The FMCG and hospitality industries are leveraging retail automation extensively to make full use of technological advancements to enhance the customer experience. Feature automation helps eliminate assisted retail tasks and ensures better management of the storefront,
Valley Cottage, NY -- (SBWIRE) -- 03/22/2018 -- Future Market Insights presents a detailed forecast of the global retail automation market in a new publication titled "Retail Automation Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027." In this report, Future Market Insights has analysed the global retail automation market over a 10 year study period from 2017 to 2027 and thrown light on the key factors likely to impact market revenue growth during the period of assessment. According to Future Market Insights' forecast, the global retail automation market is estimated to be valued at US$ 9,846.0 Mn by the end of 2017 and this is expected to increase to US$ 29,825.4 Mn by the end of the forecast period in 2027. This reflects a CAGR of 11.7% in terms of value.
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Global Retail Automation Market: Opportunity Areas
Integration of retail automation products with virtual assistant services: Advancements in technology are encouraging companies in the global retail automation market to integrate retail automation products with intelligent personal assistant services to provide consumers with more power to control their shopping needs. This integration of retail automation and virtual assistant services will facilitate faster checkouts using simple voice commands and a secure PIN. Virtual assistants can also assist customers in locating specific products off store shelves and also provide detailed information on selected products.
Machine Learning with Artificial Intelligence to bridge gaps in retail store functions: Machine learning coupled with artificial intelligence will create a big impact on retail storefronts, as artificial intelligence is capable of interpreting customer behavioural data, lifecycle stages, and psychographic indicators such as emotional triggers to help brands engage with their target audience in a more meaningful and personalised manner.
Augmented Reality: Businesses can use Augmented Reality to provide a different level of consumer-product interaction through an immersive experience. AR in store and in online retail can help retailers reach end consumers with images, text, video, and graphics, and create a more personalised shopping experience in the real world while remaining virtual.
Global Retail Automation Market: Forecast by Product Type
The global retail automation market is segmented on the basis of product type into Manned POS Terminal (Fixed POS Terminal, Mobile POS Terminal, Contactless POS Terminal) and Unattended Terminals (Kiosk / Vending Machine, Self-Checkout System). In terms of revenue, the Manned POS Terminal segment is projected to be the most attractive and dominant segment in the global retail automation market during the forecast period, with 56.5% revenue share in 2016. The Unattended Terminals segment is expected to register high Y-o-Y growth rates throughout the forecast period.
Global Retail Automation Market: Forecast by Industry
The global retail automation market is segmented on the basis of industry into FMCG, Health and Personal Care, Apparel and Footwear, Hospitality, Consumer Electronics, Travel and Logistics, Oil & Gas, and Others. FMCG is the dominant segment with an estimated market revenue of about US$ 2 Bn by 2017 end and likely to increase to US$ 6.4 Bn by the end of 2027, with a CAGR of 12.2%. Hospitality is the second largest segment with a CAGR of 11.9%.
Global Retail Automation Market: Forecast by Market
The global retail automation market is segmented on the basis of market into Organised Market and Unorganised Market. The Organised Market segment is the largest in terms of market value, estimated to cross US$ 25 Bn by the end of 2027, with a CAGR of 11.8%.
Global Retail Automation Market: Regional Forecast
Future Market Insights tracks the performance of the global retail automation market across the key geographies of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding japan, Japan, and the Middle East and Africa. North America is expected to be the dominant regional market with a value share anticipated to increase 2.9X between 2017 and 2027. The North America retail automation market is estimated to be valued in excess of US$ 9 Bn by the end of 2027. North America is the most attractive market for retail automation across the world. The retail automation market in APEJ is expected to register high Y-o-Y growth rates throughout the forecast period.
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Global Retail Automation Market: Key Players
The report profiles some of the leading players operating in the global retail automation market. Companies featured include Diebold Nixdorf Incorporated, NCR Corporation, Datalogic S.p.A., FUJITSU, First Data Corporation, Toshiba Corporation, Verifone, Posiflex Technology, Inc, Ingenico Group, and Honeywell International Inc.