How Is The Global Retail Robotics Market Defined?
Retail robotics refers to using robotic systems and technology in retail environments to enhance operations, improve customer experience, and streamline processes. These robots are designed to perform various tasks within retail settings, such as stores, warehouses, and distribution centers.
Retail Robotics Global Market Report 2024 provides data on the global retail robotics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The retail robotics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Retail Robotics Market Size And Growth Rates Projected To Evolve?
The retail robotics market has grown rapidly in recent years. It will grow from $18.23 billion in 2023 to $24.93 billion in 2024 at a CAGR of 36.7%. This growth is due to the rising adoption of automation, an increase in retail stores, the growing use of robotics, and the surge in robot implementations. The market is projected to continue growing, reaching $88.27 billion by 2028 at a CAGR of 37.2%. The continued growth is attributed to the rise of e-commerce, increasing demand for mobile robotics, the growth of digital payments, the shift toward online shopping, and the broader adoption of robots. Key trends in the forecast period include advancements in inventory monitoring, integration with IoT-enabled robots, the development of automated solutions, data analytics and AI integration, and advancements in facial recognition technologies.
What Are The Essential Drivers Behind The Growth Of The Retail Robotics Market?
The growing need for automation is anticipated to drive the retail robotics market forward. Automation, leveraging technology for task efficiency, is in demand across industries due to its ability to enhance productivity and accuracy. Retail robotics automates tasks like inventory management, customer service, and order fulfillment, streamlining operations. For instance, in 2022, global installations of industrial robots rose by 5%, totaling 553,052 units, according to the International Federation of Robotics. This increasing reliance on automation is fueling the growth of the retail robotics market.
Get Your Free Sample of the Global Retail Robotics Market Report
How Is The Global Retail Robotics Market Divided Into Key Segments?
The retail robotics market covered in this report is segmented –
1) By Type: Mobile Robotics, Stationary Robotics, Semi-Autonomous
2) By Deployment: Cloud Or Web Based, On-Premises, Third-Party Deployment Server, Other Deployments
3) By Application: Inventory Management, Delivery Management, In-Store Service, Other Applications
4) By End-User: Hyper markets And Super markets, Specialty Stores, E-Commerce Retailers, Department Stores, Other End-Users
What Trends Are Reshaping The Future Of The Retail Robotics Market?
Major corporations in the retail robotics market are concentrating on developing advanced retail intelligent robots to transform retail operations by providing real-time data analytics, personalized customer interactions, and optimized supply chain management. These robots are AI-driven systems designed to automate tasks such as inventory management and customer service. For example, in December 2022, Adapta Robotics, a Romania-based manufacturer, launched ERIS, the first intelligent retail robot. ERIS assists customers by providing product information, guiding them to specific items, and answering questions. It also automates tasks like out-of-stock identification and offers personalized recommendations based on customer preferences.
What Is The Fastest Growing Region In The Retail Robotics Market?
North America was the largest region in the retail robotics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the retail robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
