ID: MRFR/ICT/2792-HCR | February 2021 | Region: Global | 100 pages
The retail segment is an ever-present segment of the economy. As long as people have their needs and make purchases, the retail segment will float. Globally all the people depend on the retail segment every day. Whether it is for purchases or for a livelihood, people depend on the retail segment heavily. The retail segment gathers millions in revenue every day. There are numerous companies that have a presence in the retail sector. It is therefore understood that the retail segment will evolve in terms of revenue and technology.
Since retail is a profitable sector, key players invest heavily into the technical evolution of the retail industry. Therefore, modern competitors in the retail industry introduce retail automation regularly. The retail automation market, therefore, finds a boost in the advancement of the retail industry. Automation is the buzzword in every industry, and that also includes the retail industry. The retail automation market encompasses every application that works on autopilot and reduces manual interference in processes. There is already much application of automation in the retail industry so that the purchase and sale processes are streamlined. Key players of the global retail industry adopt retail automation to increase the efficiency of global retail chains.
Retail chain automation companies lead the research and development of retail automation technology for future use. The retail automation market is set for a period of high growth in the next five years. The application of retail automation will be widespread in the forecast period, and this is a positive sign of the market growth. As retail shifts towards the e-commerce marketplace, automation is the way to go to reduce manual error in the complex process of sale and delivery of retail products. It is, therefore, unsurprising that the global retail automation industry shows healthy growth till 2026.
COVID 19 Analysis
The COVID 19 pandemic emerged as a challenge for the retail industry that disrupted the sector majorly. This was a positive trend for the market of Retail Automation. Additionally, the Retail Automation Market was the only sector that could rescue the retail sector from immediate closure. Retail automation is the future of the retail sector because technology takes over manual operations. The involvement of people in retail operations was particularly risky during the pandemic. The pandemic, therefore, fostered conditions for the growth of the Retail Automation Market.
The market for retail automation has only grown in the pandemic period. Although the retail segment itself took a hit, the Retail Automation Market remained active. This is because the major retail companies rapidly adapted to automation for prospects of survival. The pandemic created the necessity for research and development of the Retail Automation Market. Many new technologies under the umbrella of retail automation were introduced in the pandemic period. The pandemic and post-pandemic period is a favorable period of Retail Automation industry Growth. Therefore, market experts believe that the Retail Automation Industry will flourish in the next few years as more and more retail chains adopt automation in common operations.
The key drivers of the market
The key players of the retail market have realized that retail automation is necessary for the prolonged survival of the retail segment. Thus, big investors are mobilizing capital into the retail automation market. This is a key driver of retail automation market expansion. The demand for automation in different segments in the urban ecosystem is also a key driver of the retail automation market growth. On the other hand, the increase in per capita income and spending capacity for the urban population is a key driver of the segment.
There are many significant opportunities in this market today. For example, since the retail automation market players are adopting automation, this will cause a domino effect. This domino effect is a positive influence on market. The retail automation sector is a technology revolution that is already in motion. Thus, there are many opportunities for retail automation market growth. The opportunities are for both market players as well as emerging leaders of the retail segment.
Retail automation solutions completely depend on electricity and the internet. While all the retail market players might want to adopt retail automation, the restraint on hi-speed internet and uninterrupted electricity supply can increase hider growth of the retail automation market. The less developed regions of the world might be late to join the new segment of retail automation. Thus, there might be an uneven trend of growth in the retail automation market. The RA market thus might receive the short end of the growth trends.
There are many challenges prevalent in the retail market that the RA market products can solve. For example, the challenge of facilitating contactless payments in retail outlets was addressed by retail automation solutions. Similarly, there are still challenges regarding retail purchase processes and product delivery that the RA market can address. The restraints of low internet connectivity also can be resolved with the development of optimized retail automation products.
Cumulative growth analysis
The Retail Automation Market Analysis indicates that the Retail Automation Business is set for high growth in the forecast period. The key players are working towards resolving the challenges in the sector. Thus, the growth prospects of the Global Retail Automation Market are great for the forecast period.
The Global Market for Retail Automation divides into different Market Segments based on different criteria. The different criteria for the establishment of Retail Automation Market Segments are type, component, and end-users. Moreover, the Retail Automation Business also disperses according to the different regions of the globe. However, the regional overview is discussed in the next segment.
By type, the Market for Retail Automation segments branch into electric shelf labels, point of sales, and automatic storage, among others. ‘
By components, the market for Retail Automation branches into hardware, software, and services.
By end-user, the Retail Automation Business branches into sectors of hypermarkets, retail pharmacies, and supermarkets, etc.
The Retail Automation Business disperses over different regions of the world. The major regional markets of the Retail Automation industry are North America, Asia Pacific, and Europe. The other markets are the Middle East and Africa as well as South America. The North American region will register the highest share in revenue in the forecast period. The Retail Automation market trends also put European markets in second place in terms of revenue. The Asia Pacific region will also register significant market growth in the forecast period.
The competitive landscape of the Retail Automation Industry is evolving rapidly. The industry will be highly competitive in the coming years. The key players of this Industry are as follows
The retail industry is looking for automated solutions that resolve issues of manual error and risks in the workspace. Thus, there is an organic demand for retail automation solutions. The Retail Automation market players are investing in acquisitions, mergers, and deals to meet this demand.
There are various recent developments that deserve mention in the Retail Automation Market Research Report.
The global Retail Automation Market Research Report outlook or overview is as follows:
The Retail Automation Market Research Report explains the major growth trends of the market. Secondly, the report keeps the present situation of the retail automation market in view while predicting the forecast period. Thirdly, it throws light on the market dynamics of the segment in the discussion. Moreover, this report also covers the basic segmentation of the market and its regional analysis. The report emphasizes the competitive landscape of the market and its recent developments. The reader gets a look at the retail automation market growth prospects through this report. The above report is a comprehensive report that considers different associated factors before arriving at a conclusion about the market scenario.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Component and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||FUJITSU (Japan), Toshiba Global Commerce Solutions (US), Honeywell International Inc. (US), Posiflex Technology, Inc. (Taiwan), E&K AUTOMATION LIMITED (UK), First Data Corporation (US), KUKA AG (Germany), Diebold Nixdorf, Incorporated (US), Zebra Technologies Corp. (US), NCR Corporation (US), Kiosk & Display (US), Xerox Corporation (US), Probiz Technologies Prvt Ltd. (India), READY.ONE (US), and Locbit (US)|
|Key Market Opportunities||high investments associated with adopting a retail automation system that comprises hardware, software, and services|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The inclination of the major contenders in the retail space to towards automation is expected to motivate the market.
Schneider Electric SE (France), Honeywell International Inc. (U.S.), and Siemens AG (Germany) are some of the contenders in the market.
Between the years from 2017 to 2023, the market is expected to perceive an 11% CAGR.
The earning level of USD 18 Billion is anticipated to be gained by the market in the forecast period.
Type, components, end-users, and region are the significant contenders in the market.