New York, NY, July 09, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Retail Automation Market by Product (Point of sale, Barcode and RFID, ESL, Camera, AGV, ASRS, and Automated conveyor), by Type (Vending machines, Service kiosks, Retail Kiosk, Self checkout, Retail apps, and Retail operations), and by End-User (Hypermarket, Supermarket, Convenience stores, Fuel stations, and Retail pharmacies) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024’’ . According to the report, global retail automation market was valued at around USD 10 billion in 2017 and is expected to reach approximately USD 21 billion in 2024, growing at a CAGR of slightly above 10.0% between 2018 and 2024.
Retail industry automation is replacing traditional methods of ledger models and cash register, making it more convenient for the customers to do their transactions in a shorter time period. The technology is trending in the retail market substantially, as retailers are implementing a blend of advanced booths, cell phones, and self-checkout frameworks for sustaining in the market.
Browse through 42 Tables & 34 Figures spread over 190 Pages and in-depth TOC on "Global Retail Automation Market Size, Share 2017: Industry Type, Trends, Growth Analysis and Forecast, 2024”.
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Retail automation technology is registering an increasing demand from the growing urban population, as it offers instant access and improved service quality for everything. Benefits such as improvement in service quality and business optimization have led to an increased penetration of the technology. Enhanced internet accessibility and increasing smartphone users have provided huge opportunities to retail automation market. Rising adoption of the technology by numerous end-user industries are estimated to boost the global retail automation market over the forecast timeframe.
The coming decade would be a golden age for the retail consumers, as shoppers would get more control and choices than ever before. They will be offered an array of products and services which will be personalized to their requirements and needs. Consumers will consistently demand quality and price transparency along with a wide range of convenient options. Overall, the retail experience will become more convenient, simple, exciting, and inspirational as per the consumer’s changing needs. These factors would propel the need for retail automation technology in the global market.
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Growing popularity and awareness of retail automation technology is encouraging producers to invest in the research and development activities for developing cost-effective, more reliable, and better products. Companies are investing significantly to develop innovative products to enhance customer experience.
Global retail automation market is classified on the basis of the product as a point of sale, barcode and RFID, ESL, camera, AGV, ASRS, and automated conveyor. Radio-frequency identification (RFID) technology will gain prominence in the forecast period as it supports retailers to compete against online sellers by facilitating frequent inventory checks which leads to inventory accuracy. As per various types, global retail automation market is categorized into vending machines, service kiosks, retail kiosk, self checkout, retail apps, and retail operations. Self checkout segment is projected to witness substantial gains owing to its benefits to the retailers of providing better customer experience.
Browse the full "Retail Automation Market by Product (Point of sale, Barcode and RFID, ESL, Camera, AGV, ASRS, and Automated conveyor), by Type (Vending machines, Service kiosks, Retail kiosk, Self checkout, Retail apps, and Retail operations), and by End-User (Hypermarket, Supermarket, Convenience stores, Fuel stations, and Retail pharmacies) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024 " report at https://www.zionmarketresearch.com/report/ret...ion-market
North America holds a substantial share in the global retail automation market over the forecast time period. The region is also likely to witness high growth rate between 2018 and 2024 because of its bulging retail industry worldwide. Overall annual retail sales of the U.S. have increased by 4.5% on an average from 1993 to 2015. The country is an undisputed leader in the global retail industry following its revenue numbers. Walmart is recognized as the largest global retailer along with the largest company of its kind worldwide. As per 2015 “Global Powers of Retailing Report”, the U.S. is a hub for 76 of the world’s largest retailing companies. Furthermore, in 2014, 81 U.S. chains have qualified for 2014 “World’s Largest Retailers List”. Some of the world’s largest U.S. retail chains operate domestically, but many of them are expanding its presence in international retail as well. Out of the top 10 global retail companies worldwide, 5 of them are based in the U.S. and other five are Europe based. As the world is moving towards globalization, the U.S. small and large retail chains are increasing their global reach through operating stores in various countries worldwide.
Europe is anticipated to grow considerably in the global retail automation market owing to its substantial share in the global retail industry. European grocery sales will increase by USD 445.28 billion to reach USD 2699.29 billion by 2022. The growth of the retail sector can be attributed to the dynamic economies of Eastern and Central Europe. Russia, Romania, and Poland are anticipated to depict strong growth till 2022. The countries will be benefitted by greater integration and liberalization with other European nations. Europe’s population is projected to grow steadily till 2022. Regions grocery retail market is estimated to grow at a CAGR of 3.7% from 2017 to 2022. The UK, Russia, and Turkey will contribute nearly 51% in the regions grocery retail sales growth along with 16% contribution of the region in the global grocery sales growth in the same time period.
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Europe is anticipated to benefit from its substantial increase in shopper spending till 2022. Turkey is expected to experience the most dynamic sales in the region, with increasing spending on shopping and contributing to the growth of the market. Whereas other regional groceries retail market that includes France, the UK, and Germany would experience a nominal pace of expansion. Increasing household spending will propel growth in the region as the economy is fueled by stable wages and higher employment rates in Eastern and Central Europe.
The Asia Pacific is anticipated to be the most potential region in the global retail automation market over the forecast timeframe owing to existing opportunities in developing countries like India. 99% of the retailers in India operate their shops in less than 500 square feet of space. Indian retail industry accounted for nearly USD 133.39 billion in 2009, of which organized retail sector contributed only 2%. This indicates tremendous potential for customer savvy organized retailer in the country. The purchasing power of the urban consumer’s in the country is increasing and branded merchandise in food and beverages, watches, shoes, cosmetics, and apparels are being widely accepted by the urban Indian customers. Numerous global and domestic retailers are attracted to this retail growth in the market to introduce new formats, diversify and grow by focusing on the brand building process. All these factors contribute to the growth of the retail automation market in the region till 2024.
Key players in the global retail automation market include ZIH Corp., Toshiba Global Commerce Solutions, Inc., Pricer, Outerwall Inc., NCR Corporation, Honeywell International Inc., Fujitsu Limited, First Data Corporation, Diebold Nixdorf, Incorporated, and Datalogic S.P.A.
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The report segments the global retail automation market as follows:
Retail Automation Market: Product Segment Analysis
- Point of sale
- Barcode and RFID
- ESL
- Camera
- AGV
- ASRS
- Automated conveyor
Retail Automation Market: Type Segment Analysis
- Vending machines
- Service kiosks
- Retail kiosk
- Self checkout
- Retail apps
- Retail operations
Retail Automation Market: End-User Segment Analysis
- Hypermarket
- Supermarket
- Convenience stores
- Fuel stations
- Retail pharmacies
Retail Automation Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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