Chicago, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The global Smart Shelves Market size is expected to grow from $3.0 billion in 2022 to $8.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 22.4% during the forecast period 2022 to 2027, according to a new report by MarketsandMarkets™. Increased use of technologies like IoT and RFID in retail is boosting the SOAR market growth.
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Smart Shelves Market Dynamics:
Drivers:
- Increased use of technologies like IoT and RFID in retail
- Adoption of enhanced inventory management
- Use of automation and intelligence for smart shopping
Opportunities:
- Need for retailers to build closer connections with customers
Restraints:
- Privacy concerns related to in-built data tags
List of key players in Smart Shelves Market:
- SES-Imagotag (France),
- Pricer (Sweden),
- Trax (Singapore),
- Avery Dennison (US),
- Samsung (South Korea),
- E Ink (Taiwan),
- Intel (US),
- Huawei (China),
- Honeywell (US),
- Solum (south Korea),
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Hardware segment to account for the largest market size during the forecast period
Retail stores and outlets seek interest in the adoption of automated solutions that can enhance the overall in-store shopping experience of customers. Advancements in technologies have transformed brick-and-mortar stores into modernized ones, attracting customers by effectively engaging them in physical store shopping. Moreover, various hardware such as sensors, cameras, RFID, digital displays, and ESLs are included in the retail stores, which has transformed an ordinary shelf into a smart one. Smart shelves facilitate easy self-checkouts and improve the customer experience in retail stores.
Large enterprises segment to hold a larger market size during the forecast period
Companies with having an employee strength of more than 1,000 are defined as large enterprices. Large-scale retailers, supermarkets, and hypermarkets with multinational presence have been considered as large enterprises. Real-time inventory insights, check and update customer buying behavior, pricing management, and assist the retailer in optimizing store operations are provided by smart shelves. Walmart, Kroger, and Walgreens, among others are the large enterprices which are already deployed ESLs, sensors, RFID tags, and readers in their outlets in the US, Canada, and European nations.
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