Smart Shelves Market: Global Industry Analysis and Forecast (2023-2029)

Global Smart Shelves Market size was valued at US$ 2.81 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 25.1% through 2023 to 2029, reaching nearly US$ 13.49 Bn.
Smart Shelves Market Overview:
A Smart Shelves Market is expected to reach US$ 13.49 Bn. by 2029. Smart shelves employ RFID technology (e.g., RFID tags, RFID readers, and antennas) to automatically track inventory in retail stores. Weight sensors are installed on the shelves or beneath them in order to develop Smart Shelves. Sensors are utilised to keep track of how much goods is on the shelves. Inventory Management, Pricing Management, Content Management, and Planogram Management are the application of the smart shelves.To know about the Research Methodology :- Request Free Sample Report
Smart Shelves Market Dynamics:
Driving Factor: Adoption of improved inventory management to make better restocking decisions and engage in real-time interactions.

Retailers have increased insight and control due to improved inventory management and digital shelves. Using smart shelves, businesses can also monitor inventory levels in-store, helping them manage inventory more effectively and make more informed restocking decisions. According to Wiseshelf, smart shelf technology decreases the risk of missed purchases, which occur when purchasers are unable to locate the item they require. Smart shelves technology allows for automated stock availability tracking and alerts retail establishments when things are running short or have been misplaced from their original location, preventing theft and shrinkage. Smart shelves, when connected to the internet, provide vital data on customer behaviour as well as tips for improving the in-store experience.

Restraining Factor: Inbuilt data tags raise privacy concerns.

Concerns regarding consumer privacy is the factor that is expected to hamper the adoption of smart-shelf technologies. Walmart stopped testing an RFID shelf inventory control system in 2003 before it was installed. In a partnership with Gillette, Walmart tested smart-shelf technology by tracking data on the packaging of Gillette products. Walmart wanted to employ technology to alert store managers about supply shortages and possible theft. The scheme was opposed by consumer privacy groups because of privacy concerns. Consumers were sceptical that product identification tags may be abused or hacked, allowing information to be tracked from retailers to homes. Furthermore, Walmart's app that allowed consumers to scan things as they removed them from shelves failed in January 2017.
Segment Analysis:
Based on the Component, the market is segmented into RFID Tags and Readers, ESL, IoT Sensors, Cameras, and Software and Solutions. The Software and Solutions segment is expected to hold the largest market share of xx% by 2029. For creating connections between shelf components and cloud servers and gateways, software and solutions are crucial tools and platforms. In-store execution, category analysis and planning, inventory optimization, price, promotion compliance, store monitoring, intelligence, and planogram monitoring are just a few of the applications for smart shelf software and solutions.

In order to connect the physical environment to the distant server, COVID-19 has increased the demand for software and solutions in retail. The COVID-19 pandemic has changed the way people think about digital technologies and remote working. In retail, it has become critical to monitor and maintain track of inventories, planograms, pricing and offers, and product content management in real-time, which has influenced the use of smart shelves.

Based on the Application, the market is segmented into Inventory Management, Pricing Management, Content Management, and Planogram Management. The pricing management segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. Price management is necessitated by a number of circumstances, including the rise of hyper-connected consumers and fierce competition. Consumers are always looking for a fair price for a product rather than a low price, and they are connected to multiple distribution channels at the same time. As a result, retailers have implemented a pricing strategy that is consistent across channels, as consumers are always comparing prices.

The rising demand for commodities has led to the creation of always-on channels that can provide the need while minimizing opportunity loss. The retail industry's fierce rivalry has had a substantial impact on retailers' margins, and as more options for consumers become available, these margins have shrunk even more. As a result, price management has become increasingly crucial for retailers to monitor competitive pricing displayed on the shelf, allowing consumers to make educated decisions when comparing prices.
Regional Insights:
The Europe region is expected to dominate the Smart Shelves Market during the forecast period 2022-2029. The Europe region is expected to hold the largest market share of xx% by 2029. The presence of significant companies such as SES Imagotag, Pricer, Cicor, and Opticon Sensors has contributed to the region's growth. During the forecast period, high penetration of ESL in regional retail, particularly in countries such as France, Italy, Belgium, Germany, and other European countries, is expected to offer the industry the leading market share.
Smart Shelves Market Key Trends:
ELECTRONIC SHELF LABELS (ESLs): A next-generation solution for managing retail businesses is available. Instead of printing product information and prices on paper, it shows information in real-time utilizing electronic/digital paper and display. The price display can be manually managed or automatically updated using a communication network at the option of the business. Infrared, radio and even visible light are used for wireless communication. The QR code seen on electronic shelf labels connects physical and online merchandise. Stores could run promotions more quickly and have more contacts with customers if they combined the shelf management technology with it.

5G TECHNOLOGY: 5G refers to the next (and fifth) generation of wireless communication networks. Sensor-equipped shelves could stock a product's position, alert a distribution center to replace its inventory, and track the shipment's progress in real-time. 5G also has the potential to develop totally new types of shopping experiences, such as an augmented reality app that activates as you walk into a store and directs you to the shelf where your desired product is located.

PRESSURE SENSOR FOILS: Pressure sensor foil that detects the movement of things on a shelf could be used in a variety of retail, hotel, and hospital applications. Active components such as a multiplexer chip and a capacitive-to-digital converter, as well as a number of passive components such as resistors and capacitors, are integrated within the sensor foil.

The objective of the report is to present a comprehensive analysis of the Global Smart Shelves Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Smart Shelves Market dynamic, and structure by analyzing the market segments and projecting the Global Smart Shelves Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Shelves Market make the report investor’s guide.
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Smart Shelves Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.81 Bn.


Forecast Period 2023 to 2029 CAGR:
25.1%
Market Size in 2029:
US $ 13.49 Bn.


 Segments Covered:
by Component
RFID Tags and Readers
ESL
IoT Sensors
Cameras
Software and Solutions


by Application
Inventory Management
Pricing Management
Content Management
Planogram Management


by Enterprise Size
SMEs
Large Enterprise



Smart Shelves Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Smart Shelves Market Key Players
1. Happiest minds (India)
2. Intel (US)
3. PCCW Solutions (Hong Kong)
4. Avery Dennison (US)
5. Honeywell (US)
6. Huawei Technologies Co. Ltd (China)
7. NXP Semiconductor (The Netherland)
8. E-Ink Holdings (Taiwan)
9. Samsung Electronics (South Korea)
10. DIEBOLD NIXDORF, Incorporated (US)
11. Software AG (Germany)
12. SoluM (South Korea)
13. MINEW (China)
14. TraxRetail (Singapore)
15. NEXCOM (Taiwan)
16. Pricer (Sweden)
17. Dreamztech Solutions Inc. (US)
18. Sennco Solutions, Inc. (US)

Frequently Asked Questions:

1. Which region has the largest share in Global Smart Shelves Market?
Ans: Europe region held the highest share in 2022.

2. What is the growth rate of Global Smart Shelves Market?
Ans: The Global Smart Shelves Market is growing at a CAGR of 25.1% during forecasting period 2023-2029.

3. What is scope of the Global Smart Shelves Market report?
Ans: Global Smart Shelves Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Smart Shelves Market?
Ans: The important key players in the Global Smart Shelves Market are – Happiest minds (India), Intel (US), PCCW Solutions (Hong Kong), Avery Dennison (US), Honeywell (US), Huawei Technologies Co. Ltd (China), NXP Semiconductor (The Netherland), E-Ink Holdings (Taiwan), Samsung Electronics (South Korea), DIEBOLD NIXDORF, Incorporated (US), Software AG (Germany), SoluM (South Korea), MINEW (China), TraxRetail (Singapore), NEXCOM (Taiwan), Pricer (Sweden), Dreamztech Solutions Inc. (US), Sennco Solutions, and Inc. (US)

5. What is the study period of this Market?
Ans: The Global Smart Shelves Market is studied from 2022 to 2029.