Retail Automation Market Estimated to Exhibit CAGR of 11.7% in terms of value by 2027
Posted: Mar 22, 2019
The Global Retail Automation market is expected to register a global CAGR of 11.7% during 2017 – 2027, with North America, Western Europe, and APEJ accounting for significant market value shares by the end of the forecast period.
FMI delivers key insights on the global Retail Automation market in itsreport titled “Retail Automation Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027.” Growth in the market value of the Global Retail Automation market will remain attractive as the market is expected to grow continuously at a CAGR of 11.7% in terms of value during the forecast period, 2017 – 2027. On the basis of product type, the unattended terminals segment is expected to register attractive growth during the forecast period, in the global Retail Automation market. Organized Retail Automation market is expected to hold larger share of the overall Retail Automation market, in comparison to the unorganized Retail Automation market. Based on industry, FMCG segment is expected to gain a higher market share during the forecast period, in the global Retail Automation market.
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The global annual revenue from the Retail Automation was valued at US$ 9,846 Mn by the end of 2017, which is expected to grow at a steady pace over the coming years. Developed economies of North America and Western Europe, are expected to collectively account for a majority share of the Global Retail Automation market. The North America Retail Automation, Western Europe Retail Automation, and APEJ Retail Automation markets are likely to dominate the global market over the forecast period, with APEJ expected to grow at highest CAGR during the forecast period.
Since last few years, the adoption of Retail Automation have been increasing considerably, especially in the FMCG segment. Retail companies are planning to reduce the cost associated with the manual intervention of store operations, so the retailers are implementing the retail automation technologies such as PoS devices, vending machines, and self-checkout systems. These Retail Automation technologies are expected to facilitate the overall retailing processes, which in turn will enhance the customer experience. Implementing these Retail Automation technologies help in tracking inventory levels in the store. Also, the customer data generated through Retail Automation can be utilized to identify the business gaps, further enhancing the customer experience. Kiosks/Vending Machines in the Retail Automation market are expected to grow with significant growth in the forecast period. This growth rate is primarily driven by the drift in customer shopping behaviour. Most of the customers, especially in developed economies nowadays prefer to shop in completely automated retail store, and are more comfortable with using smart devices for getting an enhanced shopping experience. However, the security concerns posed by POS systems, in terms of customer data breaches is restricting the growth in the Retail Automation market.
On the basis of FMI analysis, the unattended terminals sub-segment of the product type segment is expected to dominate the Retail Automation market, with kiosk/vending machines being the major revenue generator amongst the Retail Automation product types. On the basis of industry, the FMCG segment will be a dominating segment, in the Global Retail Automation market.
The North America Retail Automation market is expected to dominate the Global Retail Automation market due to the high growth in the overall revenues generated from FMCG segment, owing to the in-house development of automation technologies. Retail companies are developing the retail automation technologies like motorized transport units that assist the customers in delivering the products, and checking the inventory. The Retail Automation market in Western Europe has high potential owing to its implementation in the healthcare industry in the region. Automation in the areas of medical records, order entry, decision support, and dispensing the medicines to patients are some of the major health and pharmacy applications of Retail Automation in the European region.
The APEJ Retail Automation market will be a target market for market participants owing to the high growth opportunities in countries such as India and China. MEA Retail Automation market is estimated to grow at an above-average CAGR during the forecast period, due to high competition among stores and online retail enterprises, especially in the Gulf countries. GCC Countries are expected to hold a major revenue share in the MEA Retail Automation market during the forecast period.
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According to FMI analysis, the integration of advanced technologies by Retail Automation manufacturers, along with enhancement of functionality in the retailing processes will help increase revenue in the Retail Automation market. Examples of some of the market participants in the global Retail Automation market report are Diebold Nixdorf, NCR Corporation, Datalogic S.p.A., Fujitsu, First Data Corporation, Toshiba Corporation, Verifone, Posiflex Technology, Ingenico Group, and Honeywell International Inc.
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