An AI-powered checkout is an advanced concept of the retail industry. These stores do not require the presence of service personnel or cashiers in store. AI-powered checkout system uses cameras and image recognition to track what people pick up from the shelves and ring up all the items they take off. By implementing this solution, customers can walk in, pick-up what they need, and leave without stopping to scan and pay or wait in line. Increasing technological advances and increasing acceptance of the autonomous system drives the growth of the AI-powered checkouts market. However, the COVID-19 outbreak is anticipated to affect the growth rate of global AI-powered checkout market in 2020 and 2021 and thus there is fluctuating y-o-y growth during these years. However, the growth is expected to normalize from 2021 onward and the market is projected to grow at a steady pace.
The AI-powered checkout market has been segmented based on component, end-user, and geography. Based on component, the AI-powered checkout market is segmented into solution and services. The solution segment is expected to represent the largest share of the overall market during the forecast period, owing to the increasing number of technology advancements in machine vision, facial recognition, shelf sensors, barcodes, quick response (QR) codes, and RFID tags. However, services segment is expected to be the fastest-growing AI-powered checkout component. Further, the AI-powered checkout market is segmented into the supermarket and hypermarket, departmental stores, and others based on the end-user. In 2019, the supermarket and hypermarket segment held a substantial share in the global AI-powered checkout market; whereas, the others segment is anticipated to grow at the highest CAGR from 2020 to 2027.
Mashgin, Inc.; AiFi Inc.; Focal Systems Inc.; Accel Robotics Corporation; Toshiba Corporation; Fujitsu Limited; NCR Corporation; Standard Cognition Corp; TRIGO; and ZIPPIN are among the key players operating in the global AI-powered checkout market.
The global AI-powered checkout market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the AI-powered checkout market with respects to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the AI-powered checkout market.