Self-checkout kiosks are incorporated with advanced technology and has evolved enormously during the years. Due to the advanced technology, different businesses are using and deploying the self-checkout kiosks for their cash management, billing, and long queues management. Moreover, self-checkout kiosks are used for handling various transactions by the retailers that offer different modes of payments for the customers such as mobile based application payments, contactless payment modes, and QR based payments, etc., which helps the customers quickly and easily transfer the amount. The self-checkout kiosks are linked with the retailer’s bank accounts that directly transfer’s money to their account and it is also embedded with card readers, printers and scanners, which helps in easing the customer experience. Currently, the kiosk has advanced technology such as artificial intelligence (AI) which enables the customers to checkout or scan their shopping items as and when required in the shopping malls or stores and do not need to wait for long queue or for their turn, which also enhances the shopping experience of the customers and increase the demand of the self-checkout kiosk market.
In addition, self-checkout kiosk offers improved visualizations due to use of advanced technology in the kiosks for different end-use industries that include retail, hospitality, healthcare, corporate, transportation, sports & entertainment and government, etc.. The interactive self-checkout kiosks assist the customers to get control over their shopping decisions and helps in what to purchase by enhancing the degree of customer satisfaction and attracts more number of customers, which also increases the market demand. The kiosk’s technology interfaces with the customers and helps to utilize the services independently without any intervention of the service providers, thus, decreases the cost of the employees and increase productivity and shopping experience. Moreover, increasing wireless communications, automated devices, remote managements and technological advancements improves the growth of the self-checkout kiosk market.
Further, increasing demand of the automated systems in the retail and BFSI (banking, financial services and insurance) industry is increasing demand of the market that reduces overall operational time of the customers and enhance the customer satisfaction. Self-checkout kiosks also have high demand in the BFSI industry, as it is widely used in banking and financial services for instant banking services on the kiosk without any intervention of the banking personnel. These services include customers financial information, their transaction details, cash withdrawals, deposits and other transactions are done by themselves which decrease the customers waiting time and increase the banking productivity. Apart from this, the self-checkout kiosk has emerging demand in the retail sector, as the kiosks are extensively used inside or outside of the retail stores, outlets, and other shopping locations, which increase customer shopping experience and also enhance store loyalty for further shopping by the customer. The rapid development of touch enabled kiosks technologies in various industries is driving growth of the market.
Moreover, due to the onset of the COVID-19 pandemic, the demand for self-checkout kiosks has increased as these kiosks involve contactless checkouts and payments for the customer’s shopping that decrease the spread of the coronavirus disease. Apart from this, companies that are operating or providing self-checkout kiosks are searching different services and solutions to improve the customer’s shopping experience. The industries have installed self-checkout kiosks during COVID-19 pandemic where customer’s involvement is more for their daily shopping and for purchasing of other services, which increase the demand of the market.
For instance, different food chains and retail stores across the world has adopted more number of self-checkout kiosks, which also increase their footfall and productivity. Furthermore, the self-checkout kiosks are available in different deployment types such as cloud-based kiosks and on-premises kiosks, where, cloud-based self-checkout kiosks dominates the market as cloud-based technology has high demand where all the customer’s data is stored on the cloud servers and no extra cost is required for the hardware that stores data. The cloud-based technology is trending, here the data is managed with help of advanced data management software and retailers provides high level of data protection services, therefore, the demand for cloud-based is high in the market. Further, these deployment types are used in different end-use industries such as retail, financial services, hospitality and healthcare, etc., , where, retail sector dominates the market due to rising footfall of the customers and for enhancing the customer satisfaction and shopping experiences. However, most of the retailers are adopting advanced technologies for customer’s daily shopping that is increasing the demand of the self-checkout kiosk market.
Key players of the global self-checkout kiosk market are NCR Corporation, OMBORI APPS AB, Aila Technologies, Inc., ECR Software Corporation, Guangzhou SmartTec Co., Ltd., Diebold Nixdorf, Incorporated, NEXCOM International Co., Ltd., Olea Kiosks Inc., XIPHIAS Software Technologies Pvt. Ltd., Posiflex Technology, Inc. and Acrelec SAS.
Trends and Future Outlook:
- Rising technological advancement in the healthcare and hospitality industry for improving customer experiences, leads to adoption of the self-checkout kiosks.
- Rising investment in the research & development for designing innovative features in the kiosks with help of the advanced software and hardware.