to a new study by Global Market Insights.
According to the market research firm, the self-checkout system market is posed to grow at a 'substantial rate' over the next five years, largely driven by its adoption by the restaurant sector, as well as the growing prevalence of smartphones equipped with mobile payments.
Currently worth around $3.5 billion, the self-checkout system is poised to grow at a CAGR of 10.5% between 2020 and 2026, with shipments expected to cross 150,000 by the end of 2026.
'Current advancements in wireless technology and easy accessibility of online payment solutions have enabled the use of self-service systems on scale,' it said. '[The] rising trend of automation across restaurants, shopping and entertainment arenas and use of mobile payment solutions will have a positive impact of the industry.'
The retail sector accounts for more than 40% of the self-checkout system market, and according to Global Market Insights, the COVID-19 pandemic has meant that some 87% of shoppers are now inclined towards using touches or self-checkout options.
In addition, self-checkout is also being used by some 75% of shoppers to pay for groceries, with 90% of those using such systems aged between 18 and 60 years of age.
Mobile payment transaction models are also stimulating the self-checkout market, with the widespread introduction of apps that enable users to scan and pay for products, as well as mobile wallets.
'The growing trend of digitalisation is encouraging self-checkout system manufacturers to develop updates through the application of mobile solutions,' said Global Market Insights. 'A high implementation area of these systems is the FMCG retail industry, where digital solutions are being extensively used on account of increasing demand for effective self-checkout systems that simplify payment transactions.'
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