Retail Automation Market size See Incredible Growth during 2030
According to the Market Statsville Group (MSG), the global retail automation market size is expected to grow from USD 14.9 billion in 2021 to USD 33.4 billion by 2030, at a CAGR of 9.4% during the study period from 2022 to 2030. The advent of emerging technologies has disrupted the retail industry, which has boosted the demand for retail automation across the globe. Retailers are opting for customizable solutions that offer exquisite consumer experience, which is driving the growth of the market. Retail industry is witnessing revolutionary changes as the consumer demands are positively impacting the economic growth of a nation. This rise in need to ease the shopping process and provide high-quality services to consumers has significantly boosted the growth of automation in the retail industry. Also, an increase in purchasing power of the consumers improves the nation’s economy. This is projected to fuel the market’s growth in the coming years.
Moreover, growing demand for business process optimization in the retail industry is expected to drive the growth of the market. However, the high initial investment and setup cost needed to deploy and implement automation solutions in retail is likely to hinder the market growth. The emergence of opportunistic technologies for the market is expected to boost the adoption of automation in the future. Therefore, technological advancements with real-time data and analytics is expected to provide lucrative opportunities for the global retail automation market.
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Global Retail Automation Market Definition
Retail automation is a automated processes that integrates software and hardware solutions to manage retail activities such as product management, workforce management, store audit, inventory management, and others. Typically, retail automation includes self-service processes and standalone kiosks that operate as fully automatic retail stores with the help of software integrations.
Global Retail Automation Market Dynamics
Drivers: Globalization of e-commerce coupled with the advent of IoT
Advent of e-commerce across the globe has intensified the delivery competition among players operating in this market. Thus, the rise in adoption of e-commerce automation that automatically categorizes customers for marketing, standardizes visual merchandising, streamlines tracking & reporting, manages high-risk orders, and other such features majorly drive the growth of the global market in the coming years.
E-commerce tools that ease the operational processes and channels create high revenue opportunities, increasing the demand for automation among retailers. The e-commerce automation tools provide features such as inventory and order management systems to digitally track the stock levels and inventory status and notify the changes. This reduces the time to manage inventory and eliminates the out-of-stock situation in the retail industry. Hence, the globalization of e-commerce activities is expected to propel the growth of the global retail automation market during the forecast period.
Restraints: High initial investment needed to deploy automation in retail
The return on investment is high for automation, and the duration required to gain profits is relatively high. Thus, retailers with limitations on migration budgets are lagging behind in adopting complete automation solutions, which is expected to hamper the market growth. In addition, solutions such as automated guided vehicles and automated robotic systems have high initial investments, which may hinder the market’s growth.
Moreover, advance automation approaches give rise to technological complexity that involves high-risk implementation, large investments, transformation projects, and prolonged payback periods, which are major factors expected to restrain the growth of the global retail automation market.
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Segments of the Global Retail Automation Market
The study categorizes the retail automation market based on type, implementation, and end-users at the regional and global levels.
By Type Outlook (Revenue, USD Million, 2017–2030)
- Point-of-Sale (POS)
- Barcode & RFID
- Electronic Shelf Label (ESL)
- Autonomous Guided Vehicle (AGV)
By Implementation Outlook (Revenue, USD Million, 2017–2030)
By End-Users Outlook (Revenue, USD Million, 2017–2030)
- Single Item Stores
- Fuel Stations
- Retail Pharmacies
By Region Outlook (Revenue, USD Million, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
The POS segment is projected to account for the largest market share, by type
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Depending on the type, the global retail automation market is classified into Point-of-Sale, electronic shelf label, barcode & RFID, camera, autonomous guided vehicle, and others. In POS had the largest market share of 34.1% in the global retail automation market. Point-Of-Sale (POS) system operates as a computerized network. These computers are linked with several checkout terminals at the point of purchase and include hardware from barcode scanners to card payment terminals. POS systems usually display the completion of the retail transaction.
The retail industry has been significantly evolving since the past decade. The need to provide exquisite shopping experiences that can help retailers increase customer retention is fueling the need to adapt to on-going digitalization strategies such as automation. Thus, integrating technologies with smart devices has witnessed high growth in the retail industry. In addition, computers that operate loyalty management, payment processing, store sales, and coupons seamlessly and securely with backend management systems such as inventory, order, fulfillment, and customer experience, are experiencing rapid growth. These factors are expected to drive the growth of the POS segment in the global market during the forecast period.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global retail automation market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to be the fastest-growing region with a CAGR of 11.5% during the forecast period (2022-2030). The Asia-Pacific retail automation market is analyzed across countries such as China, Japan, India, and the rest of Asia-Pacific. Asia-Pacific-based businesses and government entities are restructuring their strategies around automation due to growth in consumer purchasing power and the advent of digitalization in the region.
Further, rise in the development of a smart supply chain where the data is generated by ecosystems of providers, suppliers, retailers, and distributors, proliferates the high demand for automation services in this region. As analytics is a smart supply chain that collaborates with the value chain and workers to gain optimal operational efficiency. This is a major reason to boost the adoption of analytics in the retail industry and is expected to fuel the market’s growth during the forecast period. In addition, Asia-Pacific countries are expected to witness a high growth rate in the global market due to the rapid adoption of advanced technologies among retail businesses and the industrial sector, which is projected to make it a key competitor worldwide in the coming years.
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Key Market Players in the Global Retail Automation Market
Most companies in the market are focused on expanding operations across regions, augmenting their capabilities, and building strong partner relations. Major players in the global retail automation market are: