Smart Shelves Market Size to Reach USD 6.5 Billion by 2027 at CAGR 10.47% - Valuates Reports

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BANGALORE, India, Oct. 6, 2021 /PRNewswire/ -- The Smart Shelves Market is Segmented by Type (Hardware, Software, Services), Application (SMEs, Large Enterprise). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Retail Equipment & Technology Category.

The global Smart Shelves market size is projected to reach USD 6.5 Billion by 2027, from USD 3.2 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 10.47% during the forecast period 2021-2027.

Major Factors Driving The Growth Of The Smart Shelves Market Are:

The adoption of enhanced inventory management by retailers to make smarter restocking decisions and real-time engagements, as well as the use of automation and intelligence solutions by retailers to provide better shopping experiences to customers, are two major factors driving the Smart Shelves market.

During the forecast period, the smart shelves market is expected to benefit from rising demand for workflow simplification in physical retail stores and easier data analysis. Furthermore, the market is expected to rise during the projected period as the demand for enhanced surveillance and monitoring at physical retail locations grows.

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Trends Influencing The Growth Of The Smart Shelves Market

The adoption of enhanced inventory management to make smarter restocking decisions and real-time engagements are expected to drive the growth of the smart shelves market. Retailers have increased insight and control thanks to improved inventory management and digital shelves. Smart shelves also assist businesses in tracking in-store inventory levels, allowing them to improve inventory management and make better restocking decisions. Smart shelf technology reduces the likelihood of missed sales, which occur when buyers are unable to locate the needed item. Smart shelves technology allows for automated stock availability tracking and alerts retail establishments when things are running short or have been displaced from their original location, preventing theft and shrinkage. When connected to the internet, smart shelves provide useful information about customer behavior and suggestions for improving the in-store experience.

Smart shelf technology can help alert shops to product theft, reducing losses and increasing earnings. Furthermore, key benefits such as precise product positioning, low stock warnings, real-time shelf tag updates, real-time stock information, tailored product information, optimal store performance, and improved customer service offered by smart shelves are expected to drive the Smart Shelves Market growth. 

For better customer experiences, most shops have moved their attention to a customer-centric approach. The adoption of a customer-centric approach has resulted in a significant increase in the amount of customer data required to create these individualized customer experiences. The growing use of sensor technology has aided in the collection of vast amounts of data, which is being analyzed to better understand customer behavior. Due to the continually decreasing cost of sensors, the smart shelves market is booming. 

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Smart Shelves Market Share Analysis

During the forecast period, the software segment is expected to be the most lucrative. Software and solutions are crucial platforms and tools that are used to establish connectivity between shelf components and cloud servers and gateways. Smart shelf software is used for in-store execution, promotion compliance, category analysis and planning, store monitoring and intelligence, inventory optimization, price, and planogram monitoring, to name a few.

Based on region, Europe is expected to be the most lucrative. This growth in the region is likely to be fueled by high penetration of ESL in regional retail, particularly in nations like France, Italy, Belgium, Germany, and other European countries.

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Leading Players in the Smart Shelves Industry

• SES-imagotag
• Pricer AB
• Trax Technology Solutions
• Avery Dennison Corporation
• Samsung Electronics
• E Ink Holdings
• Huawei Technologies
• Intel Corporation
• Honeywell International
• SOLUM Europe Gmbh
• Happiest Minds
• PCCW Solutions
• NXP Semiconductor
• DIEBOLD NIXDORF
• Dreamztech Solutions
• Sennco Solutions
• MAGO
• SES-IMAGOTAG
• AWM Smart Shelf
• Focal System

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