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NEW YORK , May 11, 2022 /PRNewswire/ -- As per Zion Market Research study, The Retail Automation Market was worth around USD 14,421.8 million in 2021 and is estimated to grow to about USD 26,540.2 million by 2028, with a compound annual growth rate (CAGR) of approximately 10.7 percent over the forecast period. The report analyzes the Retail Automation Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Retail Automation Market.
Key Industry Insights & Finding of the Retail Automation Market Reports:
Zion Market Research published the latest report titled as "Retail Automation Market By Type (Introduction, POS Terminal, Self-Checkout System, Interactive Kiosk, Camera, RFID and Barcode, Electronic Shelf Labels (ESL), Autonomous Guided Vehicle (AGV), Automatic Storage and Retrieval System (ASRS), Automated Conveyor, and Warehouse Robotics). By Component (Introduction, Hardware (Barcode Scanner, Vending Machines, e-POS Systems, Self-Scan Checkout systems, and Others), Software (Supply Chain and Inventory management software, Workforce management software, and Retails Apps and online store applications)). By Implementation (Introduction, On-Store Premise, and On-Warehouse). By Vertical (Introduction, Hypermarkets, Supermarkets, Single-Item Stores, Apparels, Consumer Electronics, Gadgets, Quick-Service Restaurant, Automotive, Petrol Pumps/Fuel Stations, and Health and Retail Pharmacy). and By Geography – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.
Retail automation is the deployment of technology in retail enterprises that works on the premise of automating, simplifying, and removing as much manual labor as possible from an employee's task. The advantages of automated retail have raised awareness about the benefits of automation in retail operations such as inventory optimization, buy or sales services, and others, which are predicted to fuel market growth in the forecast period. In addition, the proliferation of autonomous mobile robotics (AMR) and autonomous guided vehicles (AGV) in the retail industry has increased automation adoption, which is likely to support the growth of the worldwide retail automation market during the forecast period. The use of real-time analytics in automation is likely to generate considerable revenue growth potential for worldwide market competitors. The purchasing power of consumers has an exponential relationship with a country's economic growth. Thus, the requirement to boost consumer participation in shopping or purchasing goods has driven the retail industry to dramatically automate its operating operations. Automation has the potential to change retail business models and open up new value chain opportunities for market participants. As a result, the following factors are projected to fuel the growth of the worldwide retail automation market in the future years. Moreover, an increase in R&D operations to expand the scope of virtual marketing in the retail industry is beneficial to the global market.
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Retail Automation Market: Growth Dynamics
Drivers: The worldwide retail automation market will be driven by rising demand for retail automation products.
With breakthrough technologies, retail automation provides versatile and user-friendly solutions for both retailers and customers. The benefits of automated products, such as manageable business platforms, efficiency in product supply, and faster sales processes, are driving greater demand for them. This increases retailer revenues through cost advantage and ensures a productive environment for worldwide market expansion.
Restraints: Reliance on the internet and on power.
Electricity and the Internet are the only sources of power for retail automation goods and solutions. Unattended terminals, such as kiosks and vending machines, require a continual and uninterrupted supply of electricity to ensure that a variety of products are always available to clients. Furthermore, customers nowadays want to make payments online or by card, which necessitates high-speed internet connectivity to assure quick and timely payments. However, issues such as changes in climatic conditions, decreased bandwidth, or server traffic can all slow down the internet speed. The retail automation market's growth may be hampered by the absence or failure of electricity and internet access. The lack of such facilities in remote locations limits the installation of automated kiosks or vending machines, both of which require energy and Internet access. This reliance causes significant barriers to commercial growth.
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Opportunity: Emerging technologies have high growth potential.
Though the United States dominates the retail automation market, developing countries such as China , India , Brazil , and a few African and Middle Eastern countries are also experiencing tremendous growth as a result of foreign direct investment in the retail sector. Many global retailers first centered their market expansion plans on China , but nowadays retailers are gradually being enticed by the possibilities of other markets, particularly Southeast Asian countries and BRIC nations (Brazil , Russia , India , and China ). Furthermore, due to their massive consumer bases, India and China are Asia Pacific's largest retail markets.
Developing economies have emerged as prospective retail automation opportunities in recent years. Retailers in these emerging economies are successfully implementing tactics to cater to the expanding middle-class consumer base. The global retail automation market includes a variety of automated products based on characteristics such as the country's economic state, population, GDP, and population spending habits, among others. While automation goods are widely used in rich countries, certain emerging or undeveloped countries, such as Egypt and Yemen , have begun to adopt them in the retail sector due to the tremendous development prospects they provide. As a result, the industry has a significant untapped potential opportunity across many geographies. Asian and Middle Eastern countries are among those geographies that are experiencing market growth. In the foreseeable future, these emerging markets are projected to drive the market. One of the biggest opportunities for this market is the potential rise of the retail automation market in emerging economies.
Challenge: Unattended terminals pose a risk of theft.
When retailers locate their kiosk systems or vending machines in remote and isolated locations such as public streets, railway stations, theatres, cafeterias, and airports, it is difficult for them to keep a continual eye on these systems. Due to their open nature, kiosks and vending machines are difficult to safeguard from damage and theft, and there is usually no provision for a protective shell surrounding the kiosk during non-working hours. Thefts and damages can often result in significant losses for shops, which is a significant challenge for retailers in this industry.
Many retailers are experimenting with various solutions to this challenge. Though this option helps to provide security to automated systems to some level, it is challenging for shops that have their automated systems operational 24 hours a day and are located in remote locations.
Global Retail Automation Market: Segmentation
By Type, the market is classified into Introduction, POS Terminal, Self-Checkout System, Interactive Kiosk, Camera, RFID and Barcode, Electronic Shelf Labels (ESL), Autonomous Guided Vehicle (AGV), Automatic Storage and Retrieval System (ASRS), Automated Conveyor, and Warehouse Robotics. During the forecast period, the Retail Automation Market for cameras is expected to develop at a high rate. When compared to other commercial buildings, malls and retail businesses are more vulnerable to security issues such as theft and inventory loss. Investing in cameras as a retail solution gives various long-term benefits, including increased shop revenues, decreased retail losses, decreased thefts, and analysis of employee activities, as well as knowing consumer purchasing behavior. Contactless payment, RFID transponders, and sophisticated one-click payments are expected to be employed internationally, resulting in a rise in growth.
By Implementation, the market is classified into Introduction, On-Store Premise, and On-Warehouse. In-Store Premises is expected to have the greatest growth. Consumers in developing countries are more likely to visit a store and select the goods they want to buy, which will be a role in the on-store premises recording the highest CAGR. The number of physical stores is gradually increasing in developing economies. The rising countries are densely inhabited, and the majority of people choose to buy everyday necessities from stores due to their ease of access. As a result, despite the rise of e-commerce, some buyers still prefer to buy things in stores. These factors will help the expansion of the Retail Automation Market for in-stores in the approaching years.
By Vertical, the market is classified into Introduction, Hypermarkets, Supermarkets, Single-Item Stores, Apparels, Consumer Electronics, Gadgets, Quick-Service Restaurant, Automotive, Petrol Pumps/Fuel Stations, and Health and Retail Pharmacy. The supermarket vertical category is predicted to contribute the most to the total retail automation market, owing to a rising requirement at these facilities to attract more customers while reducing labor expenses.
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List of Key Players of Retail Automation Market:
Key questions answered in this report:
By Product Type, By Application, and By End Use
Value (USD Million), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Datalogic S.p.A (Italy), First Data Corporation (US), NCR Corporation (US), Fujitsu Limited (Japan), Toshiba Global Commerce Solutions Inc. (US), Honeywell Scanning and Mobility (US), KUKA AG (Germany), Wincor Nixdorf AG (Germany), Zebra Technologies Corporation (US), Pricer AB (Sweden), Posiflex Technology Inc. (US), and E & K Automation GmbH (Germany).
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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North America has had acquired the largest share of the market. The dominance is linked to the presence of several prominent players in this region. Additionally, the availability of well-developed IT infrastructure, the widespread use of modern technologies, and the region's well-established infrastructure are projected to drive the market in the approaching years. Emerging technologies are giving a variety of solutions from the loading dock to the checkout line to improve operational efficiency, which is fuelling the market's expansion. Moreover, mobile checkout devices have enabled the sale of items in any location, whether it is a pop-up shop, an event, or a kiosk. As a result, the North American retail business is on the verge of transforming in terms of adopting new automation technology.
The Asia Pacific is also expected to grow significantly during the forecast period because nations such as China , India , and Japan provide a large part of the market. In addition, the region's retail industry's increased use of digitization is propelling the market's expansion. Moreover, the region's large-scale retailer expansion, as well as the growing awareness and popularity of retail automation, are prompting manufacturers to invest in R&D to create better, more dependable, and cost-effective goods.
Global Retail Automation Market is segmented as follows:
Retail Automation Market: By Type Outlook (2022-2028)
Retail Automation Market: By Component Outlook (2022-2028)
Retail Automation Market: By Implementation Outlook (2022-2028)
Retail Automation Market: By Vertical Outlook (2022-2028)
Retail Automation Market: By Region Outlook (2022-2028)
Press Release For Retail Automation Market: https://www.zionmarketresearch.com/news/global-retail-automation-market
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