Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) — Market Analysis
The Retail Automation Market size is predicted to witness significant growth at a healthy CAGR over the forecast period (2019- 2026), reveals the Market Research Future (MRFR) report. Automation in the retail industry, simply put, is the adoption of technologies like machine learning (ML) and artificial intelligence (AI) that allow retail businesses to transform and automate their daily operations with efficient performance and improved customer experience. It also helps to automate tasks, manual and repetitive, which are exceptionally vulnerable to error occurrences. Retail automation further offers several benefits, which comprise minimized labor cost that in turn provide enhanced customer experience, increased efficiency, higher accuracy, boost sales, and take the retail business to the next level.
Fascinating Features that Spur Market Growth
As per the MRFR report, there are numerous factors that are propelling the retail automation market growth. These include investments by big retail giants in retail automation, rise in people’s spending capacities, rise in per capita disposable income, rapid developments in technologies like robotics, computer vision, blockchain, internet of things, machine learning, and artificial intelligence, and different benefits offered by retail automation such as high-quality performance, speed, accuracy, and low cost. The additional factors adding market growth include the implementation of automated technologies in the retail industry, the developing retail industry, and the growing demand for fast service and quality.
On the contrary, high investments related to the adoption of a retail automation system that includes services, software, and hardware, risk of theft at unattended terminals, dependency on electricity and the internet, and lack of skilled personnel may impede the market growth over the forecast period.
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Several industries have experienced the brunt of the on-going COVID-19 pandemic barring just a few, such as the retail automation market. There has been an increasing need for retail automation systems owing to the demand for unstaffed retail stores to stop the spread of the deadly virus. Besides, the rapid technological advances in services, software, and hardware associated with retail automation have also boosted the market growth. The dependency on technology further for different business operations like billing, automatic vending machines, automated tellers, and contactless payments increases with time.
The Market Research Future report offers an inclusive analysis of the retail automation market based on end user, component, and type.
By type, the retail automation market is segmented into automated conveyor, barcode and RFID, automatic storage and retrieval, kiosk, point of sale, electronic shelf labels, and others. Of these, the point of sale segment will lead the market over the forecast period.
By component, the retail automation market is segmented into service, software, and hardware.
By end user, the retail automation market is segmented into fuel stations, single item stores, supermarkets, retail pharmacies, hypermarkets, and others. Of these, the supermarket segment will dominate the market over the forecast period.
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North America to Command Largest Share in Retail Automation Market
By region, the global retail automation market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA). Of these, North America will command the largest share in the market over the forecast period. Increasing demand for retail automation systems, the presence of several industry players, and the availability of well-developed IT infrastructure are adding to the global retail automation market growth in the region. The US will have the utmost market share.
In Europe, the global retail automation market is predicted to grab the second-largest share over the forecast period. Rapid economic growth in Germany and the UK, coupled with the growing need for improved customer experience from retailers, are adding to the global retail automation market growth in the region.
In the APAC region, the global retail automation market is predicted to have healthy growth over the forecast period. The presence of emerging economies in India and China growing at a rapid pace, high demand for unstaffed stores, unstaffed shelves, and vending machines in China, growing consumer preference for a faster and convenient mode of shopping, and rise in adoption of digitalization in the retail industry are adding to the global retail automation market growth in the region. China and India have the utmost share in the market.
In South America & the MEA, the global retail automation market is predicted to have significant growth over the forecast period.
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The prominent players profiled in the global retail automation market report include
- Locbit (US)
- READY.ONE (US)
- Probiz Technologies Prvt Ltd. (India)
- Xerox Corporation (US)
- Kiosk & Display (US)
- NCR Corporation (US)
- Zebra Technologies Corp. (US)
- Diebold Nixdorf, Incorporated (US)
- KUKA AG (Germany)
- First Data Corporation (US)
- E&K AUTOMATION LIMITED (UK)
- Posiflex Technology, Inc. (Taiwan)
- Honeywell International Inc. (US)
- Toshiba Global Commerce Solutions (US)
- FUJITSU (Japan)
The global retail automation is highly fragmented and competitive owing to the presence of well-established domestic and international players. These players have incorporated several strategies to widen their portfolios and also create hold in the market, such as mergers and acquisitions, geographical expansions, product launches, and others. They have also invested heavily in research and development to stay at the forefront and also cater to the consumer’s growing needs.
February 2021- Product division of Jabil, Badger Technologies has introduced Badger UV Disinfect robot, an autonomous UV (ultraviolet) disinfecting robot that has been designed to stop COVID-19 along with high-risk pathogens that are commonly found in retail environments, food service, and grocery. To advance infection prevention and retail automation, UVDI and Badger Technologies will conduct in-store pilots and micro-efficacy testing of the Badger UV Disinfect robot at this year’s first quarter.
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