Retail Robots Market Forecasts to 2028 – Global Analysis By Type (Mobile Robotics, Autonomous Robotics and Semi-Autonomous), Deployment (Cloud-Based , On-Premises and Third-Party Deployment Services), Application and By Geography

Retail Robots Market Forecasts to 2028 – Global Analysis By Type (Mobile Robotics, Autonomous Robotics and Semi-Autonomous), Deployment (Cloud-Based , On-Premises and Third-Party Deployment Services), Application and By Geography

According to Stratistics MRC, the Retail Robots Market is accounted for $13.56 billion in 2022 and is expected to reach $77.13 billion by 2028 growing at a CAGR of 33.61% during the forecast period. Retail robotics is the application of technology, engineering, and science to create robotic machines that mimic human actions. The main goal of retail robots technology is to raise an organization's performance and yield better results. A wide range of applications, including inventory management, delivery management, in-store services, and others, are available for retail robots.

According to FMI analysis, the change between the BPS points in the Industrial Robots market in H1, 2022 - Outlook over H1, 2022 projected a gain of 70 points. Notably, compared to H1, 2021, the market is expected to lose 48 BPS points in H1 -2022. One of the key reasons for a responsible increase in Y-O-Y is due to increase in automation within industrial sector, which in turn is rising the demand for industrial robots.

Market Dynamics:

Driver:

Growing use of retail robots

Retail robots are utilized for a variety of applications such as back-office operations, shop operations, merchandising, sales and marketing, customer-facing experiences, and so on. Due to their autonomy, robots can deliver higher quality goods and services more quickly, with less resource waste, and without endangering people physically. Future market growth will be aided by the expanding usage of retail robots in supermarkets and chain stores.

Restraint:

High initial cost

The global Retail Robots market expected to hinder growth during the forecast period. The initial cost of retail robots can be costly and thus appear off-putting to retail enterprises that are just beginning to integrate technologies into their operations. Customized software is typically included in the upfront fees in order to afterwards advance the company. Other costs associated with robot adoption include having to take into account paying experts to maintain and service the equipment.

Opportunity:

Growing trend toward automation and digitalization

The market's growth is being influenced by the growing trend toward automation and digitalization. A number of retail behemoths, like Amazon, Walmart, and Best Buy, are pursuing various strategies to extend their commercial prospects. To seize opportunities, major players in the retail sector are working with IT firms.

Threat:

Security and data privacy

Retail robot security and data privacy concerns include safe data storage and consent management, as well as data protection from hackers. Companies are quite concerned about preventing data from being misused and systems from being compromised, especially when it comes to storing client information. Therefore, data privacy serves as a market restraint.

Covid-19 Impact:

The global impact of the COVID-19 pandemic has been devastating to the manufacturing and service sectors. Robotic order fulfillment in the e-commerce sector has seen a record-high adoption as a result of the shifts in consumer purchasing behavior brought on by the COVID-19 pandemic, allowing for appropriate social distancing techniques. After the epidemic, big businesses began to spend money on robots and retail automation to improve the productivity of their warehouses and retail spaces. Demand for automation is at an all-time high as a result of the dramatic and unpredictably changing consumer needs.

The autonomous robotics is expected to be the largest during the forecast period

The autonomous robotics segment is estimated to have a lucrative growth, as autonomous robots can enter areas and situations that humans cannot. Additionally, autonomous robots have the potential to increase workplace efficiency for retailers in a number of ways, but mostly by relieving human workers of the labor-intensive tasks.

The inventory management segment is expected to have the highest CAGR during the forecast period

The inventory management segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the investing in warehouse robotics improves efficiency and inventory management precision. Lower customer satisfaction can result from human errors, which can be quite expensive for firms. A high level of accuracy in order fulfillment and warehousing operations is ensured by the expansion of inventory management, which automates the precise handling, picking, sorting, and replenishment of products.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the various innovation-based businesses use connectivity and AI to improve robot technology, Retailers are utilising robots and robotics in manufacturing, distribution, and warehouse facilities to assemble, pack, and transport orders in an effort to increase productivity.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the rising implementation of automation technologies by leading industry players throughout the region is the primary factor driving the market's growth over the predicted period. Walmart began utilising robots to transform its stores into automated fulfilment hubs. Electronics and consumables (including fresh and frozen foods) are among the commodities that Walmart stocks in automated fulfilment facilities. The Alphabet is a critical component in enabling them to deliver and pick up orders much more quickly.

Key players in the market

Some of the key players in Retail Robots market include ABB, Honda Motor Co. Limited., Locus Robotics, Soft Robotics Inc., Universal Robots A/S, Aethon, Alphabet Inc., GreyOrange, Softbank Group Corp, Amazon Robotics, Bossa Nova, Simbe Robotics

Key Developments:

In October 2018, ABB announced that it would invest US$150 million investment in Shanghai, China to build the world’s most advanced, automated and flexible robotics factory – a cutting-edge center where robots will make robots.

In July 2018, Bossa Nova also announced a new partnership with the CyLab Biometrics Center at Carnegie Mellon University.

In April 2018, SoftBank Robotics America (SBRA) and Simbe entered into a partnership to tackle the challenges retailers face in handling inventory dynamics in their stores.

Types Covered:
• Mobile Robotics
• Autonomous Robotics
• Semi-Autonomous

Deployments Covered:
• Cloud-Based
• On-Premises
• Third-Party Deployment Services

Applications Covered:
• Inventory Management
• Delivery Management
• In-Store Services
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements