Report : AI-Powered Checkout Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution, Services); and End-user (Supermarket and Hypermarket, Departmental Stores, and Others)
Increasing Adoption of Advanced Technologies Across the Retail Sector is Expected to Support the Market Growth During the Forecast Period.
According to our 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, signaling 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: