Retail Robotics Market – Global Industry Analysis, Trends, Statistics, Dynamics, Segmentation and Forecast (2023-2029)

Retail Robotics Market was valued at US$ 10.60 Bn. in 2022. The global Retail Robotics Market size is expected to grow at a CAGR of 32.5 % through the forecast period.
Retail Robotics Market Overview:
Retail robots are artificial intelligence-enabled platforms that collect exponentially more precise data from the customers' habits and preferences. This data enables retailers to increase sales by recommending similar or appropriate items to customers. The retail sector is one of the profited sectors from the introduction of AI and robotics. Robots have developed to the point where technology users have gained significant market benefits from the use of robotics. Artificial intelligence and robots are expected to boost manufacturing capacity, sales, inventory management, customer service, commodities transportation to the warehouse, and other commercial tasks. Robotics in the retail industry helps businesses to become more customer-oriented.

Many retail stores are collaborating with robotic system providers to automate their facilities to keep up with changing consumer preferences and demands. Manufacturers are increasingly employing collaborative robots to assist operators in important operations. Several organizations are employing robotic arms alongside human workers to perform heavy-lifting duties, enhancing the efficiency of workers and the speed of the assembly line.To know about the Research Methodology :- Request Free Sample Report
Retail Robotics Market Dynamics:
Market Drivers:

Increasing automation and personalization in Retails sector: Retail robots enhance consumer satisfaction by improving client engagement and providing a personalized experience. The capacity of Retail robots to provide personalized service to clients is increasing the growth of the business. The use of robotics in the operational processes improves the operation's efficiency, resulting in increased sales and revenue. Retailers can employ retail robotics to perform jobs like stocking, processing, and analyzing enormous volumes of data using Artificial Intelligence (AI) systems. By collecting more precise information regarding the product from the consumer, retail robots can enable them to make operational decisions. Hence, increasing personalization in the retail sector can boost the Retail Robotics Market during the forecast period.

Moreover, increasing automation in the retail segment is also expected to grow the Retail Robotics Market. Because many retailers are shifting toward retail robots for sales, inventory management, customer service, commodities transportation to the warehouse, and other commercial tasks. In addition, several organizations are employing robotic arms alongside human workers to perform heavy-lifting duties, enhancing the efficiency of workers and the speed of the assembly line. Hence, increasing automation in the retail segment is expected to grow the Retail Robotics Market during the forecast period.

Rising labor costs in the retail sector: The labor cost is a large part of the entire retailers operating cost, accounting for about 62% to 65% of the total. Operational tasks have two types of workers: direct and indirect. Direct staff is responsible to carry out and execute operations and indirect staff is responsible for the back-end support. The rise in global inflation can increase labor costs resulting in an increase in expenses for retailers.

In addition, developing countries have seen a steady increase in the number of elderly workforces, resulting in concerns about safety, quality control, and productivity. As a result, automation has emerged as a significant tool for addressing high wages and workforce ageing. As a result, retailer operators have come to rely on robotics as a simple and efficient means of lowering operational expenses while maintaining optimal production. Hence, rising labor costs and an ageing workforce can increase the demand for retail robotics which will boost the Retail Robotics Market during the forecast period.

Market Restraints:

Data Privacy and High Cost for Installation: Retail businesses, which are started installing technologies into their operations can face the problem of installing retail robots. Because for manufacturing such advanced robots it takes a lot of costs. Based on the requirements robots are made to carry out Artificial Intelligence, processing, and analysis of data, and many more activities. To fulfill these requirements robots with advanced technologies are needed which are costly and their maintenance cost is also high.

Retail robot security and data privacy concerns include secure data storage and consent management which includes data protection from hackers. With developing technologies, the threat of cyber-attack and security breaches has also increased, which led companies to undertake greater cyber security measures to keep away from such circumstances this will increase the additional cost. Companies are particularly concerned about preventing data from being misused when it comes to potential client information. As a result, data privacy and high installation cost are expected to hinder the growth of the Retail Robotics Markets.
Retail Robotics Market Segment Analysis:
Based on Type, the Retail Robotics Market is segmented into Mobile Robotics, Semi-Autonomous Robotics, and Stationary Robotics. Mobile Robotics holds a market share of 53.38% in 2022 and is expected to grow at a CAGR of 36.52% during the forecast period. Mobile robots are an important part of the warehousing system since they are used to move small payloads in the facility, especially in the retail and consumer electronics segment. Mobile robots are used to increase manufacturing capacity, sales, inventory management, customer service, commodities transportation to the warehouse, and other commercial tasks. Hence, increasing demand for mobile robotics in the retail market will boost the growth of the Retail Robotics Market during the forecast period.

Based on the Application, the Retail Robotics Market is segmented into Inventory Management, Delivery Management, In-Store Service, and others. The inventory Management segment holds a market share of 36.24% in 2022 and is expected to grow at a CAGR of 34% during the forecast period. Retail Robots have proven to be beneficial for inventory management. In the retail sector, robots are used for handling, picking, placing, and loading raw materials. Further, retail robots also help to mitigate/eliminate errors, speed up order fulfillment, reduce overhead and running costs, and facilitate better inventory management.

Delivery Management was the second largest segment in the Retail Robotics Market in 2022. In delivery management robots helps to take orders, packaging of the material, and safe & proper delivery to the end-user. Here, Retail Robots are responsible for the smooth handling of the final product to the customer.
Retail Robotics Market Regional Insights:
The North America region dominated the market with a 25 % share in 2022. The North America region is expected to witness significant growth at a CAGR of 35% through the forecast period. Because of well-established retail infrastructures, the presence of key manufacturers, and a huge consumer base, North America is likely to register the highest growth in the retail automation market in the past and will continue to do so through the forecast period.

Followed by North America, The Asia Pacific is the second region expected to grow the Retail Robotics Market because of the increase in per-capita disposable income, changing customer preferences, increase in digital payments, and technical evolution in the region.

The objective of the report is to present a comprehensive analysis of the global Retail Robotics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Retail Robotics Market dynamic, and structure by analyzing the market segments and projecting the Retail Robotics Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Retail Robotics Market make the report investor’s guide.
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Global Retail Robotics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 10.60 Bn.


Forecast Period 2023 to 2029 CAGR:
32.5%
Market Size in 2029:
US $ 76 Bn.


 Segments Covered:
by Type
• Mobile Robotics
• Stationary Robotics
• Semi-Autonomous


by Application
• Inventory Management
• Delivery Management
• In-Store Service
• Others


by Deployment
• Cloud/web Based
• On-Premises
• Third Party Deployment Server
• Others



Retail Robotics Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Retail Robotics Market Key Players
• Amazon Robotics
• Bossa Nova
• Simbe Robotics
• ABB Robotics
• Grey orange
• Softbank Robotics
• Honda Motor Co. Limited
• Locus Robotics
• Soft Robotics
• Universal Robots A/S
• Aethon
• Alphabet Inc.
• Rethink Robotics
• Robotiq
• Savioke
• Simbe Robotics
• DJI
• Onewell Intelligrated
• KUKA AG
• Fetch Robotics, Inc.
• Bastian Solutions, Inc.
• Daifuku Co., Ltd.
• Dematic
• KNAPP AG.

Frequently Asked Questions:

1] What segments are covered in the Global Retail Robotics Market report?
Ans. The segments covered in the Retail Robotics Market report are based on Type, Application, and Deployment.

2] Which region is expected to hold the highest share in the Global Retail Robotics Market?
Ans. The North American region is expected to hold the highest share in the Retail Robotics Market.

3] What is the market size of the Global Retail Robotics Market by 2029?
Ans. The market size of the Retail Robotics Market by 2029 is expected to reach US$ 76 Bn.

4] What is the forecast period for the Global Retail Robotics Market?
Ans. The forecast period for the Retail Robotics Market is 2023-2029.

5] What was the market size of the Global Retail Robotics Market in 2022?
Ans. The market size of the Retail Robotics Market in 2022 was valued at US$ 10.60 Bn.