Retail Automation Market: Estimated Worth of US$29,766.77 Million by 2030, Driven by a Projected CAGR of 9.65%
REPORTSINSIGHTS CONSULTING PVT LTD
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REPORTSINSIGHTS CONSULTING PVT LTD
Major Retail Automation Market Participant are Datalogic S.p.A., Diebold Nixdorf Incorporated, Fiserv Inc., Fujitsu Limited, Honeywell International Inc., KUKA AG, NCR Corporation, Posiflex Technology Inc., Toshiba Global Commerce Solutions, Zebra Technologies Corporation, Olea Kiosks Inc., AGS Transact Technologies Ltd., and Fametech Inc.and Others
New York, April 05, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Reports Insights, the Retail Automation market is poised for strong expansion and is expected to reach USD 29,766.77 Million by 2030. The market, which was valued at USD 14,511.32 Million in 2022, is predicted to grow at a compound annual growth rate of 9.65% during the period 2023-2030. The report highlights the increasing demand for growing trend towards digitalization and the increasing adoption of retail automation solutions in retail stores including supermarkets/hypermarkets, specialty stores, and others are the major factors driving the growth of the market. Reports Insights' study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Retail Automation market.
Global Retail Automation Market Size, Share & Trends Analysis, By Type (POS System, Self-Checkout System, RFID and Barcode Scanners, Electronic Shelf Label (ESL), Autonomous Guided Vehicle (AGV), and Others), Implementation (In-Store and Warehouse), End User (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Retail Pharmacies, and Others), and By Region, Forecast Period 2023 – 2030.
Retail automation consists of a set of solutions that are primarily designed to automate standard business operations in the retail sector. Various types of retail automation solutions such as POS system, self-checkout system, RFID and barcode scanner, electronic shelf label, autonomous guided vehicle, and others are deployed in retail warehouse and in-store applications. The market for retail automation is highly competitive, with a large number of players offering a wide variety of products and services. The market is expected to continue to grow in the coming years, driven by the increasing demand for automation solution in a variety of retail outlets, including hypermarkets/supermarkets, convenience stores, specialty stores, retail pharmacies, and others.
The increasing deployment of automation solutions in retail outlets is one of the key factors driving the market growth. The deployment of automation solutions in retail sectors enables businesses to reduce operating costs while improving operational efficiency. Moreover, retail automation solutions also help in increasing the retail sales performance and enhancing the consumer experience. The aforementioned benefits of retail automation is increasing its deployment in the retail sector, thereby, driving the growth of the market.
Further, the rising development of supermarkets and convenience stores is another significant factor growth of the retail automation market. Factors such as rising consumer demand, higher disposable income, change in retail structuration, and an increasing number of commercial sales areas are the major determinants influencing the growth of supermarkets and convenience stores. For instance, in June 2022, REWE, a German supermarket chain launched its first autonomous grocery store in Berlin. The rising development of supermarkets and convenience stores will further drive the demand for retail automation solutions to streamline standard business operations and improve the store’s operational efficiency, which in turn is fueling the growth of the market.
Global Retail Automation Market Segmentation Details:
Based on Type, thePOS system segment contributed the largest shares to the market growth in 2022. A point of sale (POS) system is utilized to process transactions made by retail customers. A POS transaction often occurs in person or online, in which the receipts generated are either in printed format or electronic format. Moreover, cloud-based POS systems are becoming increasingly popular among retail merchants in recent years. Additionally, the ability of POS system to collect marketing data and monitor inventory and buying trends, is a prime factor driving the growth of the segment.
Based on Implementation, the in-store segment contributed the largest shares to the market growth in 2022. The major factor contributing to the growth of the in-store segment is the rising development of physical retail outlets in multiple regions across the world. The ease of accessibility to products, rising consumer demand, and flexibility in purchase patterns are encouraging consumers to purchase good from physical retail stores. Additionally, several retail stores have implemented retail automation solutions to enhance operational efficiency and improve consumer’s purchase experience in physical retail outlets, thereby, boosting the growth of the segment.
Based on End User, the hypermarkets/supermarketssegment is anticipated to offer substantial shares to the Global Retail Automation Market growth during the forecast period. Retail automation solutions such as POS systems, RFID and barcode scanners, and others are often used in hypermarkets/supermarkets to automate standard operations, which reduces time consumption, improves the store's efficiency, and increases profitability. Moreover, increasing adoption of retail automations in the hypermarkets/supermarketsto enhance consumer experience is expected to fuel the market growth during the forecast period.
Based on region, North America accounted for the largest share contribution to the market growth in 2022. The prevalence of major retail automation providers in the North America leads to significant advancements in retail automation solutions in the region. In addition, the North American region is also a major market for specialized retail, e-commerce, and warehousing operations, which in turn is fostering the demand for retail automation solutions in the region. The above factors will further drive the growth of the market in the North American region in the upcoming years.
Datalogic S.p.A., Diebold Nixdorf Incorporated, Fiserv Inc., Fujitsu Limited, Honeywell International Inc., KUKA AG, NCR Corporation, Posiflex Technology Inc., Toshiba Global Commerce Solutions, Zebra Technologies Corporation, Olea Kiosks Inc., AGS Transact Technologies Ltd., and Fametech Inc.
By Type
POS System, Self-Checkout System, RFID and Barcode Scanners, Electronic Shelf Label (ESL), Autonomous Guided Vehicle (AGV), and Others
By Implementation
In-Store and Warehouse
By End User
Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Retail Pharmacies, and Others
Report Coverage
Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.
By Geography
North America, Asia-Pacific, Latin America, Europe, Middle East & Africa
Key Market Highlights
The Global Retail Automation Market size is estimated to exceed USD 29,766.77 million by 2030 and grow at a CAGR of 9.65% during the forecast period (2023-2030).
Globally, Retail Automation are divided based on the type into POS system, self-checkout system, RFID and barcode scanners, electronic shelf label (ESL), autonomous guided vehicle (AGV), and others.
On the basis of implementation, the market is categorized into in-store and warehouse.
On the basis of end user, the market is classified into hypermarkets/supermarkets, convenience stores, specialty stores, retail pharmacies, and others.
The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
North America and Asia Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in retail automation.
Retail Automation Market Growth Drivers:
Business enterprises operating in the retail sector are adopting retail automation solutions in order to improve business processes and ensure efficiency in retail operations. Moreover, the deployment of retail automation solutions offers retailers with several benefits such as reduced costs, improved efficiency, smoother workflow, increased sales performance, and enhanced customer experience.
Restraint
Retail automation solutions and products primarily rely on the availability of the internet and electricity for its functioning. Retail automation systems such as POS systems, self-checkout systems, vending machines, and others require an uninterrupted and constant supply of electricity to ensure the availability of several products to consumers. Moreover, the recent consumer shift towards online or card payments require high-speed internet connectivity to ensure quick and timely payments.
In March 2022, Datascan partnered with Frequentiel to launch an inclusive RFID solutions for the retail sector in Europe and North America. The partnership brings together a global physical inventory self-scan provider and Europe’s leading RFID provider.
In January 2023, Scandit launched its new scanning interface that is optimized for high-performance barcode scanning. The new scanning interface offers a simple and quick scanning options in workflows such as inventory management in retail.
List of Major Global Retail Automation Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
Datalogic S.p.A.
Diebold Nixdorf Incorporated
Fiserv Inc.
Fujitsu Limited
Honeywell International Inc.
KUKA AG
NCR Corporation
Posiflex Technology Inc.
Toshiba Global Commerce Solutions
Zebra Technologies Corporation
Olea Kiosks Inc.
AGS Transact Technologies Ltd.
Fametech Inc.
Global Retail Automation Market Segmentation:
By Type
POS System
Self -Checkout System
RFID and Barcode Scanners
Electronic Shelf Label (ESL)
Autonomous Guided Vehicle (AGV)
Others
By Implementation
In-store
Warehouse
By End User
Hypermarkets/Supermarkets
Convenience Stores
Specialty Store
Retail Pharmacies
Others
Key Questions Covered in the Retail Automation Market Report
What specific segmentation details are covered in the Retail Automation market report, and how do dominating segment is impacting the market growth?
Which By Type/ By Implementation/ By End User is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
SWOT analysis of key market players operating in the region?
Porter's analysis of Retail Automation market report.
Key research and development activities associated with Retail Automation
Analyst recommendation of Retail Automation market report.
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