The global market for retail robots was valued at $7.1 billion in 2020 and is expected to surpass $55.8 billion by 2028, registering an annual growth rate of 30.1 percent during the forecast period (2021-2028), according to Coherent Market Insights.
Retail service robots bring the intelligence of big-data knowledge of consumers to provide useful and smart in-store customer service. Retail robots can handle scenarios from repetitive customer service inquiries to complex product recommendation.
Companies often have an opportunity to convey real-time data about their company and products whichexplains what they do, why their products are the right fit, and others.
Retail robots can interact with the live data and can provide not only a holistic view but also interpret the data while incorporating the live data into its explanation.
For instance, in January 2021, Yaskawa Motoman, a leading industrial robotics company in the America launched HC20XP collaborative robot. Featuring hand-guided teaching for implementation of arobot system, the 20 kg payload HC20XP collaborative robot is suited for applications where robots need to work safely or close to humans.
The IP67-rated collaborative robot is equipped for continuous use in damp or splash-prone environments. Made of cast aluminum, this model features a surface designed for utilization in sanitary environments where wipe or wash is required such as in hospitals and warehouses.
The global retail robots market has witnessed significant growth in past few years; however, due to the outbreak of the Covid-19 pandemic, the market is projected to exhibit a sudden downfall in 2020.
This is attributed to implementation of lockdown by governments in majority of the countries and shutdown of travel to prevent the transmission of virus. The global retail robots market is projected to prosper in the upcoming years as the Covid-19 pandemic situation improves.
Various retail sectors such as groceries, consumer electronics, apparel and pharmaceuticals are adopting robots to work in place of humans to reduce the impact of the virus and to enhance revenue, which is providing lucrative opportunity for the market.
Key trends and Analysis of the global retail robots market:
Asia Pacific region held dominant position in the global retail robots market in 2020 and is expected to retain its dominance throughout the forecast period.
Among application, the inventory management segment is expected to hold the largest market in the global retail robots market during the forecast period.
Major players operating in the global retail robots market include Amazon Robotics, Bossa Nova, Simbe Robotics, ABB Robotics, Greyorange, Softbank Robotics, Honda Motor, and others.