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    Retail Robotics Market Report

    Retail Robotics Market Report
    Report code - SR2443 Delivery - 2 Weeks
    Retail Robotics Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppo See more...

    Market Insights

    The global retail robotics market is expected to grow from USD 15.35 billion in 2022 to USD 105.95 billion by 2029 at a CAGR of 31.8% during the forecast period.

    Want to know more about the market scope: 

    What is Retail Robotics?

    Retail robotics refers to the use of robotic systems in retail environments to automate various tasks, such as stocking shelves, cleaning floors, and assisting customers. These robots can be autonomous or operated by a remote human operator.

    Retail robots have a wide range of applications, including inventory management, customer service, and security. In inventory management, robots can be used to scan shelves and track inventory levels, helping to reduce out-of-stock situations and improve restocking efficiency. In customer service, robots can be used to greet customers, answer questions, and provide product recommendations.

    The benefits of retail robotics include increased efficiency, productivity, and customer satisfaction, as well as reduced labor costs and improved accuracy. As the technology continues to advance, retail robots are expected to become increasingly prevalent in retail environments, helping to improve performance and streamline processes.

    However, there are also challenges associated with retail robotics, such as ensuring the robots operate safely around customers, integrating the robots into existing store layouts, and addressing concerns about job displacement. Overall, the future of retail robotics looks promising as retailers seek new ways to improve their operations and enhance the customer experience.

    Key Players

    The major players operating in the global retail robotics market are:

    • Honda Robotics
    • ABB Robotics
    • Soft Robotics
    • Locus Robotics
    • Universal Robots A/S
    • Aethon
    • Alphabet Inc.
    • Softbank Group Corp
    • DJI
    • GreyOrange
    • Rethink Robotics
    • Robotiq
    • Savioke
    • Simbe Robotics
    • Amazon Robotics
    • Bossa Nova

    Market Dynamics

    Market Drivers

    Technology has played a significant role in the worldwide fight against COVID-19 by helping people contain the virus and manage cases. One of the most important technologies that has made a significant impact is robotics. Due to concerns about crowded places, many customers are now hesitant to shop in-person, leading to increased pressure on retail stores. In this scenario, retail robots have played a crucial role in alleviating the strain.

    The growing demand for retail robotics can be attributed to the various advantages it provides businesses. By utilizing robotics, businesses can decrease operating costs while simultaneously improving customer satisfaction. Compared to traditional manual methods, retail robotics offers time-saving features and reduces errors in managing and controlling sales, inventory, stores, accounts, and other essential operating activities.

    In an effort to reduce person-to-person contact, some retail stores have replaced human staff with robots to assist customers. These robots also play a crucial role in ensuring that customers wear masks and maintain social distance within the store.

    Pepper robots from Softbank Robotics, in partnership with Entrance Robotics in Germany, were recently deployed at EDEKA supermarkets in Lindlar. This makes EDEKA, which operates over 4,100 stores, the first supermarket chain in Germany to utilize a humanoid robot as a COVID-19 precautionary measure.

    Entrance Robotics has demonstrated the importance of digitalization for storefronts with their solutions. In compliance with health guidelines, Pepper robots perform mask checking and assist in maintaining social distancing. Entrance Robotics also developed solutions to reduce stress and workload for staff and assist the primarily older demographic of Lindlar.

    The general public's growing interest in innovative and advanced technology has prompted retail industries to adopt retail robotics for business purposes. Additionally, customers are often excited by the novelty of being served by robots, which further fuels the demand for retail robotics. Furthermore, retail robotics enables faster deployment of services.

    Robot tests are currently being conducted in retail stores and have been observed to transform supply chain operations in many retail warehouses and distribution centers. Furthermore, advancements in computer vision, AI, deep learning, and robotic mechanics are enabling robots to become increasingly skilled at performing traditionally difficult-to-automate tasks.

    The transformation of retail businesses through robotics can be largely attributed to the ability of robotics to make brick-and-mortar stores more customer-oriented. Equipped with artificial intelligence, retail robots can collect significantly more accurate data about buyers' habits and preferences. This information enables retailers to increase sales by recommending similar or suitable items to customers.

    Retail robots are proving to be advantageous not only for in-store services but also for providing retailers with valuable information about on-shelf inventory, price tag changes, and changing customer preferences. Retail robotics also enables the personalization of products in stock, which can improve restocking decisions. Customers can directly benefit from machine learning systems by utilizing automated checkouts, thereby avoiding queues, or getting quick support through digital kiosks.

    Market Restraints

    Despite the growing adoption of retail robotics, there are some restraints that may impact the market growth. One of the main restraints is the high cost of implementation, as integrating robotics into existing systems and processes can be expensive. Additionally, the cost of maintenance and servicing can also be high, and companies may need to hire specialists to manage and maintain the systems.

    Another restraint is the potential loss of jobs, as robots may replace some human workers. This can create concerns about the impact of automation on employment rates, especially in industries with large workforces. Additionally, the complexity of the technology can also be a challenge, as some companies may lack the necessary technical expertise to effectively implement and manage retail robotics systems.

    Another issue is the lack of standardization in the industry, as there are many different types of retail robots available, each with their own unique features and capabilities. This can make it difficult for companies to select the right type of robot for their needs and can also create challenges when it comes to integration with existing systems.

    Finally, concerns about data privacy and security may also be a restraint, as retail robots collect large amounts of data about customers and their behavior. Ensuring the security and privacy of this data is critical, and companies may need to invest in additional security measures to protect this sensitive information.

    Segment Analysis

    Geographic Analysis

    The North America region is anticipated to have a significant share in the retail robotics market during the forecast period. The growth of the market is being propelled by the increasing adoption of automation technologies by major market players in the region. For example, in January 2021, Walmart began using robots to transform its stores into automated fulfillment centers.

    Walmart stocks these centers with frequently purchased items, such as fresh and frozen goods and electronics. The use of robots is intended to make order delivery and pickup faster and more efficient, and Alphabet plays a key role in making this possible.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

    Recent Developments

    • In October 2022, SoftBank Robotics America and Gausium Announce partnered to expand automated robotic solutions across the US market.
    • In August 2022, Amazon and iRobot entered into a definitive merger agreement under which Amazon will acquire iRobot.
    • In July 2022, ABB joined Berkshire Grey’s Technology Alliance program to deliver AI-powered robotic solutions.
    • In June 2022, Amazon launched its first fully autonomous mobile robot for moving large carts throughout its warehouses.

    Frequently Asked Questions (FAQs)

    Retail robotics refers to the use of robotic systems in retail environments to automate various tasks, such as stocking shelves, cleaning floors, and assisting customers. These robots can be autonomous or operated by a remote human operator.

    The market is expected to grow at a CAGR of 31.8% during 2023-2029.

    The market size was estimated at USD 15.35 billion in 2022 and is projected to reach USD 105.95 billion by 2029.

    The major players operating in the global Retail Robotics market are Honda Robotics, ABB Robotics, Soft Robotics, Locus Robotics, Universal Robots A/S, Aethon, Alphabet Inc., Softbank Group Corp, DJI, GreyOrange, Rethink Robotics, Robotiq, Savioke, Simbe Robotics, Amazon Robotics, Bossa Nova.

    The growing demand for retail robotics can be attributed to the various advantages it provides businesses. By utilizing robotics, businesses can decrease operating costs while simultaneously improving customer satisfaction. Compared to traditional manual methods, retail robotics offers time-saving features and reduces errors in managing and controlling sales, inventory, stores, accounts, and other essential operating activities.

    The study period of the market is 2017-2029.