The retail automation market is anticipated to increase, from US$ 17.78 billion in 2023 to US$ 44.46 billion in 2033. According to FMI, the market is expected to expand at a CAGR of 9.6% over the course of the projected period.
The rise in operational changes in businesses caused by the pandemic-induced work-from-home trend is one of the key factors driving the retail automation market’s growth. The industry benefits from the use of cognitive technology and changes to internal business processes across organizations.
Furthermore, automation has the potential to alter retail business models and provide market participants with more options along the value chain. Retailers typically use POS systems to complete sales transactions.
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Cloud-based POS systems are increasingly used in the retail automation since most firms require quick access to their sales data from any place, at any time, and on any device.
Retailers also confront a number of significant difficulties, including poor in-store product mix, inefficient use of warehouse space, frequent pricing adjustments, swift changes in customer demands, and a lack of control over channel partners.
Retailers benefit from the integration of digital payment in many ways, including easier transactions, better customer service, and safe payment options. It also opens up a number of prospects for the retail automation sector.
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 in 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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