Pune, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Smart Shelves Market Size Analysis:
“The Smart Shelves Market, valued at USD 3.3 billion in 2023, is projected to surge to USD 21.5 billion by 2032, driven by a robust CAGR of 23.1% from 2024 to 2032.”
Market Overview
The Smart shelves market is witnessing remarkable growth as retailers increasingly adopt advanced technologies to streamline inventory management and enhance operational efficiency. Equipped with RFID (Radio Frequency Identification) technology and various sensors, smart shelves offer real-time monitoring of stock levels, product placement, and consumer behavior. This enables retailers to reduce operational inefficiencies such as stockouts and overstocking, which are critical issues in retail. By automatically tracking inventory, smart shelves provide accurate data that help retailers make informed decisions, ensuring that shelves are always stocked with the right products.
Furthermore, innovations in hardware and software are playing a pivotal role in the market’s expansion. The development of miniaturized sensors, battery-free RFID tags, and cloud-based data analytics has made smart shelves more cost-effective and easier to integrate into existing retail environments. Retailers are increasingly investing in these solutions to automate operations and keep up with shifting consumer expectations for faster, more efficient shopping experiences. As consumer behavior becomes more complex and omnichannel retailing grows, smart shelves enable retailers to capture valuable insights into shopper preferences and in-store patterns. This data-driven approach not only enhances operational efficiency but also supports personalized marketing strategies, ultimately contributing to the sustained demand for smart shelving solutions in the retail sector.
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Major Players Analysis Listed in this Report are:
- Honeywell
- Nexcom International Co., Ltd.
- BOE Technology Group Co.Ltd
- Avery Dennison
- Samsung Electronics
- E Ink Holdings
- Intel
- Huawei
- AWM Smart Shelf
- Lenovo PCCW Solutions Limited
Smart Shelves Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.3 Bn |
| Market Size by 2032 | USD 21.5 Bn |
| CAGR | CAGR of 23.1% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The development of eco-friendly and energy-efficient smart shelving solutions aligns with the increasing focus on sustainability in retail. • AI-driven analytics enable predictive inventory management, personalized recommendations, and better decision-making. |
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Segment Analysis
By Component
Dominating Segment: In 2023, the hardware segment led the Smart Shelves Market, accounting for over 46.0% of global revenue. This dominance is due to significant investments in hardware to improve inventory management and reduce losses from shrinkage. Retailers and warehouse owners invest in advanced hardware, including integrated sensors and RFID tags, to optimize product availability and streamline operations.
By Application
Dominating Segment: The inventory management segment held the largest market share in 2023, representing more than 35.0% of global revenue. Real-time visibility into stock levels is crucial for effective inventory management and meeting consumer expectations for product availability. Smart shelves with inventory management capabilities enable retailers to maintain accurate stock levels and improve operational efficiency.
By End-Use
Dominating Segment: The hypermarkets segment dominated the market in 2023, representing more than 29.70% of global revenue. Hypermarkets require efficient inventory management due to their vast size and diverse product offerings.
Smart Shelves Market Segmentation:
By Component
- Hardware
- Software
- Services
By Application
- Planogram Management
- Inventory Management
- Pricing Management
- Content Management
- Others
By End-Use
- Hypermarkets
- Supermarkets
- Department Stores
- Warehouses
- Others
Regional Analysis
Dominating Region: North America held the largest share of the Smart Shelves Market in 2023, driven by advanced retail infrastructure and significant investments in automation technologies. The U.S. and Canada are leading the adoption of smart shelving solutions to enhance inventory management and improve the shopping experience. Major retailers in this region are integrating smart shelves to optimize operations and meet evolving consumer demands.
Fastest-Growing Region: The Asia Pacific region is projected to experience the highest growth rate during the forecast period. Countries like China and India are rapidly adopting smart shelving technologies due to expanding retail sectors and increasing investments in automation.
Recent Developments
- In June 2024, SES-imagotag, a global leader in electronic shelf labels (ESL), expanded its partnership with Kroger to further deploy its smart shelf technology across more stores. The technology aims to improve inventory accuracy and enhance customer experience by offering real-time pricing updates and product availability information.
- In Nov 2023, Panasonic launched a new range of AI-powered smart shelves, designed to track product levels and optimize restocking processes. The AI capabilities allow retailers to predict inventory needs based on historical data, improving efficiency and reducing wastage.
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Key Takeaways
- The Smart Shelves Market is set for substantial growth, driven by advancements in hardware and software technologies.
- The hardware segment remains dominant, while the software segment is expected to grow at the highest rate.
- Inventory management and pricing management applications are key drivers of market expansion.
- North America leads the market, with Asia Pacific emerging as the fastest-growing region.
- Recent innovations and product launches are enhancing the functionality and efficiency of smart shelving solutions.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Smart Shelves Market Segmentation, By Component
8. Smart Shelves Market Segmentation, by Application
9. Smart Shelves Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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