12/29/2004 - New research by Venture Development Corporation, The 2004 Retail Automation Equipment Vertical Market Analysis, estimates that the North American and European markets for in-store retail technology in 2004 exceeded $2.4 and $2.1 billion, respectively.
The market for traditional retail technologies including POS terminals, bar code scanners, and receipt printers is heavily saturated. Therefore, the majority of growth is expected for emerging technologies such as radio-frequency identification (RFID), electronic shelf labels (ESL), and self-checkout stations - all of which are expected to grow at an annual rate above 10%.
High-level trends specific to the illustrated technologies include:
According to VDC analyst Taylor Smith, "As the weakened economies of 2000-2002 strengthen and retailers experience rejuvenated sales, the market has increased technology spending for upgrades, installations, and trials that were previously delayed due to budget constraints. At the top of the list is updating outdated traditional POS systems and scanners. Once the main systems are updated, leading retailers will turn to the evaluation and implementation of technologies such as electronic shelf labels (ESL), radio-frequency identification (RFID), and self-checkout stations."
Founded in 1971, VDC is a technology market research and consulting firm that specializes in industrial and commercial electronics, computing, communications, software and power systems markets.
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