NEW
YORK, July 8, 2024 /PRNewswire/ -- The
global retail automation market size is estimated to
grow by USD 11.95 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 10.87% during the forecast
period. High adoption of contactless payment
solutions is driving market growth, with a trend
towards emergence of big data management.
However, privacy and security concerns poses a
challenge. Key market players include Datalogic SpA, Diebold
Nixdorf Inc., ek robotics GmbH, FAMETECH INC., Fiserv Inc., Fujitsu
Ltd., Grey Orange Pte. Ltd., Honeywell International Inc., iFuture
Robotics, Infoplus Commerce, MIDEA Group Co. Ltd., Napse, NCR Voyix
Corp., Posiflex Technology Inc., Pricer AB, Sea Point China Ltd.,
Simbe Robotics Inc., Toshiba Corp., Vinculum Solutions Pvt. Ltd.,
and Zebra Technologies Corp..
Get a detailed analysis on regions, market
segments, customer landscape, and companies - Click for the
snapshot of this report
Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Point-of-sale,
Barcode and RFID, Camera, and Others), End-user (Supermarkets,
Hypermarkets, Single item stores, Fuel stations, and Retail
pharmacies), and Geography (APAC, North America, Europe, Middle
East and Africa, and South America)
|
Region
Covered
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Key companies
profiled
|
Datalogic SpA, Diebold
Nixdorf Inc., ek robotics GmbH, FAMETECH INC., Fiserv Inc., Fujitsu
Ltd., Grey Orange Pte. Ltd., Honeywell International Inc., iFuture
Robotics, Infoplus Commerce, MIDEA Group Co. Ltd., Napse, NCR Voyix
Corp., Posiflex Technology Inc., Pricer AB, Sea Point China Ltd.,
Simbe Robotics Inc., Toshiba Corp., Vinculum Solutions Pvt. Ltd.,
and Zebra Technologies Corp.
|
Key Market Trends Fueling Growth
Retail automation is set to experience significant growth due to
the increasing adoption of cloud-based solutions. This shift allows
merchants to integrate more back-end software in the cloud,
enabling seamless access to customer and product data across
multiple platforms. Compatible retail automation solutions are
essential for managing large volumes of data, capturing
demographics, payment preferences, and buying behavior.
Incorporating Point of Sale (POS) systems in retail offers several
advantages. Merchants can gain insights into consumer behavior with
in-store products, empower associates with customer profile data,
engage customers throughout their visit, and offer creative loyalty
reward programs. These benefits will drive the expansion of the
global retail automation market during the forecast
period.
Retail automation is a growing trend in the industry, with
Artificial Intelligence (AI) leading the way. AI in retail is
revolutionizing demand forecasting through predictive data,
enhancing customer experiences with personalized campaigns, and
improving supply chain management. Interactive chat programs and
logistics management systems streamline operations, while barcode
& RFID technology and automated conveyor systems optimize
retailers' inventory, staffing, distribution, and delivery
schedules. Automation technology, including robotics in warehouses
and fulfillment centers, boosts organizational efficiency.
Retailers must also prioritize cybersecurity threats in their
automation strategies. Point-of-sale (POS) systems, department
shops, and single item stores, from fuel stations to retail
pharmacies and e-commerce warehouses, all benefit from retail
automation software and machine learning (ML). Robotics process
automation and cloud-based POS software further enhance operational
workflows.
Discover 360° analysis of this market. For
complete information, schedule your consultation- Book
Here!
Market Challenges
- The retail automation market faces significant challenges
related to consumer data privacy and security. With the rise of
e-commerce and m-commerce, there are concerns about the safety of
financial data during online transactions. Identity theft and
breaches in personal bank accounts pose substantial risks.
Additionally, the collection and use of customer data for marketing
purposes can infringe on privacy. Mobile service providers gather
data through cookies for customized advertising, but this practice
raises concerns about customer consent and control over their
personal information. Location-based services also require
geo-based information, adding to privacy concerns. Mastercard
Inc.'s USD250 million commitment to
help small businesses with identity theft protection and
cybersecurity assessments is a positive step towards addressing
these challenges. However, the risks of unauthorized access to
financial data continue to discourage users from using retail
automation for transactions. These privacy and security concerns
may hinder the growth of the global retail automation market during
the forecast period.
- Retail automation is transforming the way retailers manage
their operations, from e-commerce warehouses to in-store segments.
Automation technology, including robotics and artificial
intelligence (AI), is streamlining supply chain management and
improving organizational efficiency. Retailers are adopting
automation software for tasks like inventory scanning and
self-checkout systems. E-commerce sector challenges, such as
cybersecurity threats, are driving the need for advanced technology
solutions. E-commerce warehouses utilize autonomous systems for
warehouse storage and inventory management. Robotics process
automation and machine learning (ML) are key tools in this area. In
the retail environment, point-of-sale (POS) systems, like Markt POS
and cloud-based POS software, are being upgraded with AI
capabilities. Retail giants are investing in automation systems to
enhance customer experience and adapt to changing consumer
preferences. Challenges in the in-store segment, such as
omnichannel retailing and self-checkout systems, are being
addressed through the use of autonomous guided vehicles and
autonomous mobile robotics. The camera segment and supermarket
segment are also seeing significant advancements in automation
technology. The economic growth and individual spending capacities
are fueling the adoption of retail automation. However, challenges
persist, including the need for application programming interfaces
and the integration of hardware and software solutions.
Cybersecurity threats remain a concern, with retailers requiring
robust security measures to protect their data. In conclusion,
retail automation is a critical component of the retail landscape,
addressing challenges in e-commerce warehouses, supply chain
management, and in-store operations. With the continued advancement
of technology, retailers will continue to find innovative ways to
improve their operational workflows and provide a seamless shopping
experience for consumers.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This retail automation market report extensively covers market
segmentation by
- Type
- 1.1 Point-of-sale
- 1.2 Barcode and RFID
- 1.3 Camera
- 1.4 Others
- End-user
- 2.1 Supermarkets
- 2.2 Hypermarkets
- 2.3 Single item stores
- 2.4 Fuel stations
- 2.5 Retail pharmacies
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Point-of-sale- Point-of-Sale (POS) systems are
essential components in retail transactions, combining hardware and
software to manage sales, payments, and customer information.
Compared to traditional cash registers, POS automation offers
numerous advantages, such as improved inventory management,
efficient reporting, and enhanced customer experience. With the
ability to store and share sales data, POS systems save time and
increase accuracy. Fixed POS terminals have become a common feature
in large retail stores, fueling the growth of the retail automation
market. The convenience and high return on investment of POS
systems, along with their wide range of applications including bill
printing and payment processing, further boost market
expansion.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Retail Automation Market is experiencing significant growth
due to the increasing adoption of automation technology in the
retail sector. E-commerce warehouses are leveraging automation to
streamline their operations, from inventory scanning systems to
autonomous mobile robots and autonomous guided vehicles. In the
retail environment, automation is transforming Point-of-Sale (POS)
systems, with cloud-based POS software and self-checkout systems
becoming increasingly popular. Machine Learning (ML) and Artificial
Intelligence (AI) are also playing a crucial role in retail
automation, optimizing supply chain management and improving
organizational efficiency. The in-store segment is also benefiting
from automation, with robotics process automation and autonomous
systems enhancing retail operational workflows. The E-commerce
sector and Omnichannel retailing are major drivers of the retail
automation market, with the Internet of Things and Application
Programming Interface (API) enabling seamless integration between
different systems. However, as retailers adopt more automation,
cybersecurity threats become a growing concern, requiring robust
security measures to protect sensitive customer and financial
data.
Market Research Overview
Retail automation is transforming the retail industry by
streamlining operations and enhancing customer experiences.
E-commerce warehouses are leveraging automation technology, such as
robotics process automation, artificial intelligence (AI), and
machine learning (ML), for efficient supply chain management.
Retailers in various segments, including department shops,
supermarkets, hypermarkets, and single item stores, are adopting
automation systems for inventory management, demand forecasting,
and predictive data analysis. Automation is also making strides in
the in-store segment, with self-checkout systems, interactive chat
programs, and autonomous guided vehicles becoming commonplace.
Retail operational workflows are being optimized through the use of
cloud-based POS software, IoT devices, and APIs. Cybersecurity
threats are a concern as retailers adopt more technology, but
retail automation software providers are addressing these
challenges with robust security measures. Retail giants and
individual retailers alike are investing in automation tools and
technology solutions to improve organizational efficiency, meet
changing consumer preferences, and adapt to economic growth.
Warehouse and inventory management are key areas of focus, with the
implementation of inventory-scanning systems, autonomous mobile
robotics, and automated conveyor systems. Logistics management
systems are also being automated to optimize staffing,
distribution, and delivery schedules. Barcode & RFID
technology, warehouse robotics, and on-premises automation are also
playing a significant role in retail automation. Fuel stations and
retail pharmacies are also adopting automation technology to
enhance their operations. Overall, retail automation is
revolutionizing the retail industry, from the warehouse to the
point-of-sale.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Point-of-sale
- Barcode And RFID
- Camera
- Others
- End-user
-
- Supermarkets
- Hypermarkets
- Single Item Stores
- Fuel Stations
- Retail Pharmacies
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/retail-automation-market-size-is-set-to-grow-by-usd-11-95-billion-from-2024-2028--high-adoption-of-contactless-payment-solutions-to-boost-the-market-growth-technavio-302189610.html
SOURCE Technavio