Authored By: Sarah
25 Jun 2024

 Retail Automation Market Size to grow by USD 11956.8 million between 2024-2028

According to a research report “ Retail Automation Market” by Type (Point-of-sale, Barcode and RFID, Camera, Others) End-user (Supermarkets, Hypermarkets, Single item stores, Fuel stations, Retail pharmacies) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 11956.8 million, at a CAGR of  10.87% during the forecast period. In today's digital age, retail automation has revolutionized the payment process through the adoption of mobile payment gateways, such as Apple Pay, Samsung Pay, and Android Pay. These contactless payment solutions have streamlined transactions, enabling consumers to make purchases without the need to carry physical credit or debit cards. Retailers have embraced Point of Sale (PoS) terminals, which are portable devices capable of accepting and processing payments over Wi-Fi and printing receipts. The integration of Near Field Communication (NFC) technology in these mobile payment options provides an added layer of security, ensuring that sensitive card information remains protected from unauthorized access. This security feature is a significant draw for major retailers, making NFC-based mobile payment an increasingly popular choice for both consumers and businesses.

Browse market data tables, figures, and in-depth TOC on “Retail Automation Market” by Type (Point-of-sale, Barcode and RFID, Camera, Others) End-user (Supermarkets, Hypermarkets, Single item stores, Fuel stations, Retail pharmacies) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Type, the Point-of-sale segment is projected to dominate the market size in 2024

Retail automation is an essential business solution for supermarkets, enabling the implementation of software and technology to streamline and accurately complete repetitive tasks. Key components of retail automation in this sector include enterprise resource planning (ERP) systems for billing, automated checkouts, point-of-sale (POS) software, and inventory management systems. The benefits of retail automation are numerous, including reduced labor costs, enhanced operational efficiency, minimal human errors, an improved customer experience, and better business safety. Additionally, retail automation significantly enhances warehouse storage efficiency by removing walkways and optimizing conditions for product preservation, ensuring a careful balance in large warehouse sections that typically do not require manual intervention.

By End-user, Supermarkets  segment is expected to hold the largest market size for the year 2024

In the retail industry, Point-of-Sale (POS) systems represent the crucial intersection where sales transactions are finalized. These advanced solutions integrate hardware and software components, enabling efficient management of sales, payments, and customer data. Compared to conventional cash registers, POS automation systems offer numerous benefits, including enhanced data storage, sharing, and tracking capabilities. By streamlining inventory reporting and ordering processes, these systems significantly boost operational efficiency and accuracy. Furthermore, POS automation enhances the shopping experience, aligning with escalating customer demands for superior services.

APAC is forecasted to hold the largest market size by region in 2024

The Retail Automation Market is experiencing significant growth due to the increasing adoption of advanced technologies such as RFID, IoT, and AI in retail operations. These technologies enable efficient inventory management, improved customer experience, and enhanced supply chain visibility. Retailers are investing in automation solutions to streamline processes, reduce costs, and gain a competitive edge in the market. The market is expected to continue its upward trajectory, driven by the demand for real-time data and analytics, and the need for personalized customer engagement.

The Retail Automation Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Datalogic SpA
  • Diebold Nixdorf Inc.
  • ek robotics GmbH
  • FAMETECH INC.
  • Fiserv Inc.
  • Fujitsu Ltd.
  • Grey Orange Pte. Ltd.
  • Honeywell International Inc.
  • iFuture Robotics
  • Infoplus Commerce
  • MIDEA Group Co. Ltd.
  • Napse
  • NCR Voyix Corp.
  • Posiflex Technology Inc.
  • Pricer AB
  • Sea Point China Ltd.
  • Simbe Robotics Inc.
  • Toshiba Corp.
  • Vinculum Solutions Pvt. Ltd.
  • Zebra Technologies Corp.
.

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Research Analysis Overview

Retail automation is revolutionizing the retail industry with the integration of advanced technologies such as Application Programming Interfaces (APIs), Internet of Things (IoT), and Artificial Intelligence (AI). The market for retail automation is expanding, with applications ranging from Point-of-Sale (POS) systems and self-checkout systems to autonomous mobile robotics and guided vehicles. In the in-store segment, autonomous systems like inventory-scanning systems and self-checkout systems are streamlining retail operational workflows. Dane Technologies and Brain Corporation are leading the way with innovative retail automation solutions. Meanwhile, in the e-commerce sector, the focus is on warehouse and inventory management, with the use of cloud-based POS software, Markt POS, and robotics process automation. Autonomous mobile robotics and guided vehicles are optimizing supply chain management and improving organizational efficiency. However, with the increasing use of autonomous systems, cybersecurity threats are a growing concern. Retailers must ensure that their systems are secure to protect customer data and prevent potential breaches. Overall, retail automation is transforming the retail landscape, from department shops to e-commerce warehouses, with the help of technologies like AI, ML, and IoT.

Market Research Overview

The Retail Automation Market is experiencing significant growth as retailers in various segments, including retail pharmacies, fuel stations, single item stores, and warehouse facilities, adopt automation systems to enhance operational efficiency and improve customer experiences. Fulfillment and distribution centers are leveraging warehouse robotics, such as automated conveyors, barcode & RFID systems, and logistics management systems, to streamline inventory management and distribution. Retailers are also investing in AI-driven solutions, including predictive data and demand forecasting, to stay ahead of changing consumer preferences and economic growth. The use of autonomous mobile robotics, autonomous guided vehicles, and self-checkout systems in on-store premises is becoming increasingly common. Retail giants are leading the way in retail automation, integrating hardware and software tools like camera segments, application programming interfaces, and the Internet of Things into their point-of-sale (POS) systems. AI and machine learning are also being used to optimize inventory management and supply chain management, while omnichannel retailing is driving the adoption of cloud-based POS software. However, retailers must also address cybersecurity threats and ensure the secure handling of customer data as they implement these advanced technologies. Companies like Dane Technologies and Brain Corporation are at the forefront of retail automation, offering innovative AI-driven robotics process automation and inventory-scanning systems. The future of retail automation lies in the integration of these advanced technologies with traditional retail operations to create seamless, data-driven retail experiences.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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