Retail Self-scanning Solutions Market size was worth around US$ XX million in 2021 and is estimated to show significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 18.5% within the forecast period (2022-2029).
Retail Self-scanning Solutions Market scope
By Type, By End-User and By Region
Report Insights Covered
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing Region
Largest Market Share
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Retail self-scanning is an automated solution that allows customers to scan, bag and pay for goods independently. Customers benefit since there is no line and they have more control and fun. Retailers benefit from higher sales, more customer loyalty and a reduction in the need for manual checkouts.
Utilizing a retail self-scanning technology effectively can set a business apart from rivals, streamline the checkout procedure and draw in more customers. Retail self-scanning options, particularly at grocery shops and supermarkets, have long been essential to the profitability of the retail industry. Still, deciding which self-checkout system to use could be difficult.
Furthermore, self-scanning has revolutionized the way customers interact with brick-and-mortar stores. The innovative retail technology allows shoppers to scan purchases, eliminate long checkout lines and create more flexible shopping experiences. And now that various customers bring their smart devices along on shopping trips, retailers can use mobile self-scanning apps to help them self-checkout easier, faster and more profitably. The major factors that should be considered when contrasting retail self-scanning systems are the cost of space, their effectiveness and the customer experience they produce. When weighing various possibilities, advantages and disadvantages associated with these factors should be the main focus.
The global retail self-scanning solutions market is driven by the rising retail industry, coupled with the adoption of technological advancements in retail outlets all across the globe. The technological advancement in line self-scanning solutions enables customers to shop easily and check out hassle-free with waiting times in the checkout lines.
The rising retail industry in developing countries, such as India, has escalated the demand for retail self-scanning solutions globally
Many major companies and organizations have adopted the idea of global retailing to penetrate the potential marketplaces in many countries. Intel, Facebook, Toyota, IBM, L'Oreal, PepsiCo and Domino's are well-known examples of businesses operating worldwide. The retail sector underwent a significant transition during the pandemic as it sped up its digital products and quickly adjusted to changing consumer demands. From 2010 to 2019, retail sales increased by 3.7% yearly on average. Retail is expanding at a rate that hasn't been seen in more than 20 years since the worldwide pandemic. In 2020, retail sales increased by 7% and more than 14% in 2021. According to the NRF, sales will increase by 6% to 8% to reach more than US$4.9 trillion in 2022.
Furthermore, according to updated estimates from U.S. Census Bureau's 2020 Annual Retail Trade Survey, retail sales for the country climbed 3.1% from US$5,402.3 billion in 2019 to US$5,570.4 billion in 2020. Sales at grocery stores increased from US$694.3 billion in 2019 to US$759.7 billion in 2020, an increase of 9.4%.
In addition, In the past ten years, India's retail market has seen a significant transition and experienced phenomenal growth. The Indian retail market is anticipated to grow from 690 billion dollars in 2021 to almost US$2 trillion by 2032. The fourth-largest retail market in the world is currently found in India. The Indian retail market bounced back from pandemic lows and increased 10% yearly from 630 billion to 690 billion in 2021. India is one of the greatest nations to invest in retail. India has the second-largest population in the world; 158 middle-class homes, a growing urban population, expanding family incomes, connected rural consumers and rising consumer expenditure are all contributing factors.
Thus, the tremendous growth in the retail business has created huge market growth prospects for retail self-scanning solutions to grow in regions with tremendous retail growth. Companies in the developing regions are investing heavily to offer advanced technologies such as retail self-scanning solutions, boosting global market expansion.
High cost, difficulty in handling and equipment malfunctions are hurdling the market expansion of retail self-scanning solutions
Retail self-scanning solutions have continuously grown in popularity among retailers because today's customers like the idea of a shopping experience customized to their requirements and preferences. However, their idea of self-scanning has various disadvantages and hampered the product's market growth. For instance, installing retail self-scanning systems costs several times as much as standard cashier lanes.
Furthermore, Retailers using self-checkout have a serious and growing concern about theft. Customers are readily tricked into switching price tags or failing to scan every item without any supervision. And keeping up with security advancements involves outfoxing self-checkout machines. One thorough analysis found an average 4% loss based on total goods value, greater than typical merchants' profit margins.
In addition, unhappy clients are another factor hurdling the product's market growth. Around 34% of consumers oppose self-checkout, while 66% favor it. Given the importance of human interaction in the customer experience, many customers still choose to converse with a cashier. Because of this, most establishments that have implemented retail self-scanning continue to use traditional cashiering stations.
Furthermore, Some transactions cannot be completed without an employee's assistance since machines might be picky. And some issues are just the result of user error. The frustration can nullify the better experience self-checkout promises and hence challenge the retail self-scanning solutions growth.
COVID-19 Impact Analysis
The operation of the retail industry has been impacted in several ways by the significant changes in the external environment brought on by COVID-19. Due to the crisis, there are now notable changes in how different business operations work. After the government declared an emergency, the authorities requested business continuity from vital retail businesses that handle food and daily essentials. In contrast, many other types of retail businesses were compelled to close. Some estimate that the economy will take around two years to recover because the effects have been so severe. Since the government encouraged people to quarantine themselves and significantly reduced in-person service in establishments, the retail industry, in particular, has been negatively impacted.
However, Consumers wait in long lines at cash registers to purchase goods, many of which have even sold out. Still, retail businesses that handle food and daily necessities, like supermarkets, drug stores and convenience stores, have remained in good condition due to the government's request for essential business continuity. On the other side, businesses that sell luxury products and non-essential commodities like clothing and home appliances have become stagnant. Thus, unprecedented changes in the retail industry have severely hampered the demand for retail self-scanning solutions, especially in regions such as India, U.S. and China, which have seen high COVID-19
The global retail self-scanning solutions market is segmented by type, end-user and region.
The rising popularity of hypermarkets and supermarkets in both developed and developing regions escalated the demand for retail self-scanning solutions
By End-User, the global retail self-scanning solutions market is categorized into hypermarkets, convenience stores, clubhouse stores, supermarkets and others. Hypermarkets and supermarkets dominate the end-user segment of retail self-scanning solutions due to the availability of all necessary things under one roof.
A hypermarket is a large retail establishment with a wide selection of groceries and everyday items. It is referred to as a superstore that combines a supermarket and a department store. It offers a huge variety of products under one roof so that clients can complete all of their regular weekly or monthly shopping needs in one trip. Like other big-box businesses, hypermarkets have business models prioritizing high volume and low-profit sales. Among other things, such establishments primarily carry groceries, clothing and general merchandise. The growing hypermarket business in various parts of the world has encouraged the key players to bring advanced technology, such as retail self-scanning solutions escalating the segment's market share.
Europe’s rise in the supermarket and hypermarket culture, backed by a rise in the disposable income of people, improves the demand for retail self-scanning solutions in the region
By geography, the global retail self-scanning solutions market is segmented into North America, Asia-Pacific, Europe, South America, the Middle East and Africa.
Europe is after Asia-Pacific in terms of the market share of the retail self-scanning solution market due to the rise in the supermarket and hypermarket culture backed by a rise in disposable income of people in the region. Investment and development in Eastern Europe are constantly growing. Poland is entering its third decade of dynamic growth, with new overseas retailers and luxury brands entering the market, with thirty new global brands operating in the last few years. There is a retail boom in Russia as 63 new complexes in 40 Russian cities have been completed. Western Europe has a positive attitude toward investment in outdated shopping centers to allow retailers to expand locally.
However, Asia-Pacific is expected to grow with the highest CAGR in the market share of the retail self-scanning solutions market due to the adoption of modern retail formats in various counties in Asia-Pacific, such as India and China. Thus, resulting in an increased preference for self-scanning solutions, especially in the region's retail industry. The Indian retail industry is one of the fastest-growing in the world. For instance, the retail industry reached Rs 76.87 lakh crore (US$ 1.1 trillion) in 2020 and is expected to show tremendous growth in the forecast period. India is the 4th largest preferred retail destination globally. The country is among the highest in the world per capita retail store availability.
India’s retail sector is experiencing exponential growth, with retail development occurring not just in major cities and metros but also in Tier-II and Tier-III cities. Healthy economic growth, changing demographic profile, increasing disposable incomes, urbanization and changing consumer tastes and preferences are the other factors driving growth in the organized retail market in India.
The global retail self-scanning solutions market is highly competitive with local and global key players. Key players contributing to the market's growth are Datalogic S.p.A., Diebold Nixdorf, Konvergence, Re-Vision, Zebra Technologies, Datema Retail, Scandit, Fujitsu Global, NCR Corporation, Honeywell International Inc and among others.
The major companies are adopting several growth strategies, such as product launches, acquisitions and collaborations, contributing to the global growth of the retail self-scanning solutions market.
Overview: Zebra supplies the front line in manufacturing, transportation and logistics, healthcare, the public sector, retail/e-commerce and other industries to gain a competitive advantage. Zebra offers industry-specific, end-to-end solutions with more than 10,000 partners in 100 nations, enabling every asset and worker to be seen, connected and fully utilized. Market-leading solutions from the company enhance the shopping experience, track and manage inventories and enhance the effectiveness of the supply chain and patient care. Zebra was included in Fast Company's list of the Best Companies for Innovators in 2020 and made the Forbes Global 2000 list for the second year.
Product Portfolio: PS20 PERSONAL SHOPPER SERIES: PS20 offers its clients the most personalized shopping experience. When customers enter the store, they pick up the PS20 when they take their cart so they can scan and bag while shopping. They can see how much is in their cart in real-time, select the greatest offers and complete the checkout process immediately. The successful, time-tested MC18 is the foundation for the PS20 personal shopping solution, which adds capabilities that put this "double-duty" device at the top of its category. It provides customers with ground-breaking in-store service while boosting staff productivity.
What is the Projected CAGR value of the Retail Self-scanning Solutions Market?
Retail Self-scanning Solutions Market is expected to grow at a CAGR of 18.5% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Retail Self-scanning Solutions Market during 2022-2029.
Which is the fastest growing region in the Retail Self-scanning Solutions Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period.
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