Mom-and-pop stores have been a staple fixture to purchase all types of goods but with the exceeding demand for goods, retail chain outlets and supermarket chains came to rise. However, increasing population gave way to long waiting times at checkout counters causing inconvenience to customers. Automation aims to change that scenario by providing consumers with more power to ease their shopping needs. Retail automation utilizes various electronic devices and latest technologies to optimize processes in the retail sector. Advent of smartphones and Internet-of-Things (IoT) has encouraged retail stores to ditch legacy products for new devices to attract customers.
Emphasis on a Pleasant Customer Experience :
Products used to automate processes and services include barcode and Radio-Frequency Identification (RFID), autonomous guided vehicles, electronic shelf labels, cameras, Point-of-Sale (POS), and others.
The barcode and RFID segment is likely to witness high demand over the forecast period (from 2018 to 2025) on account of the technology being integral in inventory management. The competitive edge it provides over e-commerce stores can also augment segment demand in the forthcoming years. Increasing demand for sophisticated retail services due to high living standards, particularly in developed regions, can bolster the segment growth.
The cameras segment is expected to exhibit a decent growth rate over the coming years due to security concerns regarding shoplifting and administrative errors. In 2017, Poly, a U.S.-based startup gained capital from private investors to provide novel security measures to identify individual customers. Using machine learning (ML) technology and security cameras, it can record shopping patterns to offer customized experiences.
Market Outlook:
The global retail automation market valuation is projected to reach USD 19.17 billion by 2025, as per a report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 8.7 % from 2018 to 2025. Increasing demand for technology to streamline processes in the retail sector is expected to be the key growth driver for the market. Adoption of automation across supermarket chains to lower the waiting time of customers is also likely to augur market growth over the forecast period. Self-serving kiosks, which can present new growth opportunities for the market, may also contribute toward its expansion. Prominent market players include NCR Corporation, Fujitsu Limited, Diebold Nixdorf, Incorporated, and ZIH Corp.
Emphasis on a Pleasant Customer Experience :
Products used to automate processes and services include barcode and Radio-Frequency Identification (RFID), autonomous guided vehicles, electronic shelf labels, cameras, Point-of-Sale (POS), and others.
The barcode and RFID segment is likely to witness high demand over the forecast period (from 2018 to 2025) on account of the technology being integral in inventory management. The competitive edge it provides over e-commerce stores can also augment segment demand in the forthcoming years. Increasing demand for sophisticated retail services due to high living standards, particularly in developed regions, can bolster the segment growth.
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The cameras segment is expected to exhibit a decent growth rate over the coming years due to security concerns regarding shoplifting and administrative errors. In 2017, Poly, a U.S.-based startup gained capital from private investors to provide novel security measures to identify individual customers. Using machine learning (ML) technology and security cameras, it can record shopping patterns to offer customized experiences.
Market Outlook:
The global retail automation market valuation is projected to reach USD 19.17 billion by 2025, as per a report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 8.7 % from 2018 to 2025. Increasing demand for technology to streamline processes in the retail sector is expected to be the key growth driver for the market. Adoption of automation across supermarket chains to lower the waiting time of customers is also likely to augur market growth over the forecast period. Self-serving kiosks, which can present new growth opportunities for the market, may also contribute toward its expansion. Prominent market players include NCR Corporation, Fujitsu Limited, Diebold Nixdorf, Incorporated, and ZIH Corp.
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