Retail Automation Market to Reach $23.58 Bn, Globally, by 2026 at 9.6% CAGR: Allied Market Research
Rise in demand for business process optimization in the retail industry and globalization of e-commerce coupled with advent of IoT are the major factors that fuel the growth of the global retail automation market
PORTLAND, Oregon, Nov. 19, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Retail Automation Market by Type (Point-of-Sale (POS), Barcode & RFID, Electronic Shelf Label (ESL), Camera, Autonomous Guided Vehicle (AGV), and Others), Implementation (In-store and Warehouse), and End User (Hypermarkets, Supermarkets, Single Item Stores, Fuel Stations, and Retail Pharmacies): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the retail automation market garnered $11.24 billion in 2018, and is estimated to reach $23.58 billion by 2026, growing at a CAGR of 9.6% from 2019 to 2026.
Drivers, restraints, and opportunities-
Surge in demand for business process optimization in the retail industry, globalization of e-commerce coupled with advent of IoT, and rapid increase in purchasing power of consumers and economic growth in developing regions fuel the growth of the global retail automation market. On the other hand, high initial investment needed to deploy automation in retail restraint the growth to some extent. However, technological advancements with real-time data and analytics is expected to create lucrative opportunities for the key players in the industry.
Point-of-sale (POS) segment to rule the trail during 2018-2026–
Based on type, the Point-of-Sale (POS) segment contributed to one-third of the global retail automation market share in 2018. This is due to its functionalities such as billing and order processing, sales monitoring and reporting, inventory and stock management and others increasing demand for website monitoring and set-up among majority of organizations. On the other hand, camera segment would cite the fastest CAGR of 11.7% by 2026, owing to high number of integration activities that work closely for enhancements including smart check-out in cameras.
The warehouse segment to rule the roost in terms of revenue-
Based on implementation, the warehouse segment accounted for more than three-fifths of the global retail automation market revenue in 2018 and is anticipated to maintain its status during the study period. Growing adoption of retail automation solutions such as automated guided vehicles in retail warehouses is the major factor fueling the growth. However, the in-store segment is estimated to register the fastest CAGR of 10.5% throughout the study period, due to increase in need to provide high quality services for brand recognition.
North America to maintain the lion's share by 2026-
Based on geography, North America held the major share in 2018, accounting for nearly two-fifths of the global retail automation market. This is attributed to provide their consumers with immersive and exquisite experiences while shopping. At the same time, the region across Asia-Pacific would showcase the fastest CAGR of 11.5% by the end of 2026. Advent of digitalization in Asia-pacific countries to reduce operating cost and make supply chain efficient due to growing consumer demand is a major factor anticipated for the growth of the segment.
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