The Global Retail Robots Market is estimated to be valued at US$ 15.63 Bn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Retail robots are automation devices used in stores and warehouses that enable efficient operations, enhanced productivity, reduced costs and improved customer experience. Retail robots perform tasks like product selection and delivery, shelf monitoring and stocking, checkout and payment collection with high speed and accuracy.
Market key trends:
One of the major trends driving the growth of retail robots market is their ability to optimize store operations and improve productivity. Retail robots can work continuously without taking breaks thus allowing stores to operate twenty-four hours a day and seven days a week. They can stack shelves, transport products within facilities, provide customers product information and suggestions, and streamline the check-out process. This significantly boosts retailers’ operational efficiency and reduces costs associated with payroll and employee benefits.
SWOT Analysis
Strength: Retail robots help retailers improve operating efficiency and customer service. They can work tirelessly around the clock without needing breaks.
Weakness: High initial investment costs associated with purchasing, deploying and maintaining retail robots. They also lack the human touch in interactions with customers.
Opportunity: Growing demand for automation across retail industry. Retail robots can perform repetitive and routine tasks more accurately and consistently than humans.
Threats: Job losses fears due to replacement of human workers with robots raise regulatory issues. Technological challenges in robots navigation, object identification and interaction in complex retail store environments.
Key Takeaways
The Global Retail Robots Market Trend is expected to witness high growth, exhibiting CAGR of 30.% over the forecast period, due to increasing focus on automation and labor cost reduction.
Regional analysis: North America dominated the retail robots market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to high awareness regarding technological advancements and increasing demand for automation from retailers. Asia Pacific is expected to exhibit the fastest growth over the forecast period supported by growing e-commerce industry and rapid expansion of retail sector in countries such as China and India.
Key players operating in the retail robots market are Amazon Robotics, Bossa Nova, Simbe Robotics, ABB Robotics, Greyorange, Softbank Robotics, Honda Motor Co. Limited., and others. Amazon Robotics, Bossa Nova and Simbe Robotics are among the leading players in the market owing to their strong product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
