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(IT-NEWSWIRE.COM, March 14, 2020 ) 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. 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.
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Driver: Increasing demand for retail automation products to drive the global retail automation market
Retail automation gives flexible and easy-to-use solutions for both retailers and customers with innovative technologies. The demand for automated products is accelerated by their benefits such as manageable business platforms, efficiency in product supplies, and faster sales processes. This helps increase the revenues of retailers through cost advantage and ensures a productive environment for the growth of the market globally.
RESTRAINTS: Dependency on the internet and electricity
Retail automation products and solutions rely completely on electricity and the Internet. Unattended terminals, such as kiosks and vending machines, require a constant and uninterrupted supply of electricity to ensure the availability of various products to customers at all times. Moreover, customers nowadays prefer making payments online or by card, for which high-speed internet connectivity is essential to ensure fast and timely payments. However, internet speed may be hampered by issues such as changes in climatic conditions, lower bandwidth, or server traffic. The unavailability or failure of electricity and internet connectivity can restrict the growth of the retail automation market.
The lack of such facilities in rural areas restricts the installation of automated kiosks or vending machines, which require both electricity and the Internet. This dependence creates major hurdles for the growth of the market.
Opportunity: High growth potential in emerging technologies
In the early 1990s, North America and Europe dominated the global retail market. Though the retail automation market is largely dominated by the US, developing countries such as China, India, Brazil, and a few African and Middle Eastern countries are also witnessing rapid growth due to the foreign direct investment in the retail sector. Many global retailers initially focused their plans for the market expansion in China, but gradually retailers are now being attracted by the potential of other markets, particularly the Southeast Asian countries and the BRIC nations (Brazil, Russia, India, and China). According to the Global Retail Development Index (GRDI), Latin American countries, especially Brazil, Chile, and Uruguay, are showing lucrative growth in retail. Moreover, owing to the huge consumer base in India and China, these are the largest retail markets in Asia Pacific.
Over the recent years, the developing economies have emerged as promising retail automation markets. Retailers are successfully adopting strategies that are catering to the growing middle-class consumers in these emerging economies. The global retail automation market comprises various automated products depending on various factors such as the country‘s economic condition, population, GDP, and spending choices of the population, among others. While automation products are highly deployed in developed countries, some developing or underdeveloped countries, such as Egypt and Yemen, have also begun to deploy the automation products in the retail sector because of the high growth opportunities they offer. Thus, there is a huge untapped growth opportunity for the market across various geographies. Asian and the Middle Eastern countries are among those geographies which are at the growth stage in the market. These emerging markets are expected to drive the market in the near future.
Retail automation enables improved customer satisfaction, reduced shopping time, minimization of wastage, and cost saving, among others, which helps enhance customers’ experience and boost repeat sales. The growth potential of the retail automation market in emerging economies is one of the major opportunities for this market.
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.
Datalogic S.p.A (Italy), NCR Corporation (US), First Data Corporation (US), Toshiba Global Commerce Solutions Inc. (US), Fujitsu Limited (Japan), KUKA AG (Germany), Honeywell Scanning and Mobility (US), Zebra Technologies Corporation (US), Wincor Nixdorf AG (Germany), Posiflex Technology, Inc. (Taiwan), Pricer AB (Sweden), and E&K Automation GmbH (Germany) are some of the major players operating in the retail automation market.
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