USD 1.10 billion
Global Retail Automation Market Size, Share, Growth Analysis, By End-Use(Hypermarkets, and Supermarkets), By Product(Barcode and RFID, POS) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2178 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
65 |
Figures:
75
Global Retail Automation Market Insights
Global Retail Automation Market size was valued at USD 1.10 billion in 2022 and is poised to grow from USD 1.21 billion in 2023 to USD 2.64 billion by 2031, growing at a CAGR of 10.20% during the forecast period (2024-2031).
The retail automation market has witnessed significant growth in recent years, driven by the increasing adoption of technology in the retail sector. The purpose of this market is to improve operational efficiency, reduce costs, and deliver an enhanced shopping experience to customers. By automating various retail processes, businesses can optimize their operations, enhance inventory management, reduce human error, and offer convenient and personalized services to consumers. Several factors are driving the growth of the global retail automation market.
The rising demand for a seamless and efficient shopping experience has prompted retailers to invest in automation solutions. These technologies enable faster and more accurate transactions, reducing waiting times and improving customer satisfaction. the growth prospects, there are some restraining factors that impact the retail automation market. One of the key challenges is the high initial investment required to implement automation systems. Retailers, especially small and medium-sized businesses, may face financial constraints in adopting these technologies. The retail automation market faces several challenges. integrating different automation systems and ensuring seamless interoperability can be complex, particularly in large retail environments with multiple stores and locations. The global retail automation market presents significant opportunities for industry players. The rapid growth of e-commerce and the emergence of omnichannel retailing provide avenues for automation solutions to bridge the gap between online and offline shopping experiences. The global retail automation market is driven by the need for enhanced operational efficiency, improved customer experiences, and cost optimization in the retail sector. While initial investment and data security concerns may pose challenges, opportunities lie in the integration of automation technologies, embracing new advancements, and catering to evolving customer preferences. With continuous innovation and strategic implementation, the market is poised for further growth and transformation in the coming years.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hypermarkets
Fastest Growth
Hypermarkets
Growth Rate
10.20% CAGR
Global Retail Automation Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Retail Automation Market Size By End-use 2022-2030 ($ Bn)
Global Retail Automation Market Size By End-use 2022-2030 (%)
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Global Retail Automation Market Segmental Analysis
The global retail automation market is segmented on the end-use, product, and region. By end-use, the market is segmented into hypermarkets, and supermarkets. In terms of product, the market is segmented into barcode and RFID, POS, cameras, electronic shelf labels, autonomous guided vehicles, and others. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Retail Automation Market Analysis by End-Use
Supermarkets represent the largest segment in the Global Retail Automation Market. With their widespread presence and high footfall, supermarkets have embraced automation solutions to optimize their operations and enhance the shopping experience. Automation technologies such as self-checkout terminals, electronic shelf labels, and inventory management systems have been widely implemented in supermarkets worldwide. These solutions help streamline the checkout process, provide accurate pricing information, and enable efficient inventory management. With their focus on convenience and customer satisfaction, supermarkets have been at the forefront of adopting retail automation, making them the largest segment in the market.
The hypermarkets segment is expected to be the fastest growing segment in the market. Hypermarkets are large-scale retail stores that offer a wide range of products, including groceries, household items, electronics, and more. These stores attract a significant number of customers due to their extensive product offerings and competitive pricing. To meet the demands of a large customer base and optimize their operations, hypermarkets are increasingly adopting automation solutions. Automation technologies such as self-service kiosks, mobile payment systems, and advanced inventory management systems are being implemented to improve efficiency, reduce waiting times, and enhance customer experiences. The fast-paced growth of hypermarkets, especially in emerging economies, coupled with their focus on cost-effectiveness and customer convenience, is driving the adoption of retail automation solutions in this segment.
Global Retail Automation Market Analysis by Product
The barcode and RFID segment is expected to emerge as the dominant player in the retail automation product market by the end of the forecast period. This is attributed to the increasing adoption of RFID technology and its ability to facilitate regular inventory checks, thereby ensuring inventory accuracy. Retailers can leverage RFID technology to compete effectively with online sellers by gaining confidence in their inventory status and having specific details such as color and size levels readily available.
The camera segment is also anticipated to witness significant growth in the retail automation market. This growth can be attributed to the rising security concerns related to administrative errors, thefts, and other security issues. Cameras play a crucial role in monitoring and surveillance, helping retailers enhance security measures and prevent losses. Self-checkout terminals have experienced substantial growth due to their numerous benefits for retailers in improving the overall customer experience. These terminals have gained significant consumer acceptance and are widely used in various retail settings, including home improvement stores, convenience stores, mass merchants/hypermarkets, and supermarkets.
Global Retail Automation Market Size By End-use, 2022(%), 2023 (%)
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Global Retail Automation Market Regional Insights
North America is projected to maintain its position as the leading segment in the market during the forecast period. This is primarily due to the presence of well-established manufacturers and a large consumer base in the region. North America accounted for the largest share of revenue in the market, and it is expected to exhibit a robust compound annual growth rate (CAGR) of over 7% from 2023 to 2030. Besides North America, the European and Asia Pacific regions are also expected to be significant contributors to the global market's revenue.
Asia Pacific is projected experiencing substantial growth, driven by increasing disposable income among consumers. This rise in disposable income is expected to boost the demand for retail automation solutions in the region. Furthermore, the adoption of innovative technologies such as artificial intelligence (AI), machine learning, digital traceability, and robotics is playing a key role in driving the growth of the retail automation market in the Asia Pacific region and beyond.
Global Retail Automation Market Size By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Retail Automation Market Dynamics
Global Retail Automation Market Drivers
Increasing Adoption of Self-Checkout Systems
- Retailers are increasingly deploying self-checkout systems to enhance the customer experience and improve operational efficiency. In 2022, major retailers worldwide, such as Walmart, Target, and Tesco, have expanded their self-checkout offerings to reduce checkout time, provide contactless transactions, and cater to the growing demand for convenience.
Growing Emphasis on Contactless Technologies
- Retail automation solutions like touchless payment systems, mobile apps for shopping, and automated kiosks have gained prominence in 2022 as retailers prioritize customer safety and hygiene. Contactless technologies have become a driving force behind the growth of the retail automation market.
Global Retail Automation Market Restraints
High Implementation Costs
- The initial investment and ongoing maintenance costs associated with retail automation solutions can be a significant restraint for some retailers, particularly smaller businesses. The expenses related to hardware, software, integration, and employee training can pose financial challenges, limiting the widespread adoption of automation technologies.
Concerns Regarding Job Displacement
- The automation of retail processes raises concerns about job displacement and the impact on the workforce. While automation can streamline operations and improve efficiency, it may also lead to reduced employment opportunities for certain roles, such as cashiers. Balancing automation with workforce management and retraining programs becomes essential to address this concern.
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Global Retail Automation Market Competitive Landscape
The global retail automation market is a highly competitive landscape with the presence of several key players striving to gain a competitive edge. These companies focus on innovation, partnerships, mergers and acquisitions, and geographic expansion to solidify their market position. The competitive landscape is dynamic, with companies striving to differentiate themselves through product innovation, customer-centric solutions, and strategic partnerships.
Top Player’s Company Profiles in Global Retail Automation Market
- Fujitsu Limited (Japan)
- Honeywell International Inc. (US)
- Zebra Technologies Corporation (US)
- Wincor Nixdorf AG (Germany)
- IBM Corporation (US)
- Panasonic Corporation (Japan)
- ECR Software Corporation (US)
- First Data Corporation (US)
- Posiflex Technology, Inc. (Taiwan)
- Ingenico Group (France)
- NEC Corporation (Japan)
- Pricer AB (Sweden)
- Zucchetti Group (Italy)
- VeriFone Systems, Inc. (US)
- Seiko Epson Corporation (Japan)
- Datalogic S.p.A. (Italy)
- PCMS Group Limited (UK)
Global Retail Automation Market Recent Developments
- In May 2022, Toshiba Corporation unveiled its latest point-of-sale (POS) system, designed to enhance checkout speed and efficiency. The new POS system incorporates advanced features such as biometric authentication and mobile payment integration.
- In March 2022, NCR Corporation introduced its next-generation self-checkout solution called "FastLane Mobile Shopper." This solution enables customers to scan and pay for items using their smartphones, providing a seamless and contactless shopping experience.
- In January 2022, Honeywell International Inc. announced the launch of a new suite of retail automation solutions, including advanced barcode scanners and mobile computers, aimed at improving operational efficiency and customer experiences.
- In December 2021, Fujitsu Limited launched an advanced digital signage solution for retail, offering dynamic and personalized content delivery. The solution utilizes AI-driven analytics to deliver targeted advertisements and promotions, enhancing customer engagement and driving sales.
Global Retail Automation Key Market Trends
- Integration of Artificial Intelligence (AI) and Machine Learning: In 2022, the integration of AI and machine learning in retail automation solutions has gained momentum. These technologies enable advanced analytics, personalized recommendations, demand forecasting, and inventory optimization. Retailers are leveraging AI-powered chatbots and virtual assistants to provide real-time assistance to customers, enhancing their shopping experiences.
- Focus on Omnichannel Retailing: The trend towards omnichannel retailing continues to influence the retail automation market in 2022. Retailers are striving to provide a seamless shopping experience across multiple channels, including online, mobile, and brick-and-mortar stores. Automation solutions that enable inventory synchronization, order management, and centralized customer data management are in high demand to support the omnichannel strategy.
Global Retail Automation Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global retail automation market analysis, retailers are increasingly deploying self-checkout systems to enhance the customer experience and improve operational efficiency. Retail automation solutions like touchless payment systems, mobile apps for shopping, and automated kiosks have gained prominence in 2022 as retailers prioritize customer safety and hygiene.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.10 billion |
| Market size value in 2031 | USD 2.64 billion |
| Growth Rate | 10.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Retail Automation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Retail Automation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Retail Automation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Retail Automation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Retail Automation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Retail Automation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Retail Automation Market Report Snapshots
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