PUBLISHER: The Business Research Company | PRODUCT CODE: 1572598
PUBLISHER: The Business Research Company | PRODUCT CODE: 1572598
Retail robotics refers to the use of robotic systems and technology in retail environments to enhance operations, improve customer experience, and streamline processes. These robots are designed to perform various tasks within retail settings, such as stores, warehouses, and distribution centers.
The main types of retail robotics are mobile robotics, stationary robotics, and semi-autonomous robotics. Mobile robotics focuses on designing, constructing, and implementing robots capable of moving autonomously or semi-autonomously in various environments. These robots are deployed via cloud or web-based platforms, on-premises systems, third-party deployment servers, and other methods to serve various applications such as inventory management, delivery management, in-store service, and more. End users include hypermarkets and supermarkets, specialty stores, e-commerce retailers, department stores, and other retail establishments.
The retail robotics market research report is one of a series of new reports from The Business Research Company that provides retail robotics market statistics, including retail robotics industry global market size, regional shares, competitors with a retail robotics market share, detailed retail robotics market segments, market trends and opportunities, and any further data you may need to thrive in the retail robotics industry. This retail robotics market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 the rising adoption of automation, the increasing number of retail stores, the growing use of robotics, and the expanding implementation of robots.
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 the rise in e-commerce, the increasing demand for mobile robotics, the growth in digital payments, the growing preference for online shopping, and the increasing adoption of robots. Major trends during the forecast period include the development of inventory monitoring, integration with IoT-enabled robots, the creation of automated robotic solutions, the integration of data analytics and AI, and the advancement of facial recognition systems.
The rising demand for automation is expected to drive the growth of the retail robotics market going forward. Automation refers to the use of technology and machinery to perform tasks with minimal human intervention, increasing efficiency, productivity, and accuracy across various industries and applications. This demand stems from the need for efficiency and productivity gains, facilitated by advancements in robotics and artificial intelligence. Retail robotics significantly automate various processes within retail environments, including inventory management, customer assistance, order fulfillment, and cleaning. For instance, in September 2023, the International Federation of Robotics, a Germany-based non-profit organization, reported that in 2022, factories worldwide 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 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. Retail intelligent robots are advanced AI-driven systems tailored for retail settings, optimizing tasks such as inventory management, customer service, and data analytics. For example, in December 2022, Adapta Robotics, a Romania-based manufacturer of adaptable robotics, launched ERIS, the first retail robot. ERIS is an intelligent retail robot designed to assist customers in retail stores by providing information, guiding them to products, and answering questions. It 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. ERIS can provide information about product availability, pricing, and location, and offer personalized recommendations based on customer preferences.
In January 2024, ABB Ltd., a Switzerland-based automation company, acquired Sevensense Robotics for an undisclosed amount. With this acquisition, ABB aims to expand its leadership in next-generation AI-enabled autonomous mobile robots, accelerate the commercialization of Sevensense's 3D visual autonomy platform, and strengthen transformative AI solutions for industries such as logistics and manufacturing. Sevensense Robotics is a Switzerland-based developer of autonomous robotics with potential retail robotics applications.
Major companies operating in the retail robotics market are 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
North America was the largest region in the retail robotics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the retail robotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retail robotics market consist of revenues earned by entities by providing warehouse automation, customer service, data analytics, security, and surveillance. The market value includes the value of related goods sold by the service provider or included within the service offering. The retail robotics market also includes sales of automated checkout systems, inventory management robots, customer service robots, and shelf-stocking robots. 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 Robotics 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 robotics 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 robotics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The retail robotics 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.