The unmanned convenience store market size is projected to reach US$ 309.16 billion by 2031 from US$ 72.82 billion in 2023. The market is expected to register a CAGR of 19.8% in 2023–2031. The expanding retail industry and increasing use of smartphone-related technologies are likely to remain a key unmanned convenience store market trends.
The unmanned convenience store market is growing at a rapid pace due to the growing demand for 24/7 availability of convenience stores and increasing demand for shopping convenience among consumers. The market is expanding steadily, driven by the rising business need for cost optimization by enhancing consumer experience. Moreover, technological advancements and the development of fully automated convenience stores are providing lucrative opportunities for market growth.
An unmanned convenience store is a type of retail stores that operate without any cashiers and customer care representatives are not physically present in the store. These stores use advanced technologies such as artificial intelligence and smartphone-related technology to manage daily activities and transactions. An unmanned convenience store is made to make it convenient for consumers to buy fast-moving goods, such as groceries or pharmacy supplies, whenever and wherever they choose. However, significant benefits offered by these stores, such as 24/7 availability, convenience, technological integration, self-serve and self-checkout, and cost-saving to both service providers of consumers, propelling the market.
The global unmanned convenience store industry is expanding due to the growing need for convenience with enhanced customer experience. Customers want access to products and services whenever they want, without having to deal with long lineups or make trips to physical stores. This increases the demand and development of unmanned convenience stores to meet consumers' demands. Unmanned convenience stores allow consumers 24-hour access to goods and services without requiring a staff member to be there in order to meet this demand. An unmanned store is a financially advantageous choice for companies, as it reduces the cost of paying staff. These factors are projected to boost the market during the forecast period.
Growing digitalization and increased demand for autonomy among businesses are creating opportunities in the market. Businesses that use autonomous operations can save labor costs by eliminating the physical presence of employees in the store. This enables companies to concentrate and put their efforts into other domains, such as advertising, product endorsement, and client support. Automation allows unmanned convenience stores to lower security risks and insurance expenses. However, the growing demand and development of fully automated convenience stores that are not susceptible to theft or damage are generating significant opportunities for the market growth.
Key segments that contributed to the derivation of the unmanned convenience store market analysis are offering and type.
The geographic scope of the unmanned convenience store market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, the North America market accounted for the largest unmanned convenience store market share, due to the growing need for contactless purchasing experiences and convenience. The market in North America is driven by the growing use of robotics and artificial intelligence technologies to automate the checkout process. Moreover, the availability of mobile payment methods is making it easier for consumers to shop without interacting with a cashier, which is fueling the market.
The regional trends and factors influencing the Unmanned Convenience Store Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Unmanned Convenience Store Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 72.82 Billion |
| Market Size by 2031 | US$ 309.16 Billion |
| Global CAGR (2023 - 2031) | 19.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Unmanned Convenience Store Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Unmanned Convenience Store Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The unmanned convenience store market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for unmanned convenience store and strategies:
The “Unmanned Convenience Store Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The incremental growth expected to be recorded for the global unmanned convenience store market during the forecast period is US$ 236.34 billion.
The global unmanned convenience store market is expected to reach US$ 309.16 billion by 2031.
The key players holding majority shares in the global unmanned convenience store market are Appen Limited, CloudFactory Limited, Cogito, Keylabs.ai LTD, and Google LLC.
The expanding retail industry and increasing use of smartphone-related technologies to play a significant role in the global unmanned convenience store market in the coming years.
The growing demand for 24/7 availability of convenience stores and increasing demand for shopping convenience among consumers are the major factors that propel the global unmanned convenience store market.
The global unmanned convenience store market was estimated to be US$ 72.82 billion in 2023 and is expected to grow at a CAGR of 19.8% during the forecast period 2023 - 2031.