What is AI-Powered Checkout?
AI-powered checkout is provided of completing the checkout process online as well as offline stores which eliminate human errors and delivers efficiency. The AI in the checkout process helps automates the whole operation catering specific need, it is widely used in the retail stores, department stores, and other shopping areas. This lest consumers shop and checkout without waiting in line for hours to stopping for the turn to come for the checkout process. It offers the scalability, flexibility, insights, and analytics of the operation essential for the companies.
The market study is broken down, by Application (Retail Stores, Supermarket and Hypermarket) and major geographies with country level break-up.
Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
International Digital Systems (United States), Standard Cognition (United States), Amazon Go (United States), IMAGR (New Zealand), Mashgin (United States), Accel Robotics (United States), AiFi, Inc. (United States), Caper Inc. (United States), Focal Systems, Inc. (United States), Grabango (United States) and Trigo (Israel) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global AI-Powered Checkout market by Type, Application and Region.
On the basis of geography, the market of AI-Powered Checkout has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Solution will boost the AI-Powered Checkout market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. RFID (Radio Frequency Identification) Device will boost the AI-Powered Checkout market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Cashless Payment will boost the AI-Powered Checkout market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
On 19h May 2020, Standard Cognition announced that it has acquired Milan, Italy-based Checkout Technologies, which has developed Artificial Intelligence (AI) technology for retail frictionless checkout. The acquisition significantly increases the size of the Standard’s engineering team and seeds its European presence.
Market Trend
- Emerging Artificial Intelligence in the Checkout Process Limiting Human Errors with Faster Operation
Market Drivers
- Growing Digitalization in Every Industry
- Dema for the Hassle-Free Efficient Checkout Process in Retail Stores
Opportunities
- Growing Information and Technology Industry Worldwide
- Increasing Spending of Investors on the Technological Development in the Automaton of Companies
Restraints
- Lack of Awareness about the Working Fundamentals of AI-Powered Checkout
Challenges
- Privacy Compliance Requirement on AI-Powered Checkout
Key Target Audience
AI-Powered Checkout Platform Developers, AI-Powered Checkout Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.