PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1443448
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1443448
The global retail automation market is expected to be valued at USD 27.6 billion in 2024 and is projected to reach USD 44.3 billion by 2029; it is expected to grow at a CAGR of 9.9% from 2024 to 2029. Higher adoption of RFID technology in retail automation; minimized labor cost by embracing automation; rising demand for high-quality and fast service to consumers serve as a significant drivers for growth of the retail automation market.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Product Type, Implementation Type, End-user & Region |
Regions covered | North America, Europe, APAC, RoW |
"ESL by product type segment to account higher CAGR in retail automation market during the forecast period"
ESLs help improve pricing accuracy, enabling retailers to reduce pricing errors and increase overall operational efficiency. This is particularly crucial in regions with strict consumer protection regulations. Secondly, ESLs enhance the in-store experience by providing real-time pricing information, enabling customers to make informed purchasing decisions.
"In-store automation to account for higher CAGR in retail automation market during the forecast period"
In-store automation in retail automation refers to the use of technologies such as electronic shelf labels, self-checkout kiosks, and inventory management systems to streamline operations, enhance customer experience, and improve efficiency within physical retail spaces. This trend is gaining traction as retailers seek to meet the evolving needs of consumers and address challenges such as labor shortages.
"Europe region growing at second highest CAGR in retail automation market"
The growth of retail automation in Europe can be attributed to several factors. First, the increasing adoption of technology by retailers to streamline operations and improve the customer experience. Second, the growing demand for convenience and efficiency among consumers, driving the need for automated solutions such as self-checkout systems and contactless payment options.
The key players operating in the retail automation market are Honeywell International Inc. (US), NCR VOYIX Corporation. (US), Diebold Nixdorf, Incorporated. (US), Zebra Technologies Corp. (US) and Hangzhou Hikvision Digital Technology Co., Ltd. (China), among others.
The research reports the retail automation market has been segmented based on product type, implementation type, end user, and region. Based on product type, the market has been segmented into point-of-sale (PoS) systems, automated identification systems, electronic shelf labels (ESLs), cameras, robots, automated guided vehicles (AGV), conveyor & sortation systems, and automatic storage and retrieval systems (ASRS). By implementation type, the market has been segmented into in-store and warehouse. By End User the market has been divided into hypermarkets, supermarkets, non-food retail stores, specialty stores, and others. The market by Region has been segmented into North America, Europe, Asia Pacific, and RoW.
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the retail automation market. A detailed analysis of the key industry players has been done to provide insights into their business overviews, products, key strategies, contracts, partnerships, and agreements. New product & and service launches, mergers and acquisitions, and recent developments associated with the retail automation market. Competitive analysis of upcoming startups in the retail automation market ecosystem is covered in this report.
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