The retail automation market is about to embark on an extraordinary transformational journey and is expected to experience incredible growth. With a stunning value of United States$ 18,845.3 million in 2023, this dynamic industry is anticipated to soar to an expected value of United States$ 47,706.8 million by 2033, advancing at an excellent CAGR of 9.7% throughout the forecast period (2023 to 2033).
A wide range of motivating factors has fueled this astounding expansion. One of the main drivers is the growing demand for contactless and self-service technology, which is being driven by the desire for increased convenience and safety in the wake of recent international events. Modern robotics and artificial intelligence have been effectively incorporated into retail processes to improve operations, streamline inventory management, and provide individualized consumer experiences. Modern robotics and artificial intelligence have been effectively incorporated into retail processes to improve operations, streamline inventory management, and provide individualized consumer experiences.
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Key Takeaways
- Dominance of the United States: With a staggering 14.3% market share, the United States is the world leader in the use of retail automation. It commands a leading position in the international market because of its sophisticated technological infrastructure and significant adoption of automation solutions.
- Germany’s Strong Position: Germany gains a significant market share of 6.5%, demonstrating its dedication to utilizing cutting-edge technologies for improving retail procedures. Its established manufacturing capabilities and focus on precision engineering help give it a competitive advantage.
- Japan’s Consistent Growth: With a 3.2% market share, Japan shows consistent growth in the use of retail automation. Japan, which is renowned for its technology achievements and culture of efficiency, continues to embrace automation to improve its retail environment.
- China’s Rapid Rise: With a sizeable 10.3% market share, China is quickly establishing itself as a retail automation powerhouse. China’s economic trajectory is both stunning and formidable, propelled by a sizable consumer base and a desire to adopt contemporary retail practices.
- India’s Increasing Potential: With an 8.2% market share, India has encouraging potential in the field of retail automation. India is positioned for faster adoption of automation technology as the nation’s retail sector undergoes a digital transformation and consumer preferences change.
- Australia and the United Kingdom: With minor percentages of 3.4% and 13.3%, respectively, Australia and the United Kingdom While the United Kingdom exploits its existing retail landscape to embrace automation for increased operational efficiency, Australia’s adoption is driven by its tech-savvy populace and booming retail business.
Competitive Landscape
The retail automation sector is on the verge of escalating competition, which is expected to do so in the next years. The heated competition among market participants competing for a larger market share has been sparked by the spike in demand for retail automation solutions, which is being fueled by the quest of improved efficiency and seamless consumer experiences.
The steady influx of new and creative technologies that continue to transform the industry’s landscape and tempt organisations to stay at the forefront of improvements is what fuels this competitive environment. The competition for domination grows more intense as the market draws more players—both seasoned titans and quick-moving startups.
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Datalogic S.p.A.
A company based in Italy that offers many different retail automation solutions, such as self-checkout kiosks, RFID technology, and portable PCs. The business places a high priority on innovation and is continually creating new technology to assist retailers in streamlining their processes.
NCR Corporation
A United States company that offers POS systems, self-checkout kiosks, inventory management systems, and other retail technology solutions. The business has a lengthy history in the retail sector and is renowned for its top-notch goods and services.
First Data Corporation
A United States corporation that offers a variety of payment processing options, including mobile payments, contactless payments, and self-checkout kiosks. The business prioritizes innovation and is always coming up with new strategies to assist merchants in accepting payments.
Toshiba Global Commerce Solutions
A Japanese company that offers a variety of self-checkout kiosks, RFID devices, mobile laptops, and other retail automation solutions. The corporation is well-known for its top-notch goods and services and has a significant market share in the Asia-Pacific area.
Key Developments
- AI and Autonomous Mobile Robots Transform Retail: Retail automation is changing as a result of the growing use of autonomous mobile robots (AMRs) and autonomous guided vehicles (AGVs). While artificial intelligence (AI) and machine learning (ML) improve performance across self-checkout kiosks, inventory management systems, and customer care chatbots, these smart robots streamline order fulfillment, restocking, and goods transportation.
- Meeting Contactless Demands with Automation: The COVID-19 pandemic has pushed the demand for contactless and self-service technology, and retail automation offers a solution. To meet evolving consumer desires for a safer and more convenient shopping experience, retailers are turning to automation to provide seamless, contactless checkout, payment alternatives, and access to customer service professionals.
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
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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