26-Oct-2018 | Zion Market Research
With the presence of a large pool of participants, the global retail automation market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). ZIH Corp., Toshiba Global Commerce Solutions, Inc., Pricer, Outerwall Inc., NCR Corporation, Honeywell International Inc., Fujitsu Limited, First Data Corporation, Diebold Nixdorf, Incorporated, and Datalogic S.P.A. are some of the key vendors of retail automation across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the retail automation market study.
This review is based on a report by Zion Market Research, titled “Retail Automation Market by Product (Point of sale, Barcode and RFID, ESL, Camera, AGV, ASRS, and Automated conveyor), by Type (Vending machines, Service kiosks, Retail kiosk, Self checkout, Retail apps, and Retail operations), and by End-User (Hypermarket, Supermarket, Convenience stores, Fuel stations, and Retail pharmacies) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024.”- Report at https://www.zionmarketresearch.com/report/retail-automation-market
Citing an instance, in October 2018, Fast Retailing Company Limited – a Japanese retail holding firm – and Daifuku- a material handling systems firm- signed a strategic partnership for reforming and enhancing logistics along with building globe’s most modern automated amenities in warehouses of Japan and abroad.
As estimated in this report, the global retail automation market stood at US$ 10 billion in 2017. Witnessing a tremendous rise during the period from 2018 to 2024, the revenue in this retail automation market is expected to reach US$ 21 billion by the end of the forecast period. The main products available in this retail automation market are point of sale, barcode and RFID, ESL, camera, AGV, ASRS, and automated conveyor. Among them, the demand for RFID is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report. In addition, key types available in this retail automation market are vending machines, service kiosks, retail kiosk, self checkout, retail apps, and retail operations. Among them, the demand for self checkout is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
High Adoption Of Technology By End-User Industries To Proliferate Growth
“Wide acceptance of technology by many end-user industries is likely to boost the expansion of retail automation market in the years ahead,” says the author of this study. Apart from this, massive demand for new technology from urban population along with rampant need for enhancing service quality is expected to boost retail automation market growth trends in the foreseeable future. In addition, extensive web accessibility and rise in the number of Smartphone users are projected to provide lucrative opportunities for retail automation market.
Rise In The Disposable Income To Help APAC Maintain Dominance
Regionally, Asia Pacific has been leading the worldwide retail automation market and is anticipated to continue on the dominant position in the years to come, states the retail automation market study. Rise in the disposable incomes of urban and rural households is the main factor behind the dominance of the Asia Pacific retail automation market. The high number of market players being headquartered in Asia Pacific is another significant factor that is supporting the growth of this regional retail automation market. In addition, favorable government policies such as approval of 100% foreign direct investment in countries such as India is predicted to impel the development of retail automation market in the years ahead.
The global retail automation market is segmented as follows:
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