Global Retail Automation Market Analysis 2024-2029: Rising Demand for Enhanced Customer Service to Boost Growth, PoS Systems Segment to Dominate
DUBLIN, March 14, 2024 /PRNewswire/ — The “Global Retail Automation Market by Product Type (Interactive Kiosk, Self-checkout System, Barcode, RFID, ESL, Cameras, AMR, COBOTS, AGV, ASRS, Conveyor & Sortation Systems), Implementation Type (In-house, Warehouse), End-user & Region – Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The global retail automation market is expected to be valued at USD 27.6 billion in 2024 and is projected to reach USD 44.3 billion by 2029; it is expected to grow at a CAGR of 9.9% from 2024 to 2029.
A detailed analysis of the key industry players has been done to provide insights into their business overviews, products, key strategies, contracts, partnerships, and agreements. New product & and service launches, mergers and acquisitions, and recent developments associated with the retail automation market. Competitive analysis of upcoming startups in the retail automation market ecosystem is covered in this report.
Higher adoption of RFID technology in retail automation; minimized labor cost by embracing automation; rising demand for high-quality and fast service to consumers serve as a significant drivers for growth of the retail automation market.
The growth of retail automation in Europe can be attributed to several factors. First, the increasing adoption of technology by retailers to streamline operations and improve the customer experience. Second, the growing demand for convenience and efficiency among consumers, driving the need for automated solutions such as self-checkout systems and contactless payment options.
The key players operating in the retail automation market are Honeywell International Inc. (US), NCR VOYIX Corporation. (US), Diebold Nixdorf, Incorporated. (US), Zebra Technologies Corp. (US) and Hangzhou Hikvision Digital Technology Co., Ltd. (China), among others.
ESL by product type segment to account higher CAGR in retail automation market during the forecast period
ESLs help improve pricing accuracy, enabling retailers to reduce pricing errors and increase overall operational efficiency. This is particularly crucial in regions with strict consumer protection regulations. Secondly, ESLs enhance the in-store experience by providing real-time pricing information, enabling customers to make informed purchasing decisions.
In-store automation to account for higher CAGR in retail automation market during the forecast period
In-store automation in retail automation refers to the use of technologies such as electronic shelf labels, self-checkout kiosks, and inventory management systems to streamline operations, enhance customer experience, and improve efficiency within physical retail spaces. This trend is gaining traction as retailers seek to meet the evolving needs of consumers and address challenges such as labor shortages.
Premium Insights
- Rising Demand for Enhanced Customer Service to Boost Market Growth
- PoS Systems Segment to Dominate Retail Automation Market in 2029
- In-Store Segment to Record Highest CAGR in Retail Automation Market During Forecast Period
- Non-Retail Food Stores Segment to Exhibit Highest CAGR in Retail Automation Market During Forecast Period
- Warehouse Segment and China Held Largest Shares of Retail Automation Market in Asia-Pacific in 2023
- Retail Automation Market in Japan to Exhibit Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Increasing Adoption of Integrated Automated Technology by E-Commerce Warehouses
- Growing Focus on Cost Optimization by Embracing Automation
- Rising Demand for High-Quality and Fast Service to Consumers
- Higher Adoption of RFID Technology in Retail Automation
Restraints
- Need for Ongoing Maintenance to Ensure Smooth Operation of Automated Equipment
- Mitigating Workforce Displacement and Meeting Regulatory Compliance
Opportunities
- Surging Use of Retail Automation to Increase Transparency in Supply Chain
- Growing Use of Automation Technologies to Provide Customers with Enhanced Retail Experience
Challenges
- Growing Cybersecurity Threats with Adoption of Automation Technology
- Integrating AI and ML into Existing Legacy Systems
Technology Analysis
Key Technologies
- Computer Vision and AI for Automated Checkout
- Complementary Technologies
- Blockchain for Supply Chain Transparency
- Augmented Reality (AR) for Virtual Try-Ons and Product Visualization
Adjacent Technologies
- Internet of Things (IoT) for Smart Shelves
- Mobile Apps and Self-Service Kiosks for Flexible Business Interactions
Company Profiles
Key Players
- Honeywell International Inc.
- Ncr Voyix Corporation
- Diebold Nixdorf, Incorporated.
- Zebra Technologies Corp.
- Hangzhou Hikvision Digital Technology Co. Ltd.
- Nxp Semiconductors
- Dahua Technology Co. Ltd.
- Daifuku Co. Ltd.
- Kion Group AG
- Avery Dennison Corporation
Other Players
- Pricer
- Displaydata Ltd.
- Datalogic S.P.A
- Impinj, Inc.
- Glory Ltd.
- Verifone, Inc.
- Kuka AG
- Axis Communications AB
- Bosch Sicherheitssysteme GmbH
- Kiosk Information Systems
- Toyota Industries Corporation
- Alien Technology, LLC
- Vusiongroup (Ses-Imagotag)
- Solum
- Mojix
For more information about this report visit https://www.researchandmarkets.com/r/2x69se
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