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.
Unmanned Convenience Store Market Analysis
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.
Unmanned Convenience Store Market Overview
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.
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Unmanned Convenience Store Market: Strategic Insights
Market Size Value in US$ 67.48 Million in 2019 Market Size Value by US$ 1,640.32 Million by 2027 Growth rate CAGR of 51.9% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Unmanned Convenience Store Market: Strategic Insights
| Market Size Value in | US$ 67.48 Million in 2019 |
| Market Size Value by | US$ 1,640.32 Million by 2027 |
| Growth rate | CAGR of 51.9% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Unmanned Convenience Store Market Drivers and Opportunities
Growing Demand for 24/7 Availability of Convenience Stores is Driving 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.
Development of Fully Automated Convenience Stores - An Opportunity in the Unmanned Convenience Store Market
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.
Unmanned Convenience Store Market Report Segmentation Analysis
Key segments that contributed to the derivation of the unmanned convenience store market analysis are offering and type.
- Based on offering, the unmanned convenience store market is divided into solution and services. The solution segment held a larger market share in 2023.
- In terms of type, the unmanned convenience store market is categorized as fully automated and semi-automated. The fully automated segment held a larger market share in 2023.
Unmanned Convenience Store Market Share Analysis by Geography
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.
Unmanned Convenience Store Market Report Scope
Unmanned Convenience Store Market News and Recent Developments
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:
- In February 2024, 7-Eleven Shop & Go is planning to open an unmanned convenience store in Tokyo and other areas. These unmanned convenience stores are operated by using smartphone payments to streamline operations. (Source: Nikkei Inc., Press Release, 2023)
Unmanned Convenience Store Market Report Coverage and Deliverables
The “Unmanned Convenience Store Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering ; Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Canada, China, France, Germany, Japan, South Korea, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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