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The Future of Retail Robotics: A Global Market Analysis for 2024
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According to The Business Research Company's, The retail robotics market size has grown exponentially in recent years. It will grow from $18.23 billion in 2023 to $24.93 billion in 2024 at a compound annual growth rate (CAGR) of 36.7%. The growth in the historic period can be attributed to rising adoption of automation, increasing retail stores, rising use of robotics, and increasing robot implementations.
The retail robotics market size is expected to see exponential growth in the next few years. It will grow to $88.27 billion in 2028 at a compound annual growth rate (CAGR) of 37.2%. The growth in the forecast period can be attributed to increasing e-commerce, increasing demand for mobile robotics, an increase in digital payments, an increasing preference for online shopping, and an increasing adoption of robots. Major trends in the forecast period include developing inventory monitoring, integrating with IoT-enabled robots, developing automated robotic solutions, data analytics and AI integration, and advanced facial recognition systems.
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Market Drivers and Trends:
The rising demand for automation is expected to propel the growth of the retail robotics market going forward. Automation refers to using technology and machinery to perform tasks with minimal human intervention to increase efficiency, productivity, and accuracy in various industries and applications. The rising demand for automation is due to the need for efficiency and productivity gains across industries, facilitated by advancements in robotics and artificial intelligence. Retail robotics plays a significant role in automating various processes within retail environments. They automate various aspects of retail operations, from inventory management and customer assistance to order fulfillment and cleaning. For instance, in September 2023, according to the International Federation of Robotics, a Germany-based non-profit organization, in 2022, factories around the globe installed 553,052 industrial robots, reflecting a 5% increase from the previous year. Therefore, the rising demand for automation is driving the retail robotics market.
Major corporations operating in the retail robotics market are focusing on developing technologically advanced solutions, such as retail intelligent robots, to revolutionize retail by offering real-time data analytics, personalized customer interactions, and efficient supply chain management. The retail intelligent robot is an advanced AI-driven robotic system tailored for retail settings, optimizing inventory management, customer service, and data analytics tasks. For instance, in December 2022, Adapta Robotics, a Romania-based manufacturer of adaptable robotics, launched ERIS, the first retail robot. It is an intelligent retail robot designed to assist customers in retail stores by providing information, guiding them to products, and answering questions. The ERIS robot enhances the customer experience and streamlines store operations by automating out-of-stock identification, providing product information, directing customers to items, and answering questions using advanced sensors and cameras. It can provide information about product availability, pricing, and location and offer personalized recommendations based on customer preferences.
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Major Key Players of the Market:
Honda Motor Co. Ltd., Siemens AG, Honeywell International Inc., ABB Ltd, FANUC Corporation, Zebra Technologies Corporation, Daifuku Co. Ltd., KUKA Aktiengesellschaft, Teradyne Inc., Dematic Corp., KNAPP AG, GreyOrange Pte. Ltd., Bastian Solutions LLC, Locus Robotics Corp., Bossa Nova Robotics Inc., Rapyuta Robotics Co. Ltd., Aethon Inc., Boston Dynamics Inc., Vecna Robotics Inc., RightHand Robotics Inc., InVia Robotics Inc., Simbe Robotics Inc., Knightscope Inc., Magazino GmbH
Retail Robotics Market 2024 Key Insights:
• The retail robotics market size is expected to see exponential growth in the next few years. It will grow to $88.27 billion in 2028 at a compound annual growth rate (CAGR) of 37.2%.
• Automation Fueling Growth Of Retail Robotics
• Robotic Innovations Driving Competitive Edge In Retail Robotics
• North America was the largest region in the retail robotics market in 2023
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