Press release
Retail Automation Market worth US$ 28.5 Billion by 2028 - Exclusive Report by IMARC Group
Retail Automation Market Report 2023
Report Highlights
How big is the retail automation market?
The global retail automation market size reached US$ 16.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.
What is retail automation?
Retail automation is a technology that facilitates fully automated retail stores through software integration. It allows customers to easily browse and select products using a touchscreen interface and pay through a debit or credit card. It includes self-checkout systems, mobile apps, service kiosks, and touch point of sale (POS) terminals. As a result, it improves efficiency, minimizes operational risks, reduces human error, keeps data updated in real-time, improves the in-store experience, provides a better customer experience, and saves costs. Owing to these benefits, retail automation is gaining immense traction across supermarkets, hypermarkets, single-item stores, retail pharmacies, and fuel stations
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What are the growth prospects and trends in the retail automation industry?
The market is primarily driven by the escalating demand for robotic process automation in the logistics industry across the globe. In addition, the recent onset of the coronavirus disease (COVID-19) pandemic led to the integration of a contactless payment system allowing customers to pay in stores securely and quickly, contributing to the market growth. Moreover, various technological advancements, such as the incorporation of radio frequency identification (RFID) technology to offer wireless fuel management and payment system at petrol stations, represents another major growth-inducing factor. Besides this, the widespread adoption of digital payments in transportation, sports, entertainment, and hospitals is accelerating the use of wireless point-of-sale (POS) terminals. Along with this, the advent of autonomous mobile robotics and an autonomous guided vehicle in the retail sector are propelling market growth. Furthermore, the rapid integration of retail automation with machine learning (ML) to help advance the capabilities of software bots, is also creating a favorable market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Point-of-Sale (POS)
Barcode and RFID
Electronic Shelf Label (ESL)
Camera
Autonomous Guided Vehicle (AGV)
Others
Breakup by Implementation:
In-store
Warehouse
Breakup by End User:
Supermarkets and Hypermarkets
Single Item Stores
Fuel Stations
Retail Pharmacies
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
AGS Transact Technologies Ltd.
Diebold Nixdorf Incorporated
Fiserv Inc.
Fujitsu Limited
Honeywell International Inc.
NCR Corporation
Olea Kiosks Inc
Posiflex Technology Inc.
Probiz Technologies Prvt
Sea Point China Limited
Simbe Robotics Inc.
Zebra Technologies Corporation.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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