Smart Shelves Market is anticipated to grow at a CAGR of 25.6% during forecast period and estimated to reach USD 11201 million by 2028.

Introduction of the Smart Shelves Market Report

Smart shelves are referred to as the shelf, which is transistorized with a radio frequency identification reader (RFID) sensor equipped inside, above, or behind the shelves. Retailers generally use an electronic shelf label (ESL) system to display product pricing on shelves. The price of the product is automatically updated whenever a price is changed from a central control server.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global Smart Shelves market include a rise in enhanced inventory management by retail to make smarter restocking options and real-time engagements and the use of automation and intelligence solutions by retail to offer a better shopping experience to customers. Enhanced inventory management and digital shelves give retailers improved visibility and control. Moreover, it also helps to track in-store inventory levels, through which retailers can enhance inventory management and make better restocking decisions. According to Wise shelf, smart shelf technology lowers the risk of lost sales which happens when buyers do not find the desired item. It also enables automated tracking of inventory and informs retail stores if the number of particular items is running low or lost from the original place and prevents theft and shrinkage. Additionally, when connected to the internet, it offers valuable data about customer practices and relevant information about optimizing the in-store experience. Hence, these are the key drivers helping in the growth of smart shelves market size.

Restraint in the Smart Shelves Market

However, consumer privacy concerns related to inbuild data tags are a major restraining factor for the smart shelves market growth.

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Component – Segment Analysis

Based on the Component, the Software and Solutions segment is expected to grow at a higher CAGR during the forecast period. They are essential tools and platforms that are used to develop connectivity between shelf components and cloud servers and gateways. In-store execution, category analysis and planning, promotion compliance, store monitoring and intelligence, and planogram monitoring are a few of the examples of smart shelf software and solutions. The novel coronavirus outbreak has increased its demand in retail to align the physical environment to the remote server. Moreover, the COVID-19 pandemic has revolutionized digital technology and remote working principles all over the globe. Also, in retail, it has become crucial to keep track of inventory, planogram, pricing and offers, and content management of the commodities in real-time, thereby influencing the adoption of smart shelves.

Application – Segment Analysis

Based on the Application, the Pricing Management segment is expected to grow at a higher CAGR during the forecast period. The demand for price management is driven by several factors, like the evolvement of hyper-connected buyers and cut-throat market dynamics. Buyers are constantly looking for the fair price of a commodity rather than a low price and are connected to many different distribution channels at a single time. As a result, this led the retailers to apply a pricing strategy, which is similar across channels as the buyers always tend to compare prices. The cut-throat market scenario in the retail industry has immensely affected the margins of retailers, and with more options for customers coming in, these margins have been reduced further. Thus, pricing management application has become important for the retailers to check on the competitive pricing showed on the shelf, thereby allowing the consumers to make an informed decision while comparing prices. Dynamic pricing is not a new concept in the retail industry and has been used by gas stations and disruptive vendors like Amazon. The retailers can benefit from the price optimization strategy by using automation to operate the pricing and demand efficiently.

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Regional – Segment Analysis:

Based on the regional, the Asia-Pacific region is projected to dominate the market during the forecast period. The major developed countries in this region, like China, Japan, Australia, Singapore, and South Korea, are expected to be potential players for the Smart Shelves Market in the coming years. The economic reform programs in these countries of Asia-Pacific are creating growth opportunities for the manufacturers of the Smart Shelves Market. Moreover, the expansion of large-scale retailers is also responsible for the expected high growth rate of the Smart Shelves Market in Asia-Pacific countries. Furthermore, the introduction of IoT to counter online retail and retailer’s issues and changes in consumer choices is expected to grow the Smart Shelves Market share. An increase in real-time price adjustments, the lower total cost of operation (TCO), and enhancing price accuracy will drive the Smart Shelves Market in the region.

Top Market Players

Various notable players operating in the market include Happiest Minds, Intel Corporation, PCCW Solutions Limited, AVERY DENNISON CORPORATION., Honeywell International Inc., Huawei Technologies Co., Ltd., NXP Semiconductors., E Ink Holdings Inc., SAMSUNG, Pricer AB, among others. 

Key Developments:

• • In 2020, Pricer AB announced that the Canadian Tire Dealer Association (CTDA), a dealer network of approximately 500 stores across Canada, signed a Master Framework Agreement with Pricer as its exclusive supplier for Electronic Shelves Label (ESL) systems.
  • In 2020, Pricer AB launched Pricer Plaza, a new and enhanced architecture for smart retail in-store services and business models. This product launch would bring more sophistication to the offerings of Pricer in terms of retail automation.

Segments covered in the Report:

The global Smart Shelves market has been segmented on the basis of Component, Organization Size, Application, and regions. Based on Component, the market is segmented into Hardware, Software and Solutions, and Professional Services. The Hardware segment is further categorized into Cameras, IOT sensors, Radio Frequency Identification (RFID) tag and readers, Digital displays, Electronic shelf labels and Other. Based on Organization Size, the market is segmented into Large Enterprises and Small and Medium Sized Enterprises (SMEs). Based on Application, the market is segmented into Planogram Management, Inventory Management, Pricing Management, Content Management and Other. 

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Key questions answered in this research report:

• • At what pace is global Smart Shelves market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Smart Shelves market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Shelves market?
  • Which Component generated maximum revenues in 2019 and identify the most promising Component during the forecast period?
  • What are the various Organization Size areas of global Smart Shelves market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Smart Shelves Market by Component

• • Hardware
    • Cameras
    • IOT sensors
    • Radio Frequency Identification (RFID) tag and readers
    • Digital displays
    • Electronic shelf labels
    • Other
  • Software and Solutions
  • Professional Services

Global Smart Shelves Market by Organization Size

• • Large Enterprises
  • Small and Medium Sized Enterprises (SMEs)

Global Smart Shelves Market by Application

• • Planogram Management
  • Inventory Management
  • Pricing Management
  • Content Management
  • Other

Global Smart Shelves Market by Region

• • North America Smart Shelves Market (Option 1: As a part of the free 25% customization)
    • North America Smart Shelves Market by Component
    • North America Smart Shelves Market by Organization Size
    • North America Smart Shelves Market by Application
    • US Smart Shelves Market All-Up
    • Canada Smart Shelves Market All-Up
  • Europe Smart Shelves Market (Option 2: As a part of the free 25% customization)
    • Europe Smart Shelves Market by Component
    • Europe Smart Shelves Market by Organization Size
    • Europe Smart Shelves Market by Application
    • UK Smart Shelves Market All-Up
    • Germany Smart Shelves Market All-Up
    • France Smart Shelves Market All-Up
    • Spain Smart Shelves Market All-Up
    • Rest of Europe Smart Shelves Market All-Up
  • Asia-Pacific Smart Shelves Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Smart Shelves Market by Component
    • Asia-Pacific Smart Shelves Market by Organization Size
    • Asia-Pacific Smart Shelves Market by Application
    • China Smart Shelves Market All-Up
    • India Smart Shelves Market All-Up
    • Japan Smart Shelves Market All-Up
    • Rest of APAC Smart Shelves Market All-Up
  • RoW Smart Shelves Market (Option 4: As a part of the free 25% customization)
    • RoW Smart Shelves Market by Component
    • RoW Smart Shelves Market by Organization Size
    • RoW Smart Shelves Market by Application
    • Brazil Smart Shelves Market All-Up
    • South Africa Smart Shelves Market All-Up
    • Saudi Arabia Smart Shelves Market All-Up
    • UAE Smart Shelves Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Smart Shelves Market All-Up

Major Players Operating in the Smart Shelves (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Happiest Minds
  • Intel Corporation
  • PCCW Solutions Limited
  • AVERY DENNISON CORPORATION.
  • Honeywell International Inc.
  • Huawei Technologies Co., Ltd.
  • NXP Semiconductors.
  • E Ink Holdings Inc.
  • SAMSUNG
  • Pricer AB