by Market Overview
The global Retail Robots Market is estimated to be valued at US$7.1 billion in 2020 and is expected to reach US$ bn/mn in 2022, exhibiting a CAGR of 30.1% over the forecast period 2021-2028, as stated in a recent report published by Coherent Market Insights. Retail robots are revolutionizing the industry by offering automated solutions for inventory management, customer assistance, and store operations. These advanced robots provide numerous advantages such as increased efficiency, reduced costs, and improved customer experience, addressing the growing need for innovative retail solutions.
Market Key Trends
One key trend in the Retail Robots Market is the adoption of robots for contactless operations. With the outbreak of the COVID-19 pandemic, the demand for contactless interactions and operations has witnessed a significant surge. Retail robots are used to sanitize and disinfect store premises, assist customers with touchless checkouts, and monitor social distancing measures. For example, Simbe Robotics’ Tally robot scans shelves to monitor inventory levels, thus reducing the need for manual stock checks and minimizing human contact.
Porter’s Analysis
– Threat of New Entrants: The Retail Robots Market has seen the entry of numerous players due to its immense growth potential. However, the market is highly competitive, and the presence of established players acts as a barrier for new entrants.
– Bargaining Power of Buyers: With the rapid adoption of retail robots, buyers have gained substantial bargaining power due to a wide array of options available in the market. Buyers can negotiate for better prices, warranties, and after-sales services.
– Bargaining Power of Suppliers: Suppliers in the Retail Robots Market hold considerable bargaining power as they provide crucial components and technology required for the development and manufacturing of robotics solutions.
– Threat of New Substitutes: There is a moderate threat of substitutes in the form of alternative technologies or manual processes. However, the increasing need for automation and technological advancements make retail robots the preferred choice for retailers.
– Competitive Rivalry: The competition among key players is intense, with companies like Amazon Robotics, Bossa Nova, and ABB Robotics leading the market. Constant innovations, strategic partnerships, and product development are key strategies employed to gain a competitive edge.
Key Takeaways
– Market Size: The global Retail Robots Market is expected to witness high growth, exhibiting a CAGR of 30.1% over the forecast period. The increasing adoption of automation and the need for efficient retail solutions are driving market growth.
– Regional Analysis: North America is anticipated to be the fastest-growing and dominating region in the Retail Robots Market. The region’s well-established retail sector, technological advancements, and early adoption of innovative solutions contribute to its market dominance.
– Key Players: Key players operating in the global Retail Robots Market include Amazon Robotics, Bossa Nova, Simbe Robotics, ABB Robotics, Greyorange, Softbank Robotics, and Honda Motor Co. Limited. These players are focusing on technological advancements, strategic collaborations, and expanding their product portfolios to strengthen their market presence.
In conclusion, the Retail Robots Market is experiencing exponential growth, driven by the need for automated retail solutions. The adoption of contactless operations and the significance of supplier relationships are key trends in this market. With intense competition and constant innovations, key players are vying for market dominance. The market is set to witness remarkable growth, with North America leading the way. As the retail industry continues to evolve, the use of robots in store operations will play a pivotal role in enhancing efficiency, reducing costs, and delivering an exceptional customer experience.
