New Research Finds Retail Automation Market Growing To $18.9 billion By 2023
By Christine Kern, contributing writer
Market growth is being spurred by the growing deployment of self-automated technologies.
A new report has found that there is imminent growth in the retail automation market, which is expected to be worth more than $18.9 billion by 2023, expanding at a compound annual growth rate of more than 10.9% between this year and 2023, according to Research and Markets. This growth is being "propelled by the growing deployment of self-automated technologies" — including RFID and others — by retailers like supermarkets, hypermarkets and single item stores.
The report found, “The key factors driving the growth of the market include benefits of business optimization and reduced cost to retailers, increase in demand for retail automation product, and rising demands of customers for quality and fast service. On the other hand, growing dependency on Internet and electricity is restraining the growth of the retail automation market.”
According to the "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" report, Asia-Pacific is expected to be the international region with the highest CAGR during the forecast period. Factors such as rising employee wages and overall growth in employment will drive growth in the retail automation market in APAC, especially in China, India, and Japan, since these factors drive the consumption of retail products.
The key 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).
The report also found that supermarkets will hold the major share of the retail automation market between 2017 and 2023, and the use of automated technologies in daily processes can help these retailers optimize their business, reduce inventory costs, and enhance the customer experience.