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
Northbrook, IL -- (SBWIRE) -- 01/11/2018 -- The retail automation market is expected to grow at a CAGR of 10.96 % between 2017 and 2023 to be valued at USD 18.99 Billion by 2023.
The growth of this market is being propelled by the growing deployment of self-automated technologies by retail end users such as supermarkets, hypermarkets, and single item stores.
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Ability to help retailers to reduce the operational cost of the stores and tackle with labor shortage issues is a significant factor that is driving the retail automation market.
On the basis of type of product, the retail automation market has been segmented into PoS (Point of Sale), barcode and radio frequency identification (RFID), electronic shelf labels (ESL), automated conveyor, camera, automated guided vehicles (AGV), automatic storage and retrieval system (ASRS).
The barcode and RFID segment is expected to hold the largest size of the market during the forecast period due to the increasing adoption in garment tagging and ability to retrieve information about in-store activities along with the enhanced visibility into the inventory.
The retail automation market based on implementation is segmented into in-store and warehouse. The market for the in-store implementation is expected to grow at a higher CAGR during the forecast period. It is important for retailers to create a distinctive shopping experience where customers derive both value and pleasure from visiting physical stores.
The retail automation market based on end user has been segmented into hypermarkets, supermarkets, single item stores, fuel stations, and retail pharmacies. The market for supermarkets is likely to hold the largest market share in the coming years.
The growth of retail automation market in North America is as attributed to the increased demand for sophisticated retail services from the customers and need to reduce time, along with the increase in accuracy.
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