Retail Automation Market to Grow by USD 11.40 Bn

The retail automation market size is forecast to increase by USD 11,407.8 million from 2022 to 2027, at a CAGR of 11.23%, according to the recent market study by Technavio. The report includes historic market data from 2017 to 2021.

In 2017, the retail automation market was valued at USD 10,150.35 million. The growth of the market will be driven by the high adoption of contactless payment solutions, rising demand for retail automation products in the e-commerce industry, and increasing adoption of innovative solutions in retail automation.

POS systems are used in retail transactions to manage and complete sales transactions. They consist of hardware and software components and offer advantages over traditional cash registers, such as improved efficiency and accuracy in inventory reporting, easier management of sales and customer information, and time savings. The growing demand for POS systems is driven by factors such as their ease of use, high return on investment, and various applications, such as inventory management and bill printing. These factors are expected to drive the growth of the POS segment during the forecast period.