DUBLIN--(BUSINESS WIRE)--The "Unmanned Convenience Store Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Offering; Type" report has been added to ResearchAndMarkets.com's offering.
The global unmanned convenience store market was valued US$ 67.48 million in 2019 and is expected to reach US$ 1,640.32 million by 2027 with a CAGR growth rate of 51.9% during the forecast period.
The global unmanned convenience store market is a highly fragmented market with the presence of considerable regional and local players providing numerous solutions for companies ready to invest in the unmanned convenience store. Moreover, the lack of sustainable competitiveness among leading players along with technical expertise has further reduced the entry barriers enabling the serious threat from regional and local players operating in the unmanned convenience store market. There is a growing penetration of automated hardware and solutions for achieving operational efficiency is gaining momentum in the unmanned convenience store market.
Currently, the APAC leads the global unmanned convenience store market, with 61.6% of the unmanned convenience store market share, followed by North America and Europe. Factors such as the adoption of digital transformation, automated tools, and increasing awareness regarding the benefits of the automated shopping experience, are propelling the growth of the unmanned convenience store market.
The idea behind the unmanned convenience store is to take advantage of smartphone payment systems to remove the need for clerks and other staff. The automated systems gather the data about what consumers prefer, saving it into artificial intelligence to streamline inventories and logistics. However, a number of Chinese companies had opened around 40 unmanned stores across China, with an aim to enhance profit margins in the retail sector by reducing the cost spent on staff and their salaries. There are various operators who invested in these stores, which include e-commerce firms Alibaba Group Holdings, JD. com and Tencent, a home appliance retailer Suning, and a courier company in China named Shunfeng Express.
Initially, the trend raised concerns for traditional shops to run out of business, and a high number of employees might lose their jobs. However, in the year 2018 to 2019, the market for unmanned convenience store witnessed a downfall, as it turned out that more than ten unmanned stores were shut down, and those still operating were struggling with lackluster performance. The main reason for this was the retailer's concern that the work of selling products cannot be fully automated or replaced by computers yet. However, as the technology is changing and the use of advanced equipment is increasing, including sensors, cameras, voice, and facial recognition devices, digital payment devices, among others is the major factor boosting the growth of unmanned convenience store market during the forecast period.
Furthermore, several other countries are increasing their adoption of digital transformation technology to compete effectively in the global market and increase their revenue growth. Moreover, the growth of unmanned convenience store market is predicted to increase during the forecast period owing to a growth in demand for automated operations from the countries that are technologically advanced in the APAC.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global unmanned convenience store market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global unmanned convenience store market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
- Rise in demand for self-checkout systems around the world
- Increase in adoption of new technologies in the retail industry
- High cost of installation and supporting infrastructure
- Significant technological development initiatives by several leading companies
- Development of fully automated convenience stores
- Amazon.com, Inc.
- Shenzhen Rakinda Technology Co., Ltd.
- F5 Future Store
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