Retail Automation Market Size And Forecast
Retail Automation Market size was valued at USD 15.48 Billion in 2021 and is projected to reach USD 35.11 Billion by 2030, growing at a CAGR of 9.4% from 2022 to 2030.
The rising demand for quality and fast service to consumers has been considered a prime factor for the Retail Automation Market. Retail automation offers various benefits, including accuracy, low cost, speed, and high-quality performance for customers in the retail industry, which, in turn, boosts the growth of the market. Increasing usage of the solution in several industries worldwide is escalating the growth of the Retail Automation Market. The Global Retail Automation Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Retail Automation Market Definition
Retail automation is defined as the usage of technology in retail business in order to automate retail locations and help in exchanging a product or a service with the public. It mainly comprises grocery stores, service providers, and online distributors. Various example of retail automation includes vending machines, service kiosks, self-checkout, retail kiosk, and many more that helps in increasing efficiency and reducing labour. It offers many benefits such as brand preservation, enhanced operational efficiency, and improved customer experience that have contributed to the growth of the Retail Automation Market.
Retail automation refers to the technologies used in the retail sector to streamline standard operations. It includes software where supervisors set some specific parameters that ensure tasks completion correctly and consistently. When different technologies are automated together, and as the process gets completed, it will trigger the next system, which reduces downtime. Some of the common automation in the retail sector includes point-of-sale (POS), ordering software, and inventory, which automatically tracks stock and sales levels. Such solutions can automate retail operations, such as procurement, data consolidation, and order fulfillment. There are also some solutions that help to improve the workflow of several departments including employee management, marketing, and human resources. With automation, retailers can expand their sales channels, inventory, and customer reach, as manual systems consume more time and eliminate human dependency. In addition, automation helps to increase the agility and functionality of the business, so they can respond to requests more accurately and efficiently.
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Automation solutions can perform repetitive tasks such as bookkeeping and eliminate the need for human intervention. Automation can find the quickest and most accurate way to complete the task and repeat the process, and this ensures that the business runs smoothly, efficiently and receives the same consistent results. Retail automation consumes less time for purchasing and customers can browse the products by using a touchscreen interface. Retail automation enables the selection of the product of consumer’s choice and to proceed to pay by using a credit or debit card.
Global Retail Automation Market Overview
The rising demand for quality and fast service to consumers has been considered a major driver for the Retail Automation Market. Features such as reduced cost to retailers, high speed of transactions, and accuracy in transactions have positively impacted the market. Retail automation provides for business optimization which increases the demand for the market. Innovative Technology has helped achieve the goals for retail automation. In recent years, developing economies have been a major growth opportunity for the Retail Automation Market since retailers in these countries are adopting new strategies to provide fast and reliable service to the growing population.
In these economies, the spending patterns of the general population are improving and they are trying to adopt the developed country’s habits and behavioural trends in the retail sector. So, these economies are expected to propel the growth of the global Retail Automation Market. Although there are a number of positives to this market, there are also restaurants like lack of knowledge and resources for terminal mobility. This can hinder the growth of the market. In some cases, where resources are available, they might not be up to the optimum speed like internet services can be affected in some areas due to the weather conditions in rural areas.
There can also be cases of theft at unattended terminals that can pose a risk for retailers that do not have enough resources or labour to keep a watch at all times. Due to these increased number of thefts, retailers may be demotivated to use retail automation which can cause a challenge to the market. Retail automation provides flexible and easy to operate solutions for both customers and retailers with innovative and improved technologies. The demand for automated solutions is accelerated by their advantages such as efficiency in product supplies, manageable business platforms, and faster sales processes. This helps to increase the profits of retailers through cost advantage also ensuring a productive environment for the growth of the market worldwide.
Retail automation solutions completely rely on electricity and the internet. Unattended terminals, such as vending machines and kiosks require a constant and uninterrupted electricity supply to ensure the availability of several products to consumers. Furthermore, consumers nowadays prefer to pay online or by card, and high-speed internet connectivity is crucial to ensure fast and timely payments. Nevertheless, internet speed can be hampered by several issues such as climatic volatility, server traffic, and lower bandwidth. The unavailability or failure of electricity and internet connectivity may act as restricting factors for the growth of the Retail Automation Market. The lack of awareness in the rural areas can restrict the installation and usage of automated kiosks or vending machines. Additionally, a shortage in the supply of both electricity and the internet can create major hurdles for the growth of the market.
Global Retail Automation Market: Segmentation Analysis
The Global Retail Automation Market is Segmented on the basis of Product, Implementation, End-User, And Geography.
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Retail Automation Market, By Product
• Point-of-Sale (POS)
• Camera
• Barcode and RFID
• Others
Based on Product, the market is bifurcated into Point-Of-Sale (POS), Camera, Barcode and RFID, and Others. The Retail Automation Market for the camera segment is projected to grow at the highest CAGR during the forecast period. The malls and retail shops are more prone to security threats, such as theft and inventory loss as compared to other business properties. Investment in cameras as a retail solution provides several long-term benefits such as increasing the store profits, reducing the retail losses, decreasing the thefts, and analyzing the employee tasks, as well as understanding the consumer buying behaviour. Systems such as contactless payment, RFID transponders, and advanced one-click payments are set to be used globally which will result in an increase in the growth of CAGR.
Retail Automation Market, By Implementation
• In-Store Premise
• In-Warehouse
Based on Implementation, the market is bifurcated into In-Store Premise and In-Warehouse. In-Store Premises is set to record the highest CAGR. In developing countries, consumers are more likely to visit a shop and select the product they want to buy which will act as a factor for the on-store premises to record the highest CAGR. The number of physical stores is rising gradually in developing economies. The emerging countries are highly populated, where the majority of people prefer to buy daily products from stores due to easy accessibility. Hence, in spite of the evolution of e-commerce, there are customers who still prefer to go and buy products in stores. These factors contribute towards the growth of the Retail Automation Market for in-stores in the coming years.
Retail Automation Market, By End-User
• Hypermarkets
• Supermarkets
• Single-Item Stores
• Petrol Pumps/Fuel Stations
• Health and Retail Pharmacy
Based on End-User, the market is bifurcated into Hypermarkets, Supermarkets, Single-Item Stores, Petrol Pumps/Fuel Stations, and Health and Retail Pharmacy. Depending on the need for different countries the end-user segment is neutral with overall growth in all the segments. Single-item stores are further bifurcated into consumer electronics, apparel, gadgets, quick-service restaurant and automotive.
Retail Automation Market, By Geography
• North America
• Europe
• Asia Pacific
• Rest of the world
On the basis of Geography, the Global Retail Automation Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share in the market till now has been dominated by North America. Asia Pacific is also expected to grow significantly and will account for the high CAGR during the forecast period since countries such as China, India, and Japan are contributing a significant share to the market. The Retail Automation Market is highly dominated by the US, emerging countries such as India, China, Brazil, and a few African and Middle Eastern countries are also witnessing speedy growth owing to the foreign direct investment in the retail sector.
Key Players
The “Global Retail Automation Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Datalogic S.P.A, First Data Corporation, Fujitsu Limited, Honeywell Scanning & Mobility, NCR Corp., Toshiba Global Commerce Solutions Inc., Wincor Nixdorf AG, Posiflex Technology Inc., Pricer, Zebra Technologies Corp.
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