by Market Overview:
Retail robots are robotic systems designed to operate autonomously in retail environments to streamline operations and increase productivity. They are able to complete repetitive and labor-intensive tasks with high accuracy and efficiency.
The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the retail robots market is their increasing adoption for inventory management. Retail robots are being deployed by retailers for inventory checks, shelf restocking, price verification and product sorting. They can scan shelves and check product availability and pricing in real time. This allows retailers to optimize inventory levels and replenish out-of-stock items faster. It also prevents loss of sales due to stock-outs. Deploying retail robots for inventory management helps retailers reduce cost of labor and improves inventory visibility and management.
SWOT Analysis
Strength: Retail robots offer consistent performance, increased workforce productivity and reduced labor costs. They operate 24/7 without the need for breaks.
Weakness: High initial investment cost involved in deployment of retail robots. Technical difficulties and breakdowns can disrupt store operations.
Opportunity: Growing e-commerce sector is fueling demand for automation in order pickation and packaging. Advancements in robotics technology will further boost the applications of robots.
Threats: Job losses in retail stores due to increased use of robots. Lack of regulations for safety of humans during robot deployments.
Key Takeaways
The Global Retail Robots Market Size is expected to witness high growth, exhibiting CAGR of 30.% over the forecast period, due to increasing demand for automation in inventory management and warehousing operations. With the proliferation of e-commerce, there is a rising need for faster order fulfillment which is driving the adoption of retail robots.
Regional analysis: The retail robots market in Asia Pacific is expected to grow at the fastest pace during the forecast period due to rapid expansion of retail sector particularly in countries such as China, India. China dominates the regional market and is expected to maintain its leading position over the next few years owing to rising labor costs and increasing focus of companies on automating operations.
North America is also expected to offer lucrative opportunities for market players primarily due to strong economic conditions and ongoing initiatives towards modernization of supply chain operations industry in the US and Canada.
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. Companies are investing in developing robots for various tasks including stocking, fulfillment, shelf monitoring and delivery.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
