The retail automation market industry is projected to grow from US$ 16.22 billion in 2022 to US$ 40.56 billion in 2032. Over the course of the anticipated period, the market is anticipated to grow at a CAGR of 9.6%. The retail automation market business has seen substantial traction from technical improvements in recent years.
A recent Future Market Insights (FMI) report predicts that by 2022, the retail automation market would be worth more than US$ 16.22 billion. Analytics-integrated automation systems are anticipated to present a wide range of prospects for the retail sector.
Retailers are anticipated to benefit from the capacity to effectively examine data and make decisions utilizing analytical automation. Analysis of consumer purchasing behavior is therefore anticipated to fuel market expansion in the ensuing years. Additionally, the expansion of retail data analytics initiatives like recommendation systems offers another chance for major revenue growth for businesses in the global market.
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Retailers are increasingly concentrating on commercial growth in China, but they are gradually turning their attention to the possibilities of other markets, particularly the BRIC nations (Russia, Brazil, China, and India) and several Southeast Asian nations. The Global Retail Development Index shows that Brazil, Chile, and Uruguay are all Latin American nations that are now enjoying strong retail growth.
Furthermore, due to their massive populations of consumers, China and India are anticipated to be the largest retail markets in the Asia Pacific region. Additionally, some less developed or emerging nations, such as Yemen and Egypt, have started embracing the automation systems and services in the retail sector due to the great growth potential they provide, despite the fact that industrialized countries are progressively using retail automation technologies.
According to FMI, supermarkets are projected to have a substantial demand for retail automation. Supermarkets are anticipated to account for more than 40% of the market’s revenue by 2031 as end users.
Key Takeaways: Retail Automation Market
- The global retail automation market is estimated to register a CAGR of over 11.0% during the forecast period of 2021-2031
- Among the regions, the market in South Asia & Pacific is estimated to register a high CAGR, owing to the rise in the adoption of digitalization in the retail industry in India, Indonesia, Australia, and other countries
- The market in China is expected to progress at an impressive CAGR, thanks to the expansion of the retail sector
- In the North American market, the U.S. is expected to account for the dominant 80% of demand registered in 2021
- The market for retail automation in the U.K. is expected to register above 10% y-o-y growth in 2021
- Despite China’s dominance in East Asia, Japan and South Korea are expected to register higher rates of adoption of retail automation
COVID-19 Impact Analysis on Retail Automation Market
- Businesses are facing the reality and adjusting their business model to account for the effects of the COVID-19 pandemic. For ensuring the business continuity plans businesses are adopting advanced technologies and various solutions to run their business smoothly. During the pandemic, many retailers tried to optimize their online sales processes using e-commerce platforms.
- Looking ahead, after the pandemic, businesses with multiple sales channels will need to sync both offline and online inventory, promotions, and transactions. Therefore, POS integration and e-commerce are likely to become optimal solutions both during and after the pandemic.
- Being guided by the “try-before-you-buy” approach, augmented shopping attracts customers by allowing them to interact with products online. Moreover, the isolation due to the COVID-19 quarantine has rapidly increased the demand for virtual fitting room systems.
- Hence, the retail automation market is estimated to grow around 9.6% to 10.6% Y-o-Y from 2019 to 2021.
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Implementation of RFID Technology
- The handheld RFID inventory management platform will help improve the customer experience, allow for quick and efficient restocking of merchandise, and increase sales. Implementation of RFID technology in retail stores in support of an omnichannel strategy supports customers’ changing shopping habits. RFID technology enables to track the missing products from the sales floor.
- The RFID inventory system provides deeper merchandise visibility and increases inventory management efficiencies. RFID is an important tool for cutting costs and managing efficiencies at a time when retailers are battling fiercely for each consumer dollar spent at their stores. By reducing stocks and overstock, retailers can help maximize product availability to help convert sales.
Key Segments Covered
Product Type :
- Manned POS Terminal
- Fixed POS Terminal
- Mobile POS Terminal
- Contactless POS Terminal
- Unattended Terminals
- Kiosk / Vending Machine
- Self-Checkout System
Market :
- Organized Market
- Unorganized Market
Industry :
- FMCG
- Health and Personal Care
- Apparel and footwear
- Hospitality
- Consumer Electronics
- Travel and Logistics
- Oil & Gas
- Others
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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