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Retail Automation Market to Exhibit Healthy Growth in Face of Rising Automation Crisis Till 2022

Retail Automation Market to Exhibit Healthy Growth in Face of Rising Automation Crisis Till 2022

Radiant Insights,Inc has announced the addition of “Global Retail Automation Market Size,Trends, Growth And Forecast Report Up To 2023 : Radiant Insights, Inc” Market Research Report to their Database.

The worldwide retail automation market is predicted to expand at a remarkable rate over the forecast period (2017 – 2022), according to a report on Radiant Insights, Inc. Retail automation is anticipated to automate major labor-inducing processes in retail stores, thereby reducing labor costs. It will encourage self-service, minimize long lines, and provide faster services to consumers.

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The market is driven by high disposable incomes of consumers in developing and developed countries and demand for automated retail machines. Benefits such as resource optimization and low costs are expected to influence global market demand over the forecast period. Implementation of retail technologies to enhance customer experience is predicted to augment market growth. In addition, adoption of these technologies by hypermarkets, supermarkets, and other retail outlets can positively affect market revenue. The option of online shopping, however, poses a threat to market growth.

Lucrative financial incentives will be one of the biggest disruptors in the market, forcing retail outlets to adopt more automation technologies and hire fewer personnel. The Tax Cuts and Job Cuts Act signed by U.S. President Donald Trump in December 2017 provided immediate tax benefits to retail outlets, with the aim of saving money and space. The idea has been experimented by AmazonGo with a good success rate and high ratings by its consumers. Artificial intelligence and data analytics are being adopted by retail chains to glean astute consumer behaviors, which can bring in higher sales.

The retail automation market is segmented by type, end user, and region. By type, the market is divided into automated conveyor, automatic storage and retrieval (ASRS), autonomous guided vehicle (AGV), electronic shelf labels (ESL), barcode and radiofrequency identification (RFID), and point-of-sale (PoS). Major end users include retail pharmacies, single-item stores, supermarkets, hypermarkets, and fuel stations.

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Regions covered in the retail automation market report include India, Japan, China, Southeast Asia, European Union (EU), and United States (U.S.). The U.S. market is expected to perform well during the forecast period owing to increasing demand for automated services that operate in less time and with high precision. Continuous economic progress and high spending power of its consumers are factors expected to contribute to the U.S market revenue. Furthermore, increased funding by venture capitalists to spur development of retail intelligence software can provide an impetus to regional market growth. Recently, Rubikloud Technologies Inc. raised a second round of funding to meet the demand for retail intelligence solutions and expand its reach in Europe and Asia Pacific.

The EU retail automation market is projected to exhibit a decent growth rate till 2022 due to expanding hospitality and fast-moving consumer goods sectors. The Japan market is also anticipated to register a decent growth rate due to faster acceptance of technologies by consumers compared to their Western counterparts. For instance, Amazon has partnered with Bango to integrate retail transactions to customers’ phone bills. In addition, retail automation technology will allow retail chains to scale at a robust rate and expand into new areas.

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Key players in the retail automation market include First Data Corporation, Datalogic S.P.A., Honeywell Scanning and Mobility, Pricer AB, and NCR Corporation. Novel product launches is one of the primary strategies used by these players to gain an edge over their competition. Recently, Datalogic launched various retail solutions such as scanners and barcode readers embedded with the latest technologies.

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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.

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