PUBLISHER: The Business Research Company | PRODUCT CODE: 1464171
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464171
Retail automation involves leveraging innovative tools and technologies to enhance efficiency and streamline operations within the retail sector. This comprehensive approach encompasses various solutions, including inventory management systems, point-of-sale (POS) technology, ordering software, and warehouse management solutions. These tools are designed to optimize standard retail operations, ensuring smoother processes and improved customer experiences.
The retail automation market encompasses a variety of products aimed at enhancing operational efficiency. Key products include point-of-sale (PoS) systems, RFID and barcode technology, cameras for surveillance, electronic shelf labels, warehouse robotics, and others. These products are utilized both in-store and within warehouse environments across various industries, including hypermarkets, supermarkets, single-item stores, fuel stations, retail pharmacies, and more.
The retail automation market research report is one of a series of new reports from The Business Research Company that provides retail automation market statistics, including retail automation industry global market size, regional shares, competitors with retail automation market share, detailed retail automation market segments, market trends, and opportunities, and any further data you may need to thrive in the retail automation industry. This retail automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 expansion observed in the historic period of the retail automation sector can be attributed to several factors. These include competitive pressures within the industry, the increasing complexity of supply chains, the rapid growth of e-commerce, rising labor costs, and shifting consumer behavior patterns. These dynamics collectively drove the need for automation solutions to streamline operations and remain competitive in the evolving retail landscape.
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%. In the forecast period, the anticipated growth of the retail automation sector is driven by various factors. These include the transition towards omnichannel retail strategies, a heightened focus on enhancing customer experiences, increased demand for contactless solutions in light of health concerns, initiatives aimed at sustainability and environmental responsibility, compliance with regulatory requirements, and the implementation of enhanced security measures to safeguard sensitive data. Major trends expected in this period include the adoption of blockchain technology to enhance supply chain transparency, the proliferation of autonomous retail solutions, the integration of augmented reality (AR) in retail experiences, a continued emphasis on sustainability practices, and the expansion of voice commerce as a viable retail channel.
The escalating consumer demands for faster and seamless shopping experiences are poised to drive significant growth in the retail automation market in the coming years. Faster and seamless shopping encompasses swift transactions, streamlined processes, and minimal friction for customers, including efficient checkouts, easy navigation, access to product details, and seamless payments. This trend fuels growth in the retail automation sector by enhancing customer satisfaction, streamlining processes, and optimizing operations through data-driven insights, thereby fostering innovation and market expansion. Retail automation leverages technology to expedite the shopping journey, improving efficiency and convenience for consumers through accelerated transactions and seamless operations. For example, in 2022, Ecommerce Europe reported that total European e-commerce surged to €718 billion with a growth rate of 13%, marking a significant increase from €633 billion in 2020. Consequently, the escalating consumer expectations for faster and seamless shopping experiences are propelling the growth of the retail automation market.
Key players in the retail automation market are actively pursuing the development of advanced technologies, such as the integration of robotics and automation, to elevate customer service and operational efficiency with enhanced functionalities. Integrating robotics and automation involves incorporating robotic systems and automated processes into various industrial operations, manufacturing, or other industries. For instance, in August 2023, Dobot, a Japan-based manufacturer of robotic arms, introduced the Nova collaborative robots tailored for retail automation. The Nova Series comprises models with 2 kg and 5 kg payloads designed for retail and physiotherapy tasks, respectively. Equipped with multiple safety features, these robots intelligently sense human movement and halt operations within 0.01 seconds upon collision detection. Furthermore, in the event of a power outage, Nova automatically freezes in position to ensure the safety of surrounding individuals.
In April 2021, EDITED, a UK-based retail intelligence technology firm, completed the acquisition of DynamicAction for an undisclosed sum. This strategic move bolsters EDITED's capabilities by establishing a seamless loop between information and action, empowering retailers with actionable insights to make data-backed decisions, thus shaping the future of e-commerce and retail automation. DynamicAction, a UK-based provider of prescriptive retail analytics solutions, offers a platform designed to equip eCommerce, store, and omnichannel service providers with the tools necessary for retail automation and optimized operations.
Major companies operating in the retail automation market report 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
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 countries covered in the retail automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retail automation market consists of revenues earned by entities by providing services such as workflow automation, analytics automation, inventory management, point of sale (POS) software, customer relationship management (CRM) software, and e-commerce and supply chain management systems. The market value includes the value of related goods sold by the service provider or included within the service offering. The retail automation market also includes sales point of sale systems and replacement parts. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Retail Automation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on retail automation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for retail automation ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The retail automation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.