The retail automation market was valued at USD 9.19 Billion in 2016 and is expected to reach USD 18.99 Billion by 2023, at a CAGR of 10.96 % during the forecast period.
Seattle, WA -- (SBWIRE) -- 09/15/2017 -- 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.
Implementation of retail technologies helps retailers to enhance the shopping experience for customers by reducing the checkout time and providing more personalized services at the stores.
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.
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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.
Various types of automated products are, relatively, a new invention, and they allow the users to reduce the functional time and provide sophisticated services to their customers. These automated technologies provide flexible, comfortable, and user-friendly solutions to boost productivity and lower the operating costs to retailers.
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.
Supermarkets are large grocery stores where the commodities are organized in a manner, and the similar goods are placed together. The use of retail automated technologies in daily processes helps retailers to optimize their business, lessen the inventory costs, and augment the customer experience.
North America consists of the countries such as the US, Canada, and Mexico. Among all the geographic regions, North America holds the largest share of the retail automation market.
Datalogic S.p.A. (Italy) is one of the leading players in the retail automation market. The company intends to follow various strategies to stay ahead in the market competition.
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