Artificial Intelligence In Retail To Witness High Growth Owing To Increased Demand For Automation
The Artificial intelligence in retail market is estimated to be valued at US$ 15.63 Bn in 2023 and is expected to exhibit a CAGR of 30.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Retail robots consist of autonomous mobile robots, robotic arms, and drones that perform different tasks in the retail sector such as inventory monitoring, shelf monitoring, product picking, and packaging. The growing demand for 24x7 store operations and increased demand for automation are propelling the growth of the retail robots market. Robots are helping retailers in saving costs related to labor by taking over repetitive and labor-intensive tasks.
Market Dynamics:
One of the major drivers for the growth of the retail robots market is the increased demand for automation across the retail sector. Retailers are increasingly adopting automated solutions like robots to streamline operations, improve productivity, reduce costs, enhance customer service and experience. Adoption of automation helps retailers in better inventory management, enhanced visualization capabilities, improved work efficiency, and reduced costs related to labor. Another major driver is the growing demand for 24x7 store operations. Retail robots can work 24/7 and do not require breaks, which helps retailers in extending store operations and improving customer service by catering to customer demands at any time. This propels the demand for retail robots.
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