The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with the industry leaders such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market.
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The high growth potential in emerging economies and adoption of new retail automated products are creating immense opportunities for the growth of retail automation market.
The retail automation market was valued at USD 9.19 Billion in 2016 and is expected to reach USD 18.99 Billion by 2023, at a CAGR of 10.96 % during the forecast period. Downlaod PDF: bit.ly/1BCp8kH
The rising demand for quality and fast service from the customers as well as benefits of business optimization and reduced cost to retailers is driving the overall retail automation market. The base year considered for the study is 2016, and the forecast period is between 2017 and 2023.
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Implementation of retail technologies helps retailers to enhance the shopping experience for customers by reducing the checkout time and providing more personalized services at the stores. Ability to help retailers to reduce the operational cost of the stores and tackle with labor shortage issues is a significant factor that is driving the retail automation market.
This market is segmented on the basis of type, implementation, end user, and geography. On the basis of type of product, the retail automation market has been segmented into PoS (Point of Sale), barcode and radio frequency identification (RFID), electronic shelf labels (ESL), automated conveyor, camera, automated guided vehicles (AGV), automatic storage and retrieval system (ASRS).
The barcode and RFID segment is expected to hold the largest size of the market during the forecast period due to the increasing adoption in garment tagging and ability to retrieve information about in-store activities along with the enhanced visibility into the inventory.
Various types of automated products are, relatively, a new invention, and they allow the users to reduce the functional time and provide sophisticated services to their customers. These automated technologies provide flexible, comfortable, and user-friendly solutions to boost productivity and lower the operating costs to retailers.
The retail automation market based on implementation is segmented into in-store and warehouse. The market for the in-store implementation is expected to grow at a higher CAGR during the forecast period.
It is important for retailers to create a distinctive shopping experience where customers derive both value and pleasure from visiting physical stores.
North America consists of the countries such as the US, Canada, and Mexico. Among all the geographic regions, North America holds the largest share of the retail automation market.
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