The retail automation market to grow from USD 11.3 billion in 2018 to USD 23.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period (2019–2025).
Retail automation offer several advantages, such as; low cost, accuracy, speed and high-quality performance for customers in the retail sector, which, in turn, help in the growth of the market. The implementation of automated technologies in retail industry is one of the major factor driving the market. The objective of the report is to define, describe, and forecast the market size based on type, implementation, Vertical, and Region.
Download PDF Brochure:
Retail Automation Market By type, camera segment to grow at the highest CAGR during the forecast period
The retail automation market for camera segment is expected to grow at the highest CAGR of 20.6% during the forecast period. The retail shops and malls are more prone to security risks, such as theft and inventory loss compared with other business properties. Investing in cameras as a retail solution offers several long-term advantages such as maximizing the store profits, decreasing the retail losses, reducing the thefts, and evaluating the employee tasks, as well as understanding the consumer buying behavior.
Retail Automation Market By implementation, the in-store segment to record the highest CAGR during the forecast period
The number of physical stores is increasing gradually in developing regions. The developing regions are highly populated, where the majority of people prefer to buy daily items from stores due to easy accessibility. Thus, despite the evolution of e-commerce, there are visitors who still prefer going and buying products in-stores. The evolving technology in the retail industry would be influential in attracting more number of customers into physical stores. The benefits of automated technologies have led the retailers to implement them in the physical stores. Thus, all these factors contribute to the growth of retail automation market for in-stores in the coming years.
Retail Automation Market in APAC to grow at the highest CAGR during forecast period
China, Japan, and India are some of the major countries driving the growth of the retail automation market in APAC. In addition to this, the expansion of large-scale retailers is responsible for the high growth rate in this region.
Request Free Sample Pages:
Retail Automation Market Dynamics
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.
Challenge: Theft risk at unattended terminals
Since the retailers install their kiosk systems or vending machines at faraway and isolated places such as public streets, railway stations, theaters, cafeterias, and airports, it becomes difficult for them to keep a constant watch on these systems. It becomes difficult to protect kiosks and vending machines from damages and thefts due to their exposed nature, and usually, there is no provision to have a protective enclosure around the kiosk during non-working hours. Sometimes, thefts and damages can also cause heavy losses to the retailers, which is a major challenge for the retails in this market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets™’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.