The report "Retail Automation Market by Type (PoS, Barcode, and RFID, ESL, Camera, AGV, ASRS, Automated Conveyor), End User (Hypermarkets, Supermarkets, Single Item Stores, Fuel Stations, Retail Pharmacies), Implementation, Region - Global Forecast to 2023", is projected to grow from USD 19.0 billion by 2023, at a CAGR of 11.0% between 2017 and 2023. The growth of the retail automation market can be attributed to the increasing demand for business optimization by retailers and reduction in their operational costs, rising demand for quality and quick services, and growing demand for retail automation solutions across the globe.
Retail
automation refers to the use of automation technologies and processes to carry
out different retail operations. Various benefits associated with retail
automation include real-time information flow across critical systems that
perform traditional transaction functions at point-of-sale (PoS) terminals;
efficient store management to prevent losses and monitor the availability of
products to avoid out-of-stock situations, and improved customer service with
interactive kiosks and self-checkout systems; among others. Retail automation
combines smart devices and equipment to offer high-quality services to
customers and enhance business operations. It is adopted in hypermarkets,
supermarkets, fuel stations, departmental stores, quick-service restaurants (QSR),
and healthcare retail pharmacies to ensure their smooth and effective
functioning. Increasing adoption of retail automation solutions in emerging
economies incorporation of augmented reality and virtual reality in the retail
sector, and development of new retail automation solutions act as growth
opportunities for the retail automation market in the coming years.
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The warehouse segment is projected to lead the retail automation
market from 2017 to 2023
Increased
number of stock-keeping units (SKUs) has led to expansions in the sizes of
warehouses, thereby making it difficult to carry out the effective management
of warehouses using manual labor. Thus, the emergence of warehouse automation
has enabled companies to increase the efficiency of their warehouse operations.
Warehouse automation enables adoption of automated conveyors, robots, and
automated storage and retrieval systems, which require limited involvement of
warehouse employees, to carry out different operations. Increased investments
are being made across the globe to carry out the warehouse automation to
improve the productivity and flexibility of different processes carried out in
warehouses.
Among end-users,
retail automation is expected to witness the highest demand in single item
stores during the forecast period
Single item stores are dedicated stores that offer a
specific category of products. These can be apparels and consumer electronics
stores as well as quick-service restaurants. In such stores, losses and
discount costs that are related to product stocking are crucial as seasonal
products lose their value quickly. Thus, retailers use electronic shelves
labeling (ESL), which allows them to change the prices of products instantly
and maintain an inventory of their products, thereby reducing losses and
simultaneously saving efforts of their staff. Single item stores are adopting
different automated technologies to boost the efficiency of their operations,
enhance customer experience, and cater to the requirements of their customers.
This, in turn, is leading to the growth of the single item stores segment of
the market across the globe.
North America led
the retail automation market in 2016
North America was the largest market for retail
automation in 2016. The growth of the market in this region is driven by
increased demand for sophisticated and efficient retail services and a high
standard of living of its population. The adoption of retail automation by
retail companies to offer easy and quick point-of-sale (PoS) services is also
fueling the growth of the market in North America. The presence of top
retailers such as Wal-Mart Stores, Inc. (US) and the Kroger Company (US) in
North America is also contributing to the growth of retail automation in the
region.
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