The retail automation industry is expected to grow from 17.78 billion USD in 2023 to 44.46 billion USD in 2033. According to FMI, the market is predicted to grow at a CAGR of 9.6% over the forecast period.
The rise in operational changes in enterprises caused by the pandemic-induced work-from-home trend is one of the primary elements driving the retail automation market’s growth. The industry benefits from the use of cognitive technology and changes to internal business processes across enterprises.
Furthermore, automation has the ability to alter retail business models and provide market participants with more options along the value chain. Retailers usually utilize POS systems to conduct sales transactions.
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Cloud-based POS systems are becoming more popular in the retail automation market since most businesses want instant access to their sales data from any location, at any time, and on any device.
Retailers face a variety of important challenges, including inadequate in-store product mix, inefficient warehouse space use, frequent pricing adjustments, rapid changes in customer demand, and a lack of control over channel partners.
Retailers gain from digital payment integration in a variety of ways, including simpler transactions, better customer service, and secure payment choices. It also brings up a lot of opportunities for the retail automation industry.
Key Takeaways
- The retail automation market is likely to have a CAGR of 6% during the forecast period.
- Among all deployments, the cloud segment is anticipated to have the largest CAGR of 13.3% during the projection period.
- North America holds a significant share of the global retail automation market.
- During the forecast period, the retail automation market in Asia Pacific is expected to have a CAGR of 9.9%.
- The value of the retail automation market is expected to be US$ 40.56 billion by 2032.
- In 2020, hardware components held a 44.2% market share, dominating the retail automation market.
Competitive Analysis:
As more products have been added, there is a greater need for efficient warehousing and inventory management systems. Companies that compete in the market employ a range of expansion strategies to build their presence in desirable regions. As the number of smartphone users rises every year, customers are getting used to using debit or credit cards, as well as loyalty cards, at E-POS establishments.
Recent Developments: Product launches/Collaboration
- First Data purchased The Software Express, a provider of electronic money transfers (EFT), in March 2019. Both businesses can grow through the acquisition in terms of retail customers, financial institutions, and electronic payment transactions.
- The Toshiba Corporation introduced ELERA and a unified commerce platform in January 2021. This launch aims to hasten the transition to a world without obstacles.
- NCR Corporation said in January 2021 that it has acquired Freshop, the market leader in groceries e-commerce. Retailers, especially local and regional grocery chains, are able to easily deploy the capabilities to directly satisfy their customers’ demands thanks to the addition of e-commerce to NCR’s market-leading retail core POS platform.
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Key segments
By Product Type:
- Manned POS Terminal
- Unattended Terminals
By Market:
- Organized Market
- Unorganized Market
By Industry:
- FMCG
- Health and Personal Care
- Apparel and footwear
- Hospitality
- Consumer Electronics
- Travel and Logistics
- Oil & Gas
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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