Increasing Adoption of Advanced Technologies Across the Retail Sector is Expected to Support the Market Growth During the Forecast Period.
According to this latest market study on “AI-Powered Checkout Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Component (Solution and Services) End-user (Supermarket and Hypermarket, Departmental Stores, and Others), and Geography” the market was valued at US$ 97.88 million in 2019 and is projected to reach US$ 1,182.81 million by 2027; it is expected to grow at a CAGR of 37.2% from 2019 to 2027.The report highlights key factors driving the market growth, and prominent players and their developments in the market.
The rising impact of e-commerce and continuous changes in consumer preferences are among the primary reasons that have led to stagnancy in the performance of the traditional retail sector. A few of the e-commerce market players are vigorously expanding their offline business operations to secure a share larger than the existing market share. Considering this, retailers operating worldwide are also continually looking forward to adopting more effective strategies to drive their revenue growth.
Before the introduction of automation in the retail sector, retailers faced tremendous pressure to surpass customer expectations and enhance organizational efficiencies. The AI-powered checkouts provide the ability to overcome all the challenges faced by them, further helping them automate their workflows and multiple processes that ease their operations. Further, the emergence of advanced technologies, such as AI, allows retail companies to meet customer expectations by offering highly efficient services. Thus, the rise in implementation of AI-powered checkouts in the retail sectors across several developed countries drives the market growth.
COVID-19 Impact on AI-Powered Checkout Market
At present, North America is the largest market in terms of revenue share of global AI-powered checkout market. The region is characterized by the presence of developed nations such as the US and Canada, where the demand for technology solutions & services is quite high owing to the huge presence of companies from various industry sectors. The COVID-19 pandemic continues to enforce the temporary closure of retail stores in the countries of North America, signalling an unprecedented disruption of commerce. Retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In North America, stores started closing in the beginning of March, and this trend is expected to continue as cities and states battle to contain the spread of COVID-19. For instance, out of 26 Amazon Go, the AI-powered checkout, 22 stores have been shut down as people have been asked to not leave their houses. Further, COVID-19 pandemic is rapidly accelerating the tradition of digital commerce. As people are being told to follow social distancing, e-commerce orders for essentials and groceries have become a survival tool for the people in America.
The Report Segments the Global AI-Powered Checkout Market as follows:
By Component
By End-User
By Geography
North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
South America (SAM)
Reasons to Buy
According to this latest market study on “AI-Powered Checkout Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Component (Solution and Services) End-user (Supermarket and Hypermarket, Departmental Stores, and Others), and Geography” the market was valued at US$ 97.88 million in 2019 and is projected to reach US$ 1,182.81 million by 2027; it is expected to grow at a CAGR of 37.2% from 2019 to 2027.The report highlights key factors driving the market growth, and prominent players and their developments in the market.
The rising impact of e-commerce and continuous changes in consumer preferences are among the primary reasons that have led to stagnancy in the performance of the traditional retail sector. A few of the e-commerce market players are vigorously expanding their offline business operations to secure a share larger than the existing market share. Considering this, retailers operating worldwide are also continually looking forward to adopting more effective strategies to drive their revenue growth.
Before the introduction of automation in the retail sector, retailers faced tremendous pressure to surpass customer expectations and enhance organizational efficiencies. The AI-powered checkouts provide the ability to overcome all the challenges faced by them, further helping them automate their workflows and multiple processes that ease their operations. Further, the emergence of advanced technologies, such as AI, allows retail companies to meet customer expectations by offering highly efficient services. Thus, the rise in implementation of AI-powered checkouts in the retail sectors across several developed countries drives the market growth.
COVID-19 Impact on AI-Powered Checkout Market
At present, North America is the largest market in terms of revenue share of global AI-powered checkout market. The region is characterized by the presence of developed nations such as the US and Canada, where the demand for technology solutions & services is quite high owing to the huge presence of companies from various industry sectors. The COVID-19 pandemic continues to enforce the temporary closure of retail stores in the countries of North America, signalling an unprecedented disruption of commerce. Retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In North America, stores started closing in the beginning of March, and this trend is expected to continue as cities and states battle to contain the spread of COVID-19. For instance, out of 26 Amazon Go, the AI-powered checkout, 22 stores have been shut down as people have been asked to not leave their houses. Further, COVID-19 pandemic is rapidly accelerating the tradition of digital commerce. As people are being told to follow social distancing, e-commerce orders for essentials and groceries have become a survival tool for the people in America.
The Report Segments the Global AI-Powered Checkout Market as follows:
By Component
- Solution
- Services
By End-User
- Supermarket and Hypermarket
- Departmental Stores
- Others
By Geography
North America
- US
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the GlobalAI-powered Checkout Market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the globalAI-powered checkout market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. AI-Powered Checkout Market Landscape
5. AI-Powered Checkout Market - Key Industry Dynamics
6. AI-Powered Checkout Market - Global Analysis
7. AI-Powered Checkout Market Analysis - By Component
8. AI-Powered Checkout Market Analysis- By End User
9. AI-Powered Checkout Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Global AI-Powered Checkout Market
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Mashgin, Inc.
- AiFi Inc.
- FOCAL SYSTEMS INC.
- Accel Robotics Corporation
- Toshiba Corporation
- Fujitsu Limited
- NCR Corporation
- Standard Cognition
- Trigo
- Zippin
