Growth opportunities in the Smart Shelves Market look promising over the next six years. This is mainly due to the improved clarity and control and the use of mechanization by retail to offer a better shopping experience to customers.
Smart Shelves Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Some of the prominent drivers supplementing the growth of the global smart shelves market include the augmentation in improved inventory management by retail to establish percipient restocking options and real-time engagements along with the implementation of automation and intelligence solutions to provide an enhanced shopping experience to customers. The upgraded inventory management and digital shelves offer retailers’ better clarity and control. Moreover, it also helps to trace in-store inventory levels, through which retailers can escalate inventory administration and give rise to better restocking decisions. In accordance with the Wise shelf, smart shelf technology reduces the chances of eluded sales which happen when buyers do not find the desired item. It also allows computerized tracking of inventory and informs retail stores if the number of particular items is running low or lost from the original place and evades the chances of theft and shrinkage. Additionally, when connected to the internet, it imparts valuable data about customer practices and relevant information about maximizing the in-store experience. Hence, these are the major factors stimulating market growth. However, the apprehension concerned with consumer privacy relating to the inbuild data tags will hinder the market growth.
Component Segment Drivers
Based on the Component, Software and Solutions are projected to witness a higher CAGR during the forecast period. This is primarily because they are indispensable tools and platforms employed to establish connectivity between shelf components and cloud servers and gateways. In-store prosecution, category analysis and planning, promotion tractability, store supervision, and intelligence, and planogram monitoring are some of the examples of software and solutions. The widespread outbreak of the coronavirus has stimulated its demand in retail to align the physical environment to the distant server. Moreover, the COVID-19 pandemic has restructured digital technology and remote working principles throughout the world. Also, it has become crucial to keep the trajectory of inventory, planogram, pricing and offers, and content management of the commodities in real-time, thereby bolstering the smart shelves market size.
Smart Shelves Market’s leading Manufacturers:
- Pricer AB
- E Ink Holdings Inc.
- Huawei Technologies Co., Ltd.
- AVERY DENNISON CORPORATION
- Intel Corporation
- SAMSUNG
- NXP Semiconductors
- Honeywell International Inc.
- PCCW Solutions Limited
- Happiest Minds
Smart Shelves Market Segmentation:
Segmentation by Component
- Hardware
- Cameras
- IOT sensors
- Radio Frequency Identification (RFID) tag and readers
- Digital displays
- Electronic shelf labels
- Other
- Software and Solutions
- Professional Services
Segmentation by Organization Size
- Large Enterprises
- Small and Medium Sized Enterprises (SMEs)
Segmentation by Application
- Planogram Management
- Inventory Management
- Pricing Management
- Content Management
- Other
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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