The FMCG and hospitality industries are leveraging retail automation extensively to make full use of technological advancements to enhance the customer experience. Feature automation helps eliminate assisted retail tasks and ensures better management of the storefront, besides facilitating a rich and superior shopping experience. Of the various end-use industries that are going the automation way, the FMCG sector is anticipated to dominate the global retail automation market in terms of value, with about US$ 6,400 Mn in revenue projected to be recorded by the end of 2027. This is a massive increase from just about US$ 2,019 Mn estimated by the end of 2017, and is reflective of a CAGR of 12.2% in terms of value over the forecast period (2017 – 2027). Hospitality is the second largest end-use industry segment in the global retail automation market, with market revenue expected to reach US$ 5,734.5 Mn by the end of the forecast period in 2027 and a CAGR of 11.9%. The FMCG segment is expected to register high Y-o-Y growth throughout the forecast period and will remain dominant in terms of revenue share during the period of forecast.
Global Retail Automation Market: Opportunity Areas
Integration of retail automation products with virtual assistant services: Advancements in technology are encouraging companies in the global retail automation market to integrate retail automation products with intelligent personal assistant services to provide consumers with more power to control their shopping needs. This integration of retail automation and virtual assistant services will facilitate faster checkouts using simple voice commands and a secure PIN. Virtual assistants can also assist customers in locating specific products off store shelves and also provide detailed information on selected products.
Machine Learning with Artificial Intelligence to bridge gaps in retail store functions: Machine learning coupled with artificial intelligence will create a big impact on retail storefronts, as artificial intelligence is capable of interpreting customer behavioural data, lifecycle stages, and psychographic indicators such as emotional triggers to help brands engage with their target audience in a more meaningful and personalised manner.
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Augmented Reality: Businesses can use Augmented Reality to provide a different level of consumer-product interaction through an immersive experience. AR in store and in online retail can help retailers reach end consumers with images, text, video, and graphics, and create a more personalised shopping experience in the real world while remaining virtual.
Global Retail Automation Market: Forecast by Product Type
The global retail automation market is segmented on the basis of product type into Manned POS Terminal (Fixed POS Terminal, Mobile POS Terminal, Contactless POS Terminal) and Unattended Terminals (Kiosk / Vending Machine, Self-Checkout System). In terms of revenue, the Manned POS Terminal segment is projected to be the most attractive and dominant segment in the global retail automation market during the forecast period, with 56.5% revenue share in 2016. The Unattended Terminals segment is expected to register high Y-o-Y growth rates throughout the forecast period.
Global Retail Automation Market: Forecast by Industry
The global retail automation market is segmented on the basis of industry into FMCG, Health and Personal Care, Apparel and Footwear, Hospitality, Consumer Electronics, Travel and Logistics, Oil & Gas, and Others. FMCG is the dominant segment with an estimated market revenue of about US$ 2 Bn by 2017 end and likely to increase to US$ 6.4 Bn by the end of 2027, with a CAGR of 12.2%. Hospitality is the second largest segment with a CAGR of 11.9%.