June 13, 2024
Retail Robots Market
Ict

The Retail Robots Market is Expected to be Flourished by Rising Demand for Labor Optimization

Retail robots are robotic system designed to assist customers, enable inventory management and augment operational efficiency in retail stores. They employ technologies such as computer vision, deep learning and intelligent sensors to autonomously navigate retail environments and perform a variety of functions including stocking shelves, assisting shoppers, monitoring inventory levels and facilitating cashless checkouts. They automate repetitive and mundane tasks, improve productivity, optimize labor costs and enhance customer experience. For example, Anthropic’s conversational AI chatbot PBC is being used by retailers like Target and Walmart to assist customers with queries over text.

The global Retail Robots Market is estimated to be valued at US$ 18.01 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The rising demand for labor optimization is expected to be a key driver for the growth of the retail robots market during the forecast period. Retailers are under constant pressure to reduce labor costs and optimize workforce productivity. Robots enable retailers to redeploy staff to more valued tasks while automating repetitive operations like product stocking and cashless checkouts. For instance, U.S. retail giant Walmart deployed autonomous floor cleaning robots called Auto-C to scrub floors and mop up spills in over 500 stores, helping reduce labor costs. Additionally, the growing demand for augmented customer experience is also fueling adoption of retail robots. Technologies like conversational AI chatbots and autonomous guided vehicles (AGVs) enhance shopper assistance and fulfillment. For example, Anthropic’s AI retail robot Claude is deployed in various stores to guide shoppers, answer queries and fetch products to optimize in-store shopping. Such robots augment customer service levels while freeing up human workers.

Segment Analysis

The global Retail Robots market is segmented based on type and application. Based on type, the market is divided into Mobile Robots and Stationary Robots. The Stationary Robots segment is dominating currently as it accounts for over 60% share due to widespread application of robots for point of sales monitoring, shelf replenishment, inventory management etc. in retail stores.

PEST Analysis

Political: The retail robots market is positively impacted by favorable government regulations and initiatives toward robotics and automation technologies across regions. Economic: Increasing labor costs and need for operational efficiency is boosting investments in retail robots by industry players to reduce costs. Social: Rising consumer adoption of technologies and perception of robots as innovative tools are supporting the demand from customers. Technological: Advancements in artificial intelligence, machine learning, sensors are enhancing the capabilities of retail robots leading to wider applications.

Key Takeaways

The Global Retail Robots Market Demand is expected to witness high growth at a CAGR of 12% during the forecast period of 2024 to 2031.

Regional analysis: North America dominates currently due to rapid technological adoption by major retailers. The Asia Pacific region is expected to witness fastest growth due to growing retail sector and industrial automation.

Key players operating in the Retail Robots market are Chevron Corporation (U.S.), Royal Dutch Shell Plc (U.K.), Exxon Mobil Corporation (U.S.), ConocoPhillips (U.S), Reliance Industries Ltd. (India). Key players are focusing on product innovation and expansion to emerging markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it