Retail Automation to Grow by Nearly $12B

Global spending on retail automation will grow by $11.95 billion from 2024-2028, predicts a new report from data-analysis firm Technavio. That translates to an annual growth rate of 10.87%  for period.

“Retail automation is set to experience significant growth due to the increasing adoption of cloud-based solutions,” the report notes. “This shift allows merchants to integrate more back-end software in the cloud, enabling seamless access to customer and product data across multiple platforms.”

The report also emphasizes the growing role that artificial intelligence (AI) will play in retail, especially when it comes to “revolutionizing demand forecasting through predictive data, enhancing customer experiences with personalized campaigns, and improving supply-chain management.”

For all high tech’s potential, the report advises that retailers be alert to privacy and security concerns related to using it.

“With the rise of e-commerce and m-commerce, there are concerns about the safety of financial data during online transactions. Identity theft and breaches in personal bank accounts pose substantial risks,” it states. “… The risks of unauthorized access to financial data continue to discourage users from using retail automation for transactions. These privacy and security concerns may hinder the growth of the global retail automation market during the forecast period.”

Click here for more from the Technavio study.