According to the latest research report titled, "Retail Automation Market (2024 - 2029)" by Mordor Intelligence, the market is estimated at USD 17.46 billion in 2024 and growing at a CAGR of 14.66% during the forecast period.
Automation technologies can significantly reduce the need for human intervention in repetitive tasks such as bookkeeping, ensuring smooth, efficient, and consistent operations within the firm. By determining the most efficient methods and executing repetitive tasks accurately, automation streamlines operations. In retail settings, automation allows shoppers to conveniently browse products via touchscreen interfaces, expediting transactions. This technology enables customers to select their desired products and complete purchases using credit or debit cards, enhancing the overall retail experience.
The expansion of the retail automation market is driven by the integration of machine learning capabilities. Robotic process automation (RPA) harnesses artificial intelligence (AI) to enhance business insights and ensure data integrity. This growth is fueled by urbanization, changing lifestyles, increased expenditures, and higher consumer spending trends.
Report Summary
- Market Size (2024): USD 17.46 billion
- Market Size (2029): USD 37.38 billion
- CAGR (2024 - 2029): 14.66%
- Study Period: (2019-2029)
- Forecast Units: Value (USD Billion)
- Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
- Market Drivers: Rising Demand for Quality and Fast Service and Growth and Competition among Retail Industry and E -commerce
Which are the Top Companies in the Retail Automation Market?
The retail automation market is fragmented, featuring numerous global solution providers. With continuous advancements in automation technology, competition among market players remains fierce.
Prominent players in the Retail Automation Market:
- Datalogic S.p.A
- Diebold Nixdorf, Incorporated
- ECR Software Corporation
- Emarsys eMarketing Systems AG
- Fiserv Inc.
- Fujitsu Limited
- Honeywell International Inc.
- NCR Corporation
- RapidPricer B.V.
- Posiflex Technology Inc.
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Key Highlights from the Retail Automation Market Report
1. Growth and Competition among Retail Industry and E-commerce
- The retail sector advances automation with self-checkouts and integrating robotics and AI in supply chains.
- This is primarily a result of increased prices and wages, competitive labor markets, and decreased consumer spending.
- The sector is presently 40% automated, according to World Economic Forum (WEF) estimates, but over the next three to four years, this number might increase to 60–65%.
- The renewed focus on automation creates logistics, robotics, and retailers opportunities.
- The growing strategic developments, such as investments and partnerships in recent years, are analyzed to contribute to the market growth rate significantly.
- In October 2022, Bumpa, a Nigerian retail automation platform, raised USD 4 million with Base10 Partners as the lead investor.
- The company disclosed a USD 200,000 pre-seed investment in September last year, saying it would utilize the money to expand into new African markets, acquire people, and improve its systems and structures.
2. North America to Witness Significant Growth
North America boasts one of the largest retail markets, with major players like Walmart, Costco, Kroger, Home Depot, and Target originating from this region. The market's growth is fueled by the rapidly increasing data volume in in-store operations. Major players like Walmart and Amazon are driving the adoption of automation technologies in the United States, a trend partly influenced by shifting consumer preferences.
North America is at the forefront of retail cloud solutions demand, boasting an experimental retail landscape compared to other regions. Specialty stores in the region exhibit high utilization of cloud solutions, exemplified by Bernhardt Furniture Company Inc.'s adoption of IBM's retail cloud solutions. Implementing these solutions, the company developed a mobile sales app and analytics platform, resulting in a remarkable 20% sales increase within ten weeks. Additionally, executives reported engaging approximately 205 more customers during sales events.
According to the recent survey conducted by CitixsysTechnologies, the prominent vendors of cloud POS solutions (iVendRetail) based in the United States, over 67% of the respondents leave empty-handed from the store because they needed help finding the product they are looking The survey also reveals that over 51% of the respondents turn away from stores due to high waiting times at the POS (Point of service).
What are the Latest Developments in the Retail Automation Market?
- In May 2023: ECS Industrial Computer introduced an extensive range of new products for intelligent retail kiosks. This includes the LIVA Z5 Plus MiniPC series, such as B760H7-M8 and Q670HIS1 motherboards, designed for automation intelligence, information terminals, and lottery terminals.
- In October 2022: Focal Systems, a leading retail automation provider, partnered with Piggly Wiggly Midwest. Piggly Wiggly Midwest will be conducting a trial of the Focal Operating System (FocalOS) in its stores across Wisconsin and Illinois.
Mordor Intelligence Report on the Retail Automation Market segments the market based on product type, application, and geography:
- By Type (Market Size & Forecast based on Value (USD billion), 2024-2029)
- Hardware
- POS System
- Self -checkout System
- RFID and Barcode Scanners
- Other Hardware Types
- Software
- By End User (Market Size & Forecast based on Value (USD billion), 2024-2029)
- Grocery (Supermarkets, Hypermarkets, Convenience Stores (with and without Fuel), and Drugstores)
- General Merchandise (Hardgoods, Softgoods, and Mixed General Merchandise, like Departmental Stores, etc.)
- Hospitality (Hotels (including Casinos, Resorts, Cruise Ships, etc.) and Restaurants)
- By Geography (Market Size & Forecast based on Value (USD billion), 2024-2029)
- North America
- United States
- Canada
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia-pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the Retail automation industry. Get a glance at the Retail Automation Market Report (2024 - 2029)
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