Aug 03, 2020 (Market Insight Reports) -- Selbyville, Delaware The ‘Unmanned Convenience Store market’ research report now available with Market Study Report, LLC, is a compilation of pivotal insights pertaining to market size, competitive spectrum, geographical outlook, contender share, and consumption trends of this industry. The report also highlights the key drivers and challenges influencing the revenue graph of this vertical along with strategies adopted by distinguished players to enhance their footprints in the Unmanned Convenience Store market.
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.
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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.
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.
The unmanned convenience store market has been segmented on the basis of offering, type, and geography. Based on offering, the market is segmented into solution and service. The solution segment represented the largest share of the overall unmanned convenience store market throughout the forecast period and it is also expected to be the fastest growing unmanned convenience store offering owing to the increasing number of technology advancements in machine vision, facial recognition, shelf sensors, barcodes, quick response (QR) codes, and RFID tags.
Based on type, the unmanned convenience store market is segmented into fully automated and semi-automated. In 2019, semi-automated type held a substantial share in the global unmanned convenience store market. While, fully automated type is anticipated to grow at the highest CAGR from 2020 to 2027.Geographically, the market is segmented into four major regions- North America, Europe, Asia Pacific (APAC), and Rest of World (RoW).
Some of the key players operating in the global unmanned convenience store market which are profiled in this market study include Amazon, Inc., Bingobox, CYB-Org, F5 Future Store, and Shenzhen Rakinda Technology, Co., Ltd. among others.
In addition to these players, there are several other important players operating in the unmanned convenience store market which were studies analyzed during the course of this market research study, such as, Walmart Inc., Dollar General, Walgreens, Alibaba, Jingdong, Tencent, JD.com, Inspiration Corridor, DeepMagic, Foodstuffs, EasyGo, Bianlifeng, 7-Eleven Inc., and Watasale among others.
The overall global unmanned convenience store market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global unmanned convenience store market. It also provides an overview and forecast for the unmanned convenience store market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the unmanned convenience store market.