Our in-depth analysis has segmented global retail automation market into the following segments:
Global retail automation market is further classified on the basis of region as follows:
Global retail automation market is anticipated to flourish at a CAGR of 12.3% during the forecast period i.e. 2017-2024. Further, the market of retail automation was valued at USD 8.96 Billion in 2016 and is projected to garner USD 23.1 Billion by the end of 2024. Factors such as, increasing business optimization are making headway for the growth of the global retail automation market. Moreover, high demand for retail automation over the traded locations is anticipated to positively impact the growth of the global retail automation market.
Regionally, North America is expected to dominate the overall market of retail automation over the forecast period. Factors such as, increasing demand for highly sophisticated retail service are anticipated to fuel the growth of the North America retail automation market over the forecast period. Further, factor such as economic progress and rising purchasing power of consumers are envisioned to increase the growth of global retail automation market in North America over the forecast period.
Europe retail automation market is poised to record the fastest growth over the forecast period. Factor such as, several retail chains and multiple product lines are anticipated to drive the growth of the global retail automation market over the forecast period in Europe. Asia Pacific retail automation market is expected to witness sustainable growth over the forecast period. Increase in development of supermarkets and hypermarkets across the countries like China, Japan and India are anticipated to drive the growth of the global retail automation market over the forecast period.
Based on end user, retail automation market is segmented into hypermarkets, supermarkets, convenience stores, fuel stations and retail pharmacies, out of which, hypermarkets and supermarkets segments are expected to dominate the overall market of retail automation over the forecast period.
Increase in local retail and customer response across the globe is anticipated to intensify the growth of the global retail automation market. In addition, increasing adoption of technology is anticipated to positively drive the growth of the retail automation market.
Apart from this, increasing demand of IOT over e-retail industry is anticipated to be the dynamic factor behind the growth of the retail automation market. Further, factor such as abundant investment over automation products and services is anticipated to supplement the growth of the global retail automation market. Moreover, increase in responsive point on scale systems is likely to further strengthen the growth of the global retail automation market.
However, high enslavement over electricity and maintaining an eye over kiosks are some of the key factors which are expected to limit the growth of global retail automation market in upcoming years.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh