The AI-Powered Checkout Market is expected to grow from USD 159.71 million in 2020 to USD 1,162.71 million by 2026 at a CAGR of 11.0% from 2020 to 2026.
AI-powered checkout is offered for completing the checkout process online as well as offline stores which avoid human errors and provides efficiency. The AI in the checkout process helps automates the complete operation catering specific requirement; it is broadly used in the retail stores, department stores and other shopping areas. With the AI-powered the consumers from shop can checkout without waiting in line for hours and without waiting for the turn to come for the checkout process. It provides the scalability, flexibility, insights and analytics of the operation required for the companies. AI-powered checkout offers several benefits such as faster and easy installment, avoiding the queue line in the shops, minimizing labor costs, enhancing the customer experience and increasing profit margins. They are thus growing acceptance of AI-powered checkout, which steers the growth of the AI-powered checkout market. Moreover, the rising digitalization in the retail stores, along with the increase in the number of retail stores, supermarkets and hypermarkets around the globe, offers a lucrative opportunity for the AI-powered checkout market vendors. Before the emergence of automation in the retail sector, retailers faced enormous pressure to meet customer expectations and improved organizational efficiencies. The AI-powered checkouts offer the ability to tackles all the challenges faced by them, further supporting them automate their workflows and various processes which ease their operations. Moreover, the advent of advanced technologies, such as AI, enables retail companies to fulfill the customer expectations by providing highly efficient services. Therefore, the increase in implementation of AI-powered checkouts in the retail sectors among several developed countries propels the market growth. On the other hand, the heavy cost incurred in installation of AI-powered checkouts will limit the market growth.
In addition, the increasing impact of e-commerce and constant changes in consumer preferences are among the key factors which have results in stagnancy in the performance of the conventional retail sector. A few of the e-commerce market players are highly enlarging their offline business operations to protect a share larger than the present market share. Considering this, retailers operating across the world are also continuously seeking forward to adopt more effective strategies to accelerate their revenue growth.
The global AI-Powered Checkout Market is segregated on the basis of component as Solution and Services. Based on End-User the global AI-Powered Checkout Market is segmented in Supermarket and Hypermarket, Departmental Stores and Others.
The global AI-Powered Checkout Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The AI-Powered Checkout Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Mashgin, Inc., AiFi Inc., FOCAL SYSTEMS INC., Accel Robotics Corporation, Toshiba Corporation and others are among the major players in the global AI-Powered Checkout Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global AI-Powered Checkout Market has been segmented as below:
AI-Powered Checkout Market, By Component
AI-Powered Checkout Market, By End-User
AI-Powered Checkout Market, By Region
AI-Powered Checkout Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global AI-Powered Checkout Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global AI-Powered Checkout Market share. Major industry players with significant revenue share include Mashgin, Inc., AiFi Inc., FOCAL SYSTEMS INC., Accel Robotics Corporation, Toshiba Corporation and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. AI-Powered Checkout Market, By Component
5.1. Key Points
5.2. Solution
5.3. Services
6. AI-Powered Checkout Market, By End-User
6.1. Key Points
6.2. Supermarket and Hypermarket
6.3. Departmental Stores
6.4. Others
7. Competitive Landscape
7.1. Introduction
7.2. Start-up companies- AI-Powered Checkout Market
7.3. Recent Developments
7.3.1. Mergers & Acquisitions
7.3.2. New Product Developments
7.3.3. Portfolio/Production Capacity Expansions
7.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
7.3.5. Others
8. Company Profile
8.1. Mashgin, Inc.
8.2. AiFi Inc.
8.3. FOCAL SYSTEMS INC.
8.4. Accel Robotics Corporation
8.5. Toshiba Corporation
8.6. Fujitsu Limited
8.7. NCR Corporation
8.8. Standard Cognition
8.9. Trigo
8.10. Zippin
8.11. Amazon Go
8.12. Imagr
8.13. Wheelys 247
8.14. Grabango
8.15. Pensa
AI-Powered Checkout Market, By Component
AI-Powered Checkout Market, By End-User