The global Retail Robots Market was valued at US$ 7.1 Billion in 2020 and is expected to surpass US$ 55.8 Billion by 2028, registering a CAGR of 30.1% during the forecast period (2021-2028), as published by 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 recommendations. Companies often have an opportunity to convey real-time data about their company and products which explains 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 America launched HC20XP collaborative robot. Featuring hand-guided teaching for the implementation of a robot 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.
Global retail robots market – Impact of coronavirus (Covid-19) pandemic
The global retail robots market has witnessed significant growth in the 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 the implementation of lockdown by governments in the majority of the countries and the shutdown of travel to prevent the transmission of the 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 a lucrative opportunity for the market.
Key trends and analysis of the global retail robots market:
Asia Pacific region held a dominant position in the global retail robots market in 2020 and is expected to retain its dominance throughout the forecast period.
Among applications, 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 Co. Limited., and others.