PUNE, India, Aug 08, 2017 (PR Newswire Europe via COMTEX) — PUNE, India, August 8, 2017 /PRNewswire/ —
According to the new report “Retail Automation Market by Type (PoS, Barcode and RFID, ESL, Camera, AGV, ASRS, Automated Conveyor), Implementation, End User (Hypermarkets, Supermarkets, Single Item Store, Fuel Stations, Retail Pharmacies) and Geography – Global Forecast to 2023”, published by MarketsandMarkets(TM), the overall Retail Automation Market is expected to be valued at USD 18.99 Billion by 2023, at a CAGR of 10.96 % between 2017 and 2023. The key factors driving the growth of the market include the increased in demand for retail automation products, benefits of business optimization and reduced cost to retailers, and rising demands of customers for quality and fast service.
Browse63 Market Data Tables and48 Figures spread through179 Pages and in-depth TOC on”Retail Automation Market”
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Warehouse o hold larger share of retail automation market based on implementation in coming years
The warehouse implementation held a larger share of the retail automation market than the in-store implementation in 2016. With the increase in the number of stock keeping units (SKUs), the size of the warehouse has increased considerably, making it difficult for warehouse workers to perform their tasks proficiently. The emergence of warehouse automation has enabled the companies to increase the efficiency of their warehouse operations. In the majority of warehouses, various processes such as picking, sorting, packing, storage, and retrieval are accomplished by employees. With the technological developments, the retailers are now adopting automated conveyors, robots, and automated storage and retrieval systems, involving only partial engagement of employees. Hence the large investments in the warehouse automation are expected to further help improve productivity and flexibility in processes.
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Retail automation market for single item stores to witness highest CAGR in near future
The single item stores are individual-category stores for the goods such as apparels and consumer electronics, as well as quick-service restaurants and automobiles. Such stores often face problems such as the loss of inventory as the seasonal products lose their value quickly. To overcome such problems, the retailers can introduce electronic…