June 23, 2020
As per the report titled ‘Unmanned Convenience Store Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Offering; Type, available with Market Study Report LLC, global unmanned convenience store market is expected to reach USD 1,640.32 million registering an exceptionally high CAGR of 51.9% through 2027.
As per the report, due spike in solutions provided by regional and local players, companies are readily investing in unmanned convenience store market. Additionally, lack of sustainable competitiveness among major companies coupled with technical skills have supported entry into the market; allowing regional and local players to thrive. Moreover, widespread adoption of automated hardware is adding significant traction to unmanned convenience store market. Increasing use of digital and automated tools, and surging awareness about benefits of using automated shopping are slated to propel the growth of unmanned convenience store market.
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The primary concept behind unmanned convenience store is to utilize smartphone payment systems and eliminate the need of clerks and other staff. Automated systems coupled with artificial intelligence, will gather data about consumer preferences, streamlining inventory management and logistics. Numerous Chinese companies opened nearly 40 man less convenience stores to optimize profit margins by reducing expenditures on staff and their salaries. However, more than 10 stores were shut down owing to poor performances. The main reason for this downfall was that the work of selling products cannot still be totally automated. But, owing to technological developments and surging use of modern equipment like sensors, cameras, voice, and facial recognition devices, and digital payment devices are projected to add momentum to the growth of global unmanned convenience store market in the future years.
Global unmanned convenience store market is classified based on offering, type, and regional landscape.
Based on offering, global unmanned convenience store market is divided into service and solution. The latter segment is anticipated to hold the biggest fragment of unmanned convenience store market, registering the highest y-o-y growth rate owing to technological advancements in machine vision, shelf sensors, quick response (QR) codes, facial recognition, barcodes, and RFID tags.
Based on type spectrum, the market is bifurcated into fully automated and semi-automated. In 2019, semi-automated segment held a major share in global unmanned convenience store market; however, fully automated segment is slated to register a high CAGR over 2020-2027.
Based on regional landscape, the market is divided into North America, Europe, Asia Pacific (APAC), and Rest of World (RoW). Among these, Asia-Pacific region leads the global unmanned convenience store market with 61.6% market share, owing to surging demand for automated operations. Meanwhile, North America and Europe are also projected to witness high sales of such solutions.
Amazon, Inc., Walmart Inc., Bingobox, CYB-Org, Inspiration Corridor, F5 Future Store, Shenzhen Rakinda Technology, Co., Ltd., Dollar General, Walgreens, 7-Eleven Inc., Alibaba, Jingdong, JD.com, DeepMagic, Tencent, Foodstuffs, EasyGo, Bianlifeng, and Watasale among others are major companies operating in unmanned convenience store market.