The global retail automation market size is expected to reach USD 19.17 billion by 2025, at a CAGR of 8.7% according to a new report by Grand View Research, Inc. Retail automation technology is witnessing increasing demand among the growing urban population since it offers improved service quality and instant access to everything ranging from carts to food. Advantages such as business optimization and improvement in service quality have resulted in increased penetration of the technology.
Additionally,
there are huge opportunities for advancements in retail automation systems
owing to the increasing usage of smartphones and enhanced internet
accessibility. This, in turn, is expected to fuel the growth of the retail
automation industry. The increasing adoption of the technology by a number of
end users such as hypermarkets, supermarkets, convenience stores, fuel
stations, and retail pharmacies is anticipated to boost the market over the
forecast period.
The
retail automation market has been segmented based on products into barcode and
Radio-frequency identification (RFID), point of sale (POS), cameras, electronic
shelf labels, autonomous guided vehicles, and others. RFID technology is
enabling retailers to compete with online sellers as it helps facilitate
regular inventory checks, which in turn leads to inventory accuracy.
Self-checkout terminals have grown substantially due to the benefits that they
offer for retailers in improving the customer experience. Automation is gaining
significance as retailers are using a combination of mobile devices,
self-checkout, digital kiosks, proximity beacons, and workforce and task
management solutions to remain competitive in the market.
The
growing awareness and popularity of retail automation are encouraging
manufacturers to invest in research & development for creating better, more
reliable, and cost-effective products. Manufacturers are making significant
investments to develop new products in an effort to enhance user experience.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/retail-automation-market
Further key
findings from the report suggest:
- The growing
demand for retail automation can be accredited to the increasing demand
among retailers for business optimization and improvement in service
quality.
- The growing
penetration of the Internet of Things (IoT) and enhanced internet
accessibility, which help direct digital controls for improved
Machine-to-Machine (M2M) communication, have encouraged retailers to adopt
the retail automation technology.
- Innovative
technologies such as artificial intelligence (AI), machine learning,
digital traceability, and robotics are also some of the key factors
expected to drive the demand for retail automation over the projected
period.
- The North
American region accounted for the largest market share in 2016, which may
be attributed to its large consumer base.
- Some of the
key industry participants include Diebold Nixdorf, Incorporated (U.S.),
Fujitsu Limited (Japan), Honeywell International Inc. (U.S.), NCR
Corporation (Georgia), and ZIH Corp. (U.S.).
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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