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(IT-NEWSWIRE.COM, August 11, 2017 ) According to the new report "Retail Automation Market by Type (PoS, Barcode and RFID, ESL, Camera, AGV, ASRS, Automated Conveyor), Implementation, End User (Hypermarkets, Supermarkets, Single Item Store, Fuel Stations, Retail Pharmacies) and Geography - Global Forecast to 2023", the overall retail automation market is expected to be valued at USD 18.99 Billion by 2023, at a CAGR of 10.96 % between 2017 and 2023. The key factors driving the growth of the market include the increased in demand for retail automation products, benefits of business optimization and reduced cost to retailers, and rising demands of customers for quality and fast service.
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Warehouse o hold larger share of retail automation market based on implementation in coming years
The warehouse implementation held a larger share of the retail automation market than the in-store implementation in 2016. With the increase in the number of stock keeping units (SKUs), the size of the warehouse has increased considerably, making it difficult for warehouse workers to perform their tasks proficiently. The emergence of warehouse automation has enabled the companies to increase the efficiency of their warehouse operations. In the majority of warehouses, various processes such as picking, sorting, packing, storage, and retrieval are accomplished by employees. With the technological developments, the retailers are now adopting automated conveyors, robots, and automated storage and retrieval systems, involving only partial engagement of employees. Hence the large investments in the warehouse automation are expected to further help improve productivity and flexibility in processes.
Retail automation market for single item stores to witness highest CAGR in near future
The single item stores are individual-category stores for the goods such as apparels and consumer electronics, as well as quick-service restaurants and automobiles. Such stores often face problems such as the loss of inventory as the seasonal products lose their value quickly. To overcome such problems, the retailers can introduce electronic shelves labeling (ESL), which is an important technology that allows the retailers to change the prices rapidly, maintain the inventory, reduce the losses, and, simultaneously, saves the efforts of the employees. Thus, it is necessary for the single item store retailers to adopt automation solutions to attract more customers, increase sales to sustain in the market, and increase the geographic reach.
North America held largest share of retail automation market in 2016
North America was the leading market, in terms of size, for retail automation in 2016. The market in North America is driven by the factors such as the increasing demand for sophisticated and efficient retail services, need for time reduction and increased accuracy, and high living standards. These factors are also accelerating the growth of retail automation market in North America region. The presence of major players such as First Data Corporation (US), NCR Corporation (US), and Toshiba Global Commerce Solutions Inc. (US) are also responsible for the dynamic growth of the retail automation market in North America.
The leading players operating in the retail automation market include Datalogic S.p.A (Italy), First Data Corporation (US), NCR Corporation (US), Fujitsu Limited (Japan), Toshiba Global Commerce Solutions Inc. (US), Honeywell Scanning and Mobility (US), KUKA AG (Germany), Wincor Nixdorf AG (Germany), Zebra Technologies Corporation (US), Pricer AB (Sweden), Posiflex Technology, Inc. (Taiwan), and E&K Automation GmbH (Germany).
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