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Retail Automation Market: Recent Industry Trends, Analysis and Insights 2020
, January 12, 2018 ) The
retail automation market
is expected to grow at a CAGR of 10.96 % between 2017 and 2023 to be valued at USD 18.99 Billion by 2023.
The growth of this market is being propelled by the growing deployment of self-automated technologies by retail end users such as supermarkets, hypermarkets, and single item stores.
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Ability to help retailers to reduce the operational cost of the stores and tackle with labor shortage issues is a significant factor that is driving the retail automation market.
On the basis of type of product, the retail automation market has been segmented into PoS (Point of Sale), barcode and radio frequency identification (RFID), electronic shelf labels (ESL), automated conveyor, camera, automated guided vehicles (AGV), automatic storage and retrieval system (ASRS).
The barcode and RFID segment is expected to hold the largest size of the market during the forecast period due to the increasing adoption in garment tagging and ability to retrieve information about in-store activities along with the enhanced visibility into the inventory.
The retail automation market based on implementation is segmented into in-store and warehouse. The market for the in-store implementation is expected to grow at a higher CAGR during the forecast period. It is important for retailers to create a distinctive shopping experience where customers derive both value and pleasure from visiting physical stores.
The retail automation market based on end user has been segmented into hypermarkets, supermarkets, single item stores, fuel stations, and retail pharmacies. The market for supermarkets is likely to hold the largest market share in the coming years.
The growth of retail automation market in North America is as attributed to the increased demand for sophisticated retail services from the customers and need to reduce time, along with the increase in accuracy.
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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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