December 13, 2021 11:15 EST | Source: Validated Market Research Validated Market Research
Boonton, New Jersey, U.S.
Jersey City, New Jersey, December 13, 2021 (GLOBE NEWSWIRE) - Verified Market Research recently released a report, "Retail Automation Market" by product (point of sale (POS), camera, barcode, and RFID), by product Implementation (in stores and warehouses), by end user (hypermarkets, supermarkets, single-product stores, gas stations/gas stations) and by geographic location. According to the data of Verified Market Research, the global retail automation market will be worth 13.97 billion U.S. dollars in 2020 and is expected to reach 31.81 billion U.S. dollars by 2028, with a compound annual growth rate of 10.94% from 2021 to 2028.
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Overview of the global retail automation market
The increasing demand for high-quality and fast service from consumers is considered to be the main driving force of the retail automation market. Retailers’ cost reduction, fast transaction speed and transaction accuracy have had a positive impact on the market. Retail automation provides business optimization, thereby increasing market demand. Innovative technology has helped achieve the goal of retail automation. In recent years, developing economies have been a major growth opportunity for the retail automation market, as retailers in these countries are adopting new strategies to provide fast and reliable services to a growing population.
In these economies, the consumption patterns of the general population are improving, and they are trying to adopt the habits and behavioral trends of developed countries in the retail industry. Therefore, these economies are expected to promote the growth of the global retail automation market. Although there are many positive factors in this market, there are also some restaurants, such as the lack of knowledge and resources for terminal mobility. This may hinder the growth of the market. In some cases, when resources are available, they may not reach the optimal speed. For example, due to weather conditions in rural areas, Internet services in certain areas may be affected.
Theft may also occur in unattended terminals, which may pose risks to retailers who do not have sufficient resources or labor to keep an eye on them at all times. Due to the increase in these thefts, retailers may lose motivation to use retail automation, which may pose challenges to the market. Retail automation provides customers and retailers with flexible and easy-to-operate solutions through innovative and improved technologies. The demand for automation solutions is accelerated due to its product supply efficiency, manageable business platform and faster sales processes. This helps to increase the profitability of retailers through cost advantages, while ensuring an efficient environment for the growth of the global market.
The main players in the market are Datalogic SPA, First Data Corporation, Fujitsu Limited, Honeywell Scanning & Mobility, NCR Corp., Toshiba Global Commerce Solutions Inc., Wincor Nixdorf AG, Posiflex Technology Inc., Pricer, Zebra Technologies Corp..
Verified Market Research has segmented the global retail automation market based on product, implementation, end user, and geographic location.
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