Retail Automation Market
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Retail Automation Market was valued at over USD 25 billion in 2023 and is estimated to register a CAGR of over 10% between 2024 and 2032. The industry is anticipated to increase because of automation intelligence technology advancements, which will make it possible to create more complex and effective systems.
Improving operational efficiency, inventory management, and tailored customer experiences are all made possible by enhanced automation intelligence, which enables real-time data analysis, predictive analytics, and machine learning capabilities. Retailers may promote market growth by utilizing these technologies to decrease costs, streamline processes, and maintain competitiveness in the increasingly digital and data-driven retail sector. For instance, in May 2023, ECS Industrial Computer Co., Ltd., (ECSIPC) launched an extensive range of new products for intelligent retail kiosks. This includes the LIVA Z5 Plus MiniPC series, such as B760H7-M8 and Q670HIS1 motherboards, designed for automation intelligence, information terminals, and lottery terminals.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Retail Automation Market size in 2023: | USD 25 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 10 |
| 2023 Value Projection: | USD 60 Billion |
| Historical Data for: | 2018 – 2023 |
| No of Pages: | 200 |
| Tables, Charts & Figures: | 351 |
| Segments Covered: | Implementation Type, Product Outlook, Component, End-Use, and region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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As companies look to improve customer satisfaction and loyalty, the growing desire for seamless customer experiences is anticipated to fuel growth in the retail automation industry. Retailers may provide easy, efficient, and customized shopping experiences to their customers by utilizing automation technology like self-checkout systems, tailored suggestions, and seamless omnichannel integration. This helps them acquire and retain more customers.
The lack of customization choices limits the retail automation market's suitability for a wide range of firms, as each has unique needs and requirements. Off-the-shelf solutions may not be adequate for unique workflows, procedures, or business models, resulting in inefficiencies or missed chances for improvement. This constraint may impede adoption among firms seeking bespoke automation solutions that interface smoothly with existing systems.
Retailers are using machine learning and artificial intelligence (AI) to increase automation and provide individualized product recommendations based on customer behavior assessment. These technologies also increase the precision of demand forecasting, which aids in the optimization of inventory levels to effectively satisfy consumer expectations. This trend highlights the market's shift towards sophisticated automation solutions aimed at improving customer experiences, optimizing operations, and sustaining competitiveness in the retail sector.
Data analytics is being used by retailers to comprehend consumer trends, preferences, and behavior. They make well-informed decisions, customize campaigns, and adjust marketing strategy as a result. This pattern illustrates how data-driven automation solutions are increasingly being integrated into retail settings, streamlining processes and improving consumer experiences in a cutthroat marketplace.
Based on component, the market is divided into hardware, software, and service. The hardware segment is expected to reach over USD 38.5 billion by 2032.
Based on the implementation type, the market is segmented into in-store and warehouse. The warehouse segment is expected to register a CAGR of over 11% during the forecast period.
North America dominated the global retail automation market in 2023, with over 45% of the revenue share. The market for retail automation is anticipated to expand in North America because of growing efficiency demands, a sizable consumer base, and technology improvements. To improve client experiences, increase operational efficiency, and maintain competitiveness, retailers in the area are progressively implementing automation technologies. Additionally, the region's advantageous economic climate and encouraging legislative framework foster the development of retail automation technology in a range of business verticals.
Honeywell International Inc. and NCR Corporation held a significant share of over 15% in the retail automation industry in 2023. Honeywell International Inc. is a diversified technology and manufacturing company offering a wide range of products and services across various industries. In the market, Honeywell provides solutions such as barcode scanners, mobile computing devices, point-of-sale terminals, and inventory management systems. These technologies help retailers optimize operations, improve efficiency, and enhance the shopping experience for customers.
NCR Corporation is a global leader in omni-channel solutions, providing software, hardware, and services for industries including retail, hospitality, and financial services. In the retail automation industry, NCR offers self-service kiosks, POS systems, inventory management software, and advanced analytics solutions. These offerings streamline operations, improve customer experiences, and drive efficiency for retailers worldwide.
Major players operating in the industry are:
The retail automation market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
Market, By Implementation Type
Market, By Product Outlook
Market, By Component
Market, By End-User
The above information is provided for the following regions and countries:
Datalogic S.p.A, Diebold Nixdorf, Incorporated, Fujitsu Limited, Honeywell International Inc., NCR Corporation, Posiflex Technology Inc., and Zebra Technologies Corporation, are some of the major retail automation companies worldwide.
North America industry held over 45% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to growing efficiency demands, a sizable consumer base, and technology improvements in the region.
Retail automation industry from the warehouse segment is expected to register over 11% CAGR from 2024-2032 due to their ability to maximize the utilization of available space, which is especially important in cities where warehouse space is expensive.
Market size for retail automation was USD 25 billion in 2023 and is expected to register over 10% CAGR from 2024-2032 owing to the rising automation intelligence technology advancements, which is expected to make it possible to create more complex and effective systems worldwide.