Global Retail Automation Market: Growth Factors
The retail industry is one of the fastest growing industries due to rising incorporation of automation. Companies are focusing on incorporating cutting-edge automation technologies in retail operations owing to the emergence of advanced technology. Consumer’s preference is changing towards acceptance of the retail automation as it consumes less time thus fueling the market growth. Other factors such as big data, planogram, and visual merchandising are driving the market growth. Retail automation offers advantages such as enhance productivity, output, service quality, and reduced operational cost. The collaboration of the electronics & IT industry and retail & consumer goods sector is expected to open up new growth opportunities. However, variable internet regulations, continuous supervision of retail kiosks, and high dependency on electricity may hinder the market growth.
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Global Retail Automation Market: Segmentation
The global retail automation market is fragmented based on product, operator type, and geography. The product segment is classified as the cash register, currency counter, kiosks/vending machine, barcode reader, self-checkout system, cash counter, weight scale, bill printer, card reader, and others. Based on operator type, the market is divided into human-operated terminals and unattended terminals. Geographical representation of the market is given by North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global Retail Automation Market: Regional Analysis
North America is the leading region for retail automation, which is followed by Europe. Positive consumer response in the local retail markets in North America & Europe will flourish in niche retail markets. The strong economic condition and increasing income & purchasing power of customers in this region anticipate driving the global retail automation market. Europe is growing at a faster pace due to increasing retail chains and their product lines. Improving financial conditions in the Poland, Turkey, and Russia is positively enhancing the market in Europe. Asia Pacific is the most promising region for retail automation, which is expected to display highest growth rate.
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Global Retail Automation Market: Competitive Players
Major players dominating the global retail automation market are OptConnect.com, QDS Retail Automation, First Data Corporation, VeriFone Holdings, Inc., Crane Payment Innovations, and G. G. Automation India. Other players in the global market include Schneider Electric SE, Seiko Epson, ECR Software Corporation, TIO Networks Corp., and Motorola.
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