Global Retail Automation Market Analysis by Type (Point of Sales, Barcode and Radio Frequency Identification, and Others); by Component (Hardware and Software); by Implementation (On-Store Premise and On-Warehouse); and by End-User (Hypermarkets, Supermarkets, and Others)-Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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Product Code:
RP-ID-10064160 -
Published Date:
21 Oct 2022 -
Region:
Global
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Category:
Automotive & Transportation -
Publisher:
Pub-ID-54
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
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The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.
Market Overview:
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Global Retail Automation Market Scope Report
Base Year |
2022 |
Forecast Year |
2023-2033 |
CAGR |
~11% |
Base Year Market Size (2022) |
~ USD 14 Billion |
Forecast Year Market Size (2033) |
~ USD 34 Billion |
Global Retail Automation Market Highlights Over 2023 - 2033
The global retail automation market is estimated to garner a revenue of ~ USD 34 billion by the end of 2033 by growing at a CAGR of ~11% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 14 billion in the year 2022. Retail automation refers to the use of software solutions to complete repetitive and time-consuming tasks with consistent efficiency. Today, automation in the retail sector is observable at self-checkout counters, point of sale (POS), and more. The growing demand for contactless payment is the primary factor driving the global retail automation market growth. It is estimated that there was a growth of over 149% in contactless payments between 2019 and 2020.
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A main driving force for a rapid shift to contactless payments during the pandemic was the concern for cleanliness and hygiene. Shoppers still view contactless payment as a cleaner way of making a payment and often prefer shops and platforms that offer contactless payment options over those which follow the traditional mode of payment. However, contactless payment was already gaining popularity even before COVID-19 for the speed and convenience that it offers.
Global Retail Automation Market: Growth Drivers and Challenges
Growth Drivers
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Great Significance of Good Customer Service – It is estimated that customer service is a decisive factor for brand loyalty for more than 94% of customers. Customer service has a direct influence on customer satisfaction. Hence, good and caring customer service considerably increases the possibility of a customer returning to the store for the next shopping experience. Good customer service is resultant of several factors, including live AI-assisted chatbots on websites or apps, automated e-mail responses, interactive voice response (IVR) for customer calls, self-service knowledge bases, and more. Another inevitable factor for a good customer experience is internal workflow automation which minimizes the chance for human error and directs customers to assistance promptly.
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Increased Use of Europay, MasterCard, and Visa (EVM) Cards – It is estimated that more than 86% of card payments done between January and December 2020 involved the use of EMV chip-enabled cards.
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Growing Significance of Robotic Process Automation (RPA) – About 58% of executives has been observed to agree that RPA has increased employee engagement.
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Immense Need for Better Inventory Planning – It is estimated that the world loses over USD 1 trillion from inventory distortion, including stockouts, shrinkage, and overstock.
Challenges
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Unfamiliarity With the Benefits of Retail Automation Among Retailers in a Developing Economy
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Worries About Data Privacy and Security
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Exponential Growth of E-commerce Shadowing the Retail Store Business
The global retail automation market is segmented and analyzed for demand and supply by type into POS, RFID, ESL, cameras, autonomous guided vehicle, automatic storage and retrieval system, automated conveyer, warehouse robotics and others. Of these, the POS segment is anticipated to hold the largest market size by the end of 2033. The increased use of near-field communication (NFC) technology for contactless payments at POS is the main reason for the segmental market growth. For instance, ~81% of U.S. consumers are thought to have used NFC for in-store payments as of mid-2021.
Global Retail Automation Market Regional Synopsis
Regionally, the global retail automation market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North American region is projected to hold the largest market share by the end of 2033. A large number of consumers choosing a contactless method for payments and merchants facilitating it, and the wide use of technologies, including RFID and NFC, are the main reasons for the regional market growth. For instance, more than 69% of U.S. merchants have experienced customers requesting a contactless mode of payment in 2021.
Market Segmentation
Our in-depth analysis of the global retail automation market includes the following segments:
By Type |
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By Component |
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By Implementation |
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By End User |
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Key Companies Dominating the Global Retail Automation Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global retail automation market that are included in our report are Fujitsu Limited, Zebra Technologies Corporation, Posiflex Technology, Inc., NCR Corporation, Datalogic S.p.A., Diebold Nixdorf, Inc., Honeywell International Inc., Fiserv, Inc., KUKA AG, Toshiba Tec Corporation, and others.
Global Retail Automation Market: Latest Developments
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October, 2022: Zebra Technologies Corporation – announced the unveiling of Deep Learning Optical Character Recognition (DL-OCR) to support warehouse operators and manufacturers with accurate, fast, and reliable ready-to-use deep learning solutions for quality, presence check, and compliance.
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September, 2022: NCR Corporation – has announced being selected as the world’s largest self-checkout vendor in the Global EPOS and Self-Checkout 2022 report by the research and consulting firm RBR.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Geography Analysis:
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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FREQUENTLY ASKED QUESTIONS
The immense need for contactless payments, good customer service, RPA, and better inventory planning, and the increased use of EMV cards are the major factors driving the growth of the global retail automation market
The market is anticipated to attain a CAGR of ~11%over the forecast period, i.e., 2023 – 2033.
Unfamiliarity with the uses of retail automation, risks to data security and privacy, and the growth of e-commerce are the challenges affecting the market growth.
The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Fujitsu Limited, Zebra Technologies Corporation, Posiflex Technology, Inc., NCR Corporation, Datalogic S.p.A., Diebold Nixdorf, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, component, implementation, end user, and by region.
The POS segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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- Fujitsu Limited
- Zebra Technologies Corporation
- Posiflex Technology Inc.
- NCR Corporation
- Datalogic S.p.A.
- Diebold Nixdorf Inc.
- Honeywell International Inc.
- Fiserv Inc.
- KUKA AG
- Toshiba Tec Corporation