The global Retail Automation Market is presently worth USD 34.96 billion and is expected to accumulate a valuation of USD 72.79 billion by 2030, expanding at a CAGR of 9.6% over the forecast duration.
The automation of a wide array of manual activities pertaining to the retail sector including inventory management, book-keeping, and accounting is referred to as retail automation. This process has been specifically designed to improve customer service and enhance the operational efficiency of retail stores. Automation not only reshapes retail business models but also reduces low value manual work by streamlining the repetitive processes.
What are the primary expansion propellants and restraints of this business vertical?
The various benefits offered by retail automation such as accuracy, low cost, high quality performance, and operational speed is primarily augmenting the outlook of this marketplace. Alongside, the rising penetration of autonomous mobile robotics in the retail sector has increased the adoption of automation technologies.
Moreover, technological innovations in the field, rise in disposable income of individuals which in turn is increasing their purchasing power, along with rapid industrialization are positively swaying the dynamics of this industry vertical.
Furthermore, surging research & development investments in the field, widespread digital evolution, and escalating adoption of cloud based POS systems are creating lucrative opportunities for the global retail automation market to prosper.
On the contrary, dearth of skilled workforce and lack of cognizance regarding the benefits offered by automation systems among retailers are hindering the overall industry remuneration scope.
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Growth of a nation is exponentially dependent on the buying or purchasing power of the consumers. Thus, need to increase engagement of consumers in shopping or purchasing goods has compelled the retail industry to automate its operational processes significantly. In addition, automation can reshape retail business models and provide broader value chain opportunities for players operating in the market. Therefore, factors expected to drive the growth of the global retail automation market in the coming years.
Lack Of Awareness About The Benefits Of Retail Automation:
Retail automation in developing economies is expected to restrain the growth of the global market. Furthermore, rise in R&D activities to enhance the virtual marketing scope in the retail sector is opportunistic for the global market. In addition, advent of real-time analytics in automation is further expected to provide significant revenue growth opportunities for players operating in the global market.
Segmental insights to the market
Based on type
- barcode & RFID
- Autonomous guided vehicle
- Electronic shelf label
- Camera
- Others
Among these, the point-of-sale segment is poised to amass notable gains over the estimated timeframe owing to the growing adoption of biometric-based POS systems to create streamlined payment options for costumers in the retail sector.
By implementation
- In-store
- Warehouse
The warehouse segment is slated to garner significant returns over 2022-2030 due to the rising focus of retail owners to simplify warehouse based tasks including inventory counting, restocking shelves, and processing orders, among others.
In terms of end-user
- Hypermarkets
- Supermarkets
- Single item stores
- Fuel stations,
- Retail pharmacies
Among these, the supermarkets segment is expected to capture a high revenue share over the stipulated timeline ascribing to the availability of all the pivotal daily use goods in supermarkets.
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Expounding the geographical terrain of this business vertical
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are the primary regions constituting the geographical ambit of the market. Among these, North America is projected to garner substantial returns over 2022-2030. This is attributable to the presence of a well-development IT infrastructure, widespread digital evolution in the digital industry, and emergence of strong market vendors.
Elucidating the competitive ambit of the industry
The prominent companies characterizing the competitive gamut of the global retail automation market are KUKA AG, NCR Corporation, Toshiba Global Commerce Solutions, Zebra Technologies Corporation, First Data Corporation, Pricer AB, Probiz Technologies Pvt. Ltd., Olea Kiosks Inc., AGS Transact Technologies Ltd., Fametech Inc., SeePoint, LLC, Simbe Robotics, Inc., Arkrobot, Samsung Electronics Co. Ltd., GreyOrange pte. Ltd., Xerox Corporation, Tecsys Inc., Optimove Inc., Focus Softnet FZ LLC, Future Way Technical Services LLC, QR Retail Automation (Asia) Sdn Bhd, Microlistics, Napse, Vinculum Solutions Pvt. Ltd., Infoplus, Diebold Nixdorf Incorporated, Fiserv, Inc., Fujitsu, Honeywell International Inc., and Datalogic S.p.A.
The aforementioned players are formulating various strategies including mergers & acquisitions, product launches, R&D investments, new product launches, and partnership deals to stay ahead in the competitive market and enhance their customer base.
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