Global Retail Automation Market

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 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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FAQs

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 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. 'NCR Corporation (US)', 'Toshiba Corporation (Japan)', 'Diebold Nixdorf, Incorporated (US)', '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)'

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.

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.

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.

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