TMCnet News
Retail Automation Market worth $44.3 billion by 2029 - Exclusive Report by MarketsandMarkets™CHICAGO, Feb. 29, 2024 /PRNewswire/ -- The 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% during the forecast period according to a new report by MarketsandMarkets™. The increasing demand rising demand for high-quality and fast service to consumers and the increasing adoption of integrated automated technology in warehouses are the key drivers fueling the expansion of the retail automation market. Restraints such as regular maintenance and meeting regulatory compliance hinder market growth. However, factors such as increased transparency in supply chain management and enhanced retail experience for consumers by leveraging automation technologies provide lucrative opportunities for market players in coming years.  Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1247 Browse in-depth TOC on "Retail Automation Market" 120 – Tables Retail Automation Market Report Scope:
Based on product type retail automation market for POS systems is expected to hold the highest market share during the forecast period. POS systems include interactive kiosks and self-checkout systems. Self-checkout systems in retail automation have witnessed rapid growth due to their ability to reduce checkout time, improve efficiency, and provide a seamless shopping experience for customers. Additionally, they offer cost savings for businesses by reducing the need for cashiers. Retail automation market for the warehouse segment by implementation type to exhibit the highest market share during the forecast period. Warehouse automation in retail has surged, employing technologies like robotics, automated storage, and picking systems, ensuring faster and more accurate order fulfillment while reducing labor costs and enhancing inventory management. This trend significantly improves supply chain efficiency and customer satisfaction, particularly in the retail industry. Retail automation market for hypermarkets to hold high market share during the forecast period. With automated systems handling checkout processes, inventory management, and restocking, hypermarkets can reduce labor costs and improve inventory accuracy. This efficiency helps them compete more effectively with online retailers, offering competitive pricing and a wider range of products. Furthermore, automation allows hypermarkets to analyze customer purchasing patterns in real time, facilitating targeted marketing and optimized product placement. Moreover, it enhances overall shopping experience by minimizing checkout times and reducing the risk of human errors, thus promoting customer satisfaction and loyalty. Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1247 Retail Automation industry for Europe region to second hold the largest share during the forecast period. In Europe, retail automation is experiencing significant growth due to several factors. The adoption of automation is particularly pronounced in the areas of checkout processes, inventory management, and customer service. Increasing consumer demand for efficient and convenient shopping experiences has led retailers to invest in technologies like self-checkout kiosks, automated inventory management systems, and AI-driven recommendation engines. The widespread use of self-checkout kiosks, which not only reduce waiting times for customers but also help retailers save on labor costs. Automated inventory management systems have become essential tools for retailers to optimize their supply chains, reducing wastage and ensuring that popular products are always in stock. Key Players The retail automation companies includes many major Tier I and II players like Honeywell International Inc. (US), NCR VOYIX Corporation. (US), Diebold Nixdorf, Incorporated. (US), Zebra Technologies Corp. (US), Hangzhou Hikvision Digital Technology Co., Ltd. (China), and others. These players have a strong market presence in advanced packaging across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW). Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=1247 Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting Related Reports: Automated Material Handling Equipment Market Size, Share, Statistics and Industry Growth Analysis Report by Product (Robots, ASRS, Conveyors And Sortation Systems, Cranes, WMS, AGV), System Type (Unit Load, Bulk Load), Industry (Automotive, E-Commerce, Food & Beverage) and Region - Global Forecast to 2028 Warehouse Robotics Market Size, Share, Industry Report, Statistics & Growth by Type (AMR, AGV, Articulated, Cylindrical, SCARA, COBOT, Parallel, Cartesian), Payload Kg (<20, 20-100, 100-200, >200), Function (Transportation, Pick & Place, Palettizing, Packaging), Industry, Region - Global Forecast to 2028 Interactive Display Market by Product (Interactive Kiosk, Whiteboard, Table, Video Wall, Monitor), Technology (LCD, LED, OLED), Panel Size, Panel Type (Flat, Flexible, Transparent), Vertical (Retail, Corporate) and Geography - Global Forecast to 2029 RFID Market Size, Share, Statistics and Industry Growth Analysis Report by Offering (Tags, Readers, Software & Services), Tag Type (Active, Passive), Wafer Size, Frequency (Low Frequency, High Frequency, Ultra-high Frequency), Form Factor, Material, Application and Region - Global Forecast to 2032 Solid State Relay Market with COVID-19 Impact by Mounting Type (Panel, PCB), Output Voltage (AC, DC, AC/DC), Current Rating (Low, Medium, High), Application (Industrial Automation, Automotive & Transportation), and Geography - Global Forecast to 2025 About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
|
View original content: