Retail Automation Market Size To Grow USD 26550 Million By 2029 at a CAGR of 9.9% | Valuates Reports

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Apr 18, 2023, 04:47 ET

BANGALORE, India, April 18, 2023 /PRNewswire/ -- The Global Retail Automation Market is Segmented by Type (PoS, Barcode & RFID, Electronic Shelf Labels (ESL), Autonomous Guided Vehicle (AGV), Automatic Storage and Retrieval (ASRS), Automated Conveyor), by Application (Hypermarkets, Supermarkets, Single Item Stores, Fuel Stations, Retail Pharmacies)): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Retail Equipment & Technology Category.

The global Retail Automation market was valued at USD 15100 million in 2022 and is anticipated to reach USD 26550 million by 2029, witnessing a CAGR of 9.9% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.

Major Factors Driving the Growth of Retail Automation Market:

Automation adoption in the retail industry has spread thanks to technological improvements. The advantages of automated retail have raised awareness of the benefits of automation in retail operations that aid with inventory optimization, buy or sales services, and others, which are predicted to fuel market growth.

The retail sector has been forced to considerably automate its operational procedures due to greater consumer engagement in shopping for and buying goods. Automation can also alter retail company strategies and open up new value chain opportunities for industry participants. Therefore, there are things that are anticipated to fuel the worldwide retail automation market's rise in the upcoming years.

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TRENDS INFLUENCING THE GROWTH OF RETAIL AUTOMATION MARKET

Since simplifying workflows improves business process efficiency and increases supply chain transparency and visibility, retailers all around the world are doing so. As a result, more methods, such as digitalization, are being adopted to fuel the expansion of the worldwide retail automation market over the course of the forecast year. Automation has exceeded customer expectations, decreased pressure to outsmart the competition, created opportunities to grow revenue and enhanced organizational effectiveness. As a result, automation is now widely used in the retail sector due to its advantages such as end-to-end visibility, streamlined operations, reduced redundancy, and other advantages. This factor is expected to drive the growth of the Retail Automation market.

Future potential in the retail sector is anticipated to be numerous because of the integration of automation and analytics technologies. Retailers are expected to acquire a competitive edge in the market thanks to analytical automation's capacity to make judgments based on analyzed data. As a result, market expansion in the upcoming years is anticipated to be driven by the study of consumer purchasing trends. Additionally, the rise of data and analytics transformation efforts in retail, such as recommendation systems, is another chance for the major companies in the market to sharply boost their profits. This factor is expected to drive the growth of the Retail Automation market.

The global rise of e-commerce has boosted competition among companies offering delivery services. Thus, in the upcoming years, the global market will be largely driven by the rise in the adoption of e-commerce automation, which automatically classifies customers for marketing, standardizes visual merchandising, streamlines tracking & reporting, manages high-risk orders, and other such features. Due to e-commerce solutions that streamline company operations and distribution networks and open up lucrative new income opportunities, retailers' expectations for automation are increasing. E-commerce automation solutions' inventory and order management systems provide digital tracking of stock levels and inventory status as well as change notification. As a result, inventory management is quicker and the retail industry is free of out-of-stock problems. Thus, during the forecast period, the worldwide retail automation market is anticipated to develop due to the globalization of e-commerce operations.

By using analytics in automation systems, retail automation is rapidly increasing and gaining significant popularity. Additionally, some established stores have a tendency to heavily invest in automation and AI technology to improve the experiences of both customers and employees. These are the main market opportunities, which are anticipated to drive retail automation market expansion.

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RETAIL AUTOMATION MARKET SHARE

Diebold Nixdorf, NCR, Zebra Technologies, PAX Global Technology, Fiserv, and other major international players in retail automation are listed below. Over 30% of the market is held by the top five players.

With a market share of roughly 34%, North America leads the way. Asia Pacific and Europe follow with 30% and 29%, respectively.

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Major Players in the Retail Automation Market

Datalogic S.P.A.
First Data Corporation
NCR Corporation
Fujitsu Limited
Toshiba Global Commerce Solutions Inc.
Honeywell Scanning and Mobility
Kuka AG
Wincor Nixdorf AG
Zebra Technologies Corporation
Pricer AB
Posiflex Technology Inc.
E&K Automation GmbH
Probiz Technologies Prvt Ltd.
Simbe Robotics, Inc.
Greyorange
Inmarket LLC.
Arkrobot.

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