Retail Automation Market - Forecast(2021 - 2026)

The World Economic Forum has estimated that by 2030, 75 million to 375 million number of people will switch their occupational categories to adapt to the technological shifts that are occurring in various industries.[1] Evidently, this remarkable change in professions of people is largely attributable to the penetration of automation in various sectors that also includes the retail automation market, which is highly susceptible to human errors and leads to losses. Owing to the increasing adoption of automation in the retail sector, the retail automation market size has ballooned to $18.37 billion as of 2018. Furthermore, the demand for automation in the retail sector is estimated to observe a healthy compound annual growth rate of 8.60% during the forecast period of 2019 to 2025.  

The industrial growth in APAC countries is reflecting on the growth prospects for automation in the retail sector. Some of the determinants for the impressive market size for the retail automation market in APAC are oil & gas production and the subsequent retail of the same, scope for opportunities in the textile industry, and substantial incorporation of the supermarket, departmental store, and malls. Moreover, a gamut of franchises are venturing into APAC owing to the projected propitious progress due to an upsurge in the disposable personal income (DPI) of residents that is chiefly supporting the retail sector, and subsequently, the vendors in the retail automation market are reaping benefits.

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Retail Automation Market Outlook:

Retail automation refers to the an automated retail system using a vending machine, SSI Schaefer Case Picking system, computer vision system, witrons order picking machinery, and other automation technology. Due to the adoption of technology in the retail sector, automation has paved its path into applications such as food/non-food, general merchandise, and hospitality services because it speeds up the process that takes a long time if executed by human workers.  

The key application in the retail automation market is found to be the food and non-food services. This is because of the significant progress in the food & beverages industry that is leading to more cafeteria, restaurants, and franchisee. Furthermore, the non-food services are making strides as a lot of retail vendors seek for solutions pertaining to in-store support, logistics, business and promotional planning, and product assessments which is having a positive impact on the revenues generated in the retail automation market. The application of retail automation in the food and non-food services is projected to witness a substantial CAGR of 8.80% through to 2025.

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Retail Automation Market Growth Drivers:

The Growing Number of Fuel Stations Worldwide –

According to the Organization of Petroleum Exporting Countries (OPEC), the population outflow is going to be the most important determinant for the augmented demand for fuel. Furthermore, the demand for oil is estimated to escalate with figures that translate to 86.5 mboe/d in 2015 to 92.3 mboe/d in 2020 and 100.7 mboe/d in 2040.[2] This rise in demand for oil will have a subsequent effect on the fuel retail sector, and the world will observe incorporation of a myriad of fuel stations across the globe. These fuel stations invest a significant amount of money in automation owing to the extensive retail operations that are executed on a daily basis. The growing number of fuel stations will create lucrative opportunities in the retail automation market.

· The Inculcation of Automation in Retail Pharmacy –

The growth prospects in the retail pharmacy sector is attributed to an upsurge in the size of the global pharmaceutical market which is projected by the International Federation of Pharmaceutical Manufacturer Association (IFPMA) to reach $1,430 billion by 2020.[3] The future foresees an incremented emergence of more retail pharmacy outlets, and these shops will need retail automation for the documentation and accounting purposes that are susceptible to human errors. This happens to be one of the major factors that will drive the retail automation market.

· Automation Gaining Prominence in the Textile Retail –

The textile industry is on the rise and is also estimated to witness gainful growth in the future. This is because of the fact that the apparel segment of the industry is gaining traction from consumers with varied preferences. The most important factor pertaining to the textile retail is the fact that a noteworthy part of the global population still visits retail stores to purchase wearable as the e-commerce sector is yet to totally take over the apparel shopping segment. The preference for textile retail shops can be attributed to the concerns about the discrepancies in terms of color, size, and style that may emerge between the ordered and the received product. The flourishing textile retail sector is substantively supporting the retail automation market.

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Retail Automation Market Trends –

· Blockchain in Retail Market – Blockchain has already emerged as a game-changer in a lot of industries, and evidently so when the blockchain market in supply chain is booming. The implementation of blockchain in the retail sector will be ameliorating problems regarding customer privacy and logistical inefficiencies. The emergence of blockchain is a disruptive trend in the retail automation market.

· IoT & Robotics in Distribution Centers – In 2019, there will be a seismic shift in the retail automation with IoT & robots applications in distribution centers in order to execute operations such as pick & pack, inventory management, and others. This technology will be largely adopted in supermarkets worldwide.

·  In-Store Mapping: An Integral Part of Shopping Centers – Customer navigation has been identified as a serious concern in the retail sector. In-store mapping is an automation technology that will be seen customers directing towards their desired shopping section. This will reduce the mundane tasks of physically navigating the customers towards a particular section of the stores.

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Retail Automation Market Key Players Perspective –

The major players striving to generate more revenues in the retail automation market are SandenVendo, Fuji Electric, N&W Global Vending, Selecta Group, Crane Co., Ingenico, Verifine, PAX Technology, ATOS Worldline, and Castles Technology.

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