The outlook of the global retail automation market appears positive and is projected to attain USD 18 Billion by the end of 2023, asserts Market Research Future (MRFR) in a detailed research report. Automation has revolutionized the retail industry, and since retail drives the growth of several other businesses, the influence of automation has been substantial. Retail giants across the globe are investing in automated solutions for producing better output and creating an impact on the market which is boosting the growth of the market. Consumers, especially in the developed countries prefer buying from hypermarkets and malls and has been the main driving force behind automating retail chains. To match up to the elevated experience of consumers and challenged to sustain in the competitive environment profitably, local retail businesses are also adopting retail automation Moreover, automation provides the advantages of improved efficiency, streamline cash flow, improved customer and employee retention, and provision of consistent brand experience. The emergence of innovative technologies such as the Internet of Things (IoT), artificial intelligence (AI), machine learning, and digital traceability has also made an affirming impetus on the growth of the global retail automation market. The growth in consumer spend and overall growth of the retail industry has attracted investments to this growth which has proven to be a plus for the market growth. However, a handful of factors could hamper the growth of the market over the forecast period. Maintenance of continuous supervision of retail kiosks, high dependency on electricity are possible restraints to the global retail automation market.
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The prominent players in the global retail automation market are – Fujitsu Limited (Japan), Toshiba Global Commerce Solutions Inc. (US), Honeywell Scanning and Mobility (US), Posiflex Technology, Inc. (Taiwan), E&K Automation GmbH (Germany), First Data Corporation (US), Kuka AG (Germany), Wincor Nixdorf AG (Germany), Zebra Technologies Corporation (US), NCR Corporation (US), and Kiosk & Display LLC (US) among others.
The global Retail Automation Market has been segmented based on type, component, and end users. By type, the market has been segmented into Electronic Shelf Labels, Point of Sale, Automatic Storage and Retrieval, Barcode & RFID, Autonomous Guided Vehicle, Automated Conveyor, and others. By component, the market has been segmented into hardware, software, services, and others. By end users, the market has been segmented into Hypermarkets, Supermarkets, Single Item Stores, Fuel Stations, Retail Pharmacies, and others.
The global retail automation market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World. North America is dominating the global retail automation market owing to a reduction in the price of RFID systems which makes them more affordable and attracts investment from organizations. Moreover, rising purchasing power and economic progress have resulted in the adoption of retail automated products and services for business transactions. The outlook of the Europe retail automation market is positive. Establishment of various retail chains and multiple product lines in Europe has helped in the consolidation of the market. The market in Asia Pacific is gaining traction due to the existing growth opportunities in the economies of India, Japan, and China. The market in the Rest of the World is expected to exhibit moderate growth.
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