IMARC Group, a leading market research company, has recently releases report titled “Retail Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global retail automation market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the retail automation market?
The global retail automation market size reached US$ 16.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.
What is retail automation?
Retail automation is a technology that facilitates fully automated retail stores through software integration. It allows customers to easily browse and select products using a touchscreen interface and pay through a debit or credit card. It includes self-checkout systems, mobile apps, service kiosks, and touch point of sale (POS) terminals. As a result, it improves efficiency, minimizes operational risks, reduces human error, keeps data updated in real-time, improves the in-store experience, provides a better customer experience, and saves costs. Owing to these benefits, retail automation is gaining immense traction across supermarkets, hypermarkets, single-item stores, retail pharmacies, and fuel stations.
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What are the growth prospects and trends in the retail automation industry?
The market is primarily driven by the escalating demand for robotic process automation in the logistics industry across the globe. In addition, the recent onset of the coronavirus disease (COVID-19) pandemic led to the integration of a contactless payment system allowing customers to pay in stores securely and quickly, contributing to the market growth. Moreover, various technological advancements, such as the incorporation of radio frequency identification (RFID) technology to offer wireless fuel management and payment system at petrol stations, represents another major growth-inducing factor. Besides this, the widespread adoption of digital payments in transportation, sports, entertainment, and hospitals is accelerating the use of wireless point-of-sale (POS) terminals. Along with this, the advent of autonomous mobile robotics and an autonomous guided vehicle in the retail sector are propelling market growth. Furthermore, the rapid integration of retail automation with machine learning (ML) to help advance the capabilities of software bots, is also creating a favorable market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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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