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Retail Automation Market Size, Swot Analysis, Business Opportunity, Applications, Trends and Forecast to 2031

Kenneth Research, in its repository of market research reports, have recently added a report on Retail Automation Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Retail Automation Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Retail Automation Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

Retail automation refers to the use of technology to automate retail locations. Retail automation is a category of self service, standalone kiosks in heavily traded locations such as, airports, malls, resorts and convenience stores. Some of the advantages of retail automation are economic improvement, reduction in labor costs and faster production.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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Market Size and Forecast

Global retail automation market is anticipated to flourish at a CAGR of 12.3% during the forecast period i.e. 2017-2024. Further, the market of retail automation was valued at USD 8.96 Billion in 2016 and is projected to garner USD 23.1 Billion by the end of 2024. Factors such as, increasing business optimization are making headway for the growth of the global retail automation market. Moreover, high demand for retail automation over the traded locations is anticipated to positively impact the growth of the global retail automation market.

Regionally, North America is expected to dominate the overall market of retail automation over the forecast period. Factors such as, increasing demand for highly sophisticated retail service are anticipated to fuel the growth of the North America retail automation market over the forecast period. Further, factor such as economic progress and rising purchasing power of consumers are envisioned to increase the growth of global retail automation market in North America over the forecast period.

Europe retail automation market is poised to record the fastest growth over the forecast period. Factor such as, several retail chains and multiple product lines are anticipated to drive the growth of the global retail automation market over the forecast period in Europe. Asia Pacific retail automation market is expected to witness sustainable growth over the forecast period. Increase in development of supermarkets and hypermarkets across the countries like China, Japan and India are anticipated to drive the growth of the global retail automation market over the forecast period.

Based on end user, retail automation market is segmented into hypermarkets, supermarkets, convenience stores, fuel stations and retail pharmacies, out of which, hypermarkets and supermarkets segments are expected to dominate the overall market of retail automation over the forecast period.

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Key Players

Market Segmentation

Our in-depth analysis has segmented global retail automation market into the following segments:

By Product Type

Point on Scale
Service Kiosks
Self-Checkout
Barcode and RFID Technology
Vending Machines
Cameras
Electronic Shelf Labels
By End User

Supermarkets
Hypermarkets
Fuel Stations
Retail Pharmacies
Convenience Stores
By Region

Global retail automation market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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, Future forecast & Opportunity Analysis

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Growth Drivers and Challenges

Increase in local retail and customer response across the globe is anticipated to intensify the growth of the global retail automation market. In addition, increasing adoption of technology is anticipated to positively drive the growth of the retail automation market.

Apart from this, increasing demand of IOT over e-retail industry is anticipated to be the dynamic factor behind the growth of the retail automation market. Further, factor such as abundant investment over automation products and services is anticipated to supplement the growth of the global retail automation market. Moreover, increase in responsive point on scale systems is likely to further strengthen the growth of the global retail automation market.

However, high enslavement over electricity and maintaining an eye over kiosks are some of the key factors which are expected to limit the growth of global retail automation market in upcoming years.

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