Latest News - Retail Automation Market: Point-of-sale is expected to lead the Type segment during 2024-2028

The Retail Automation Market is being driven by High adoption of contactless payment solutions

The Retail Automation Market is expected to grow at a CAGR of 10.87% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 11956.8 million. In the retail sector, the adoption of cloud-based solutions is set to revolutionize business operations by integrating back-end software in the cloud for seamless functionality. This transition will grant merchants access to valuable customer and product data from multiple platforms, bolstered by robust customer relationship management (CRM) systems. As retailers grapple with large volumes of data, it is imperative to invest in retail automation solutions that can effectively capture demographic information, payment preferences, and buying behavior. The implementation of point-of-sale (POS) systems in the retail industry offers several business advantages, including: 1. Gaining insights into consumer behavior as they interact with in-store products 2. Empowering in-line associates with individual customer profile data from POS terminals 3. Engaging with customers throughout their shopping experience 4. Delighting consumers through creative loyalty reward programs facilitated by POS terminals. These opportunities not only enhance the overall business experience for merchants but also contribute to increased customer satisfaction and loyalty. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Point-of-sale
  • Barcode and RFID
  • Camera
  • Others
• End-user
  • Supermarkets
  • Hypermarkets
  • Single item stores
  • Fuel stations
  • Retail pharmacies
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• High adoption of contactless payment solutions
• Rising demand for retail automation products in e-commerce industry
• Increasing adoption of innovative solutions in retail automation

However, the market also witnesses some limitations, which are as follows:

• Privacy and security concerns
• High initial costs in incorporation of retail automation products
• Interoperability issues and lack of comprehensive integration strategy

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Market Scope in Retail Automation Market Research Report

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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 industrial machinery and supplies and components market, a significant segment of the larger industrial machinery market, encompasses businesses involved in the manufacturing of industrial machinery and components. This sector includes the production of presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by the manufacturers of machinery and components utilized in industrial settings. Factors driving the expansion of this market include the increasing industrial output in process and discrete industries, fueled by the growing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing economies. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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