According to the latest report by IMARC Group, titled “Retail Automation Market: Global Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027,” The global retail automation market reached a value of US$ 15.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 26.3 Billion by 2027, exhibiting a CAGR of 9.59% during 2022-2027.
Retail automation refers to the various technologies used in retail businesses to simplify, streamline, and automate standard operations. It includes software where managers set specific parameters to ensure that tasks are completed consistently and accurately. Retail automation comprises of self-checkout systems, touch-enabled point of sale (POS) terminals, mobile apps, service kiosks, etc. These solutions can automate several retail operations, including order fulfillment, procurement, data consolidation, etc. Retail automation assists in enhancing efficiency, reducing human errors, improving the in-store experience, keeping data updated regularly, etc. Such solutions are extensively utilized in busy locations like malls, airports, resorts, transit hubs, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The escalating demand for business process optimization in the retail industry is one of the key factors driving the retail automation market. In line with this, the rising number of research and development (RD) activities aimed at enhancing the virtual marketing scope in the retail sector is further stimulating the market growth. Moreover, the growing need to automate numerous manual processes, such as book-keeping, inventory management, accounting, etc., to save time and improve efficiency is augmenting the global market. Besides this, the advent of real-time analytics in automation is acting as another significant growth-inducing factor. Furthermore, the increasing concerns regarding security risks, such as inventory loss and theft, are anticipated to fuel the retail automation market over the forecasted period.
Competitive Landscape with Key Player:
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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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
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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