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Retail Automation Market: Industry Analysis, Size, Share, Growth And Forecast To 2033
Retail Automation Market
Retail Automation Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $32.01 billion In 2028 At A CAGR Of 12.3% :
The retail automation market size has grown rapidly in recent years. It will grow from $17.82 billion in 2023 to $20.07 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to competitive pressures, supply chain complexity, e-commerce growth, rising labor costs, changing consumer behavior.
The retail automation market size is expected to see rapid growth in the next few years. It will grow to $32.01 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to shift towards omnichannel retail, emphasis on customer experience, demand for contactless solutions, sustainability initiatives, regulatory compliance, enhanced security measures. Major trends in the forecast period include adoption of blockchain for supply chain transparency, growth of autonomous retail solutions, deployment of augmented reality (AR) in retail, emphasis on sustainability, expansion of voice commerce.
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Retail Automation Market Major Segments
The retail automation market covered in this report is segmented -
1) By Product: Point-Of-Sale (POS), RFID And Barcode, Camera, Electronic Shelf Label, Warehouse Robotics, Other Products
2) By Implementation: In-Store, Warehouse
3) By End-Use: Hypermarkets, Single Item Stores, Supermarkets, Fuel Stations, Retail Pharmacies, Other End-Uses
Key Driver - Rising Consumer Expectations Driving Retail Automation Growth.
The rising consumer expectations for faster and seamless shopping expected to propel the growth of the retail automation market going forward. Faster and seamless shopping refers to the entail's swift transactions, streamlined processes, and minimal friction for customers, including quick checkouts, easy navigation, access to product details, and seamless payments. Faster and seamless shopping accelerates growth in the retail automation market through enhanced customer satisfaction, streamlined processes, and data-driven optimization, fostering innovation and expansion. Retail automation uses technology to streamline and expedite the shopping experience, enhancing efficiency and convenience for consumers through quicker transactions and seamless processes. For instance, in 2022, according to Ecommerce Europe, a UK-based non-profit organization, total European e-commerce grew to €718bn with a growth rate of 13%, up from €633 billion in 2020. Therefore, the rising consumer expectations for faster and seamless shopping is driving the growth of the retail automation market.
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Prominent Trend - Introduction Of Collaborative Robots Revolutionizes Retail Automation
Major companies operating in the retail automation market are developing advanced technologies, such as the integration of robotics and automation, to serve customers better with advanced features. Integrating robotics and automation refers to incorporating robotic systems and automated processes into various aspects of industrial operations, manufacturing, or other industries. For instance, in August 2023, Dobot, a Japan-based robotic arms producer, launched Nova collaborative robots for retail automation. The first two Nova models have 2 kg and 5 kg payloads for handling retail and physiotherapy tasks, respectively. The Nova Series has multiple safety features to sense human movement intelligently and stops operation in 0.01 seconds upon collision detection. In case of a power outage, Nova automatically freezes in position to ensure the safety of others.
Retail Automation Market Players
Major companies operating in the retail automation market are Samsung Electronics Co. Ltd., Amazon Web Services Inc., Honeywell International Inc., Fujitsu Limited, Posiflex Technology Inc., NCR Corporation, Zebra Technologies Corporation, KUKA AG, Diebold Nixdorf Inc., Casio Computer Co. Ltd., Capillary Technologies, PAX Technology Inc., Datalogic S.p.A, Toshiba Global Commerce Solutions Inc., WiseTech Global group, First Data Corporation, Optimove Inc., Tecsys Inc., ECR Software Corporation, SandenVendo, E&K Automation GmbH, 6 River Systems LLC, Focus Softnet FZ LLC, Vinculum Solutions Pvt. Ltd., Pricer AB, Future Way Technical Services LLC, QR Retail Automation (Asia) Sdn Bhd, Napse, Kiosk & Display LLC, Wincor Nixdorf AG
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Largest And Fastest Growing Region In The Market
North America was the largest region in the retail automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Retail Automation Market Report Structure
3. Retail Automation Market Trends And Strategies
4. Retail Automation Market - Macro Economic Scenario
5. Retail Automation Market Size And Growth
…..
27. Retail Automation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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