According to a new market research report “Smart Shelves Market by Component (RFID Tags and Readers, ESL, IoT Sensors, Cameras, and Software and Solutions), Application (Inventory Management, Pricing Management, Content Management, and Planogram Management), and Region – Global Forecast to 2026″ published by MarketsandMarkets™, the market size expected to grow from USD 1.8 billion in 2020 to USD 7.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 25.1% during the forecast period.
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Happiest minds (India), Intel (US), PCCW Solutions (Hong Kong), Avery Dennison (US), Honeywell (US), Huawei Technologies Co. Ltd (China), NXP Semiconductor (The Netherland), E-Ink Holdings (Taiwan), Samsung Electronics (South Korea), DIEBOLD NIXDORF, Incorporated (US), Software AG (Germany), SoluM (South Korea), MINEW (China), TraxRetail (Singapore), NEXCOM (Taiwan), Pricer (Sweden), Dreamztech Solutions Inc (US), Sennco Solutions, Inc (US), Tronitag (Germany), MAGO S.A. (Poland), SES-IMAGOTAG (France), AWM Smart Shelf (US), Wiseshelf (Israel), Trigo (Israel), Caper (US), Zippin (US), and Focal Systems (UK) are some of the key players considered in the Smart Shelves Market. Companies offering smart shelves currently focus on organic strategies, such as new product launches and product enhancements, to be competitive in the market.
The retail sector is undergoing massive changes, owing to the growing challenges faced by retailers. Retailers struggle to cope with challenges, such as the ever-changing customer expectations, declining customer loyalty, internal communication gap, employee retention, and management of operational efficiency. With the rise in the e-commerce trend, customers have multiple options leading to a huge decline in their reliance on brick-and-mortar retail stores. In order to minimize the adverse effects of these challenges, retailers are adopting modern-age technologies, such as IoT, ESL, and smart shelves. The focus on the adoption of IoT for operation optimization and asset management is high. This scenario is changing gradually for customer experience and marketing applications. Retailers are increasingly capitalizing on new opportunity areas, such as smart checkout, smart shelf, and location-based marketing. The increasing deployment of interactive vending machines, smart kiosks, and contactless payment technologies in retail stores proves that retailers target new revenue opportunities to enhance their hold over customers.
MarketsandMarkets has segmented the global Smart Shelves Market into components (hardware, software and solutions, and professional services), organization size, applications, and regions. The hardware segment is further categorized into cameras, IoT sensors, RFID tags and readers, digital and LED displays, electronic shelf labels, and other hardware. By organization size, the report covers large enterprises and SMEs. The report also focuses on applications of the Smart Shelves Market, which includes planogram management, inventory management, pricing management, content management, and other applications. The other applications include facial analysis, promotional advertisement, and theft protection. This market study has been further segmented based on regions into North America, Europe, APAC, MEA, and Latin America.
By application, inventory management segment to have the highest market share during the forecast period
Smart shelves equipped with weight sensors, proximity sensors, RFID tags and readers, and NFC-enabled are attracting many retailers as it is the advanced automated solution for keeping track of inventory and out-of-stock items. With the help of computer vision technologies and 3D cameras, these smart shelves help not only in inventory management but provide analysis of what consumer wants. The cameras with facial recognition analyze the facial expression of the customer in real-time and alert the retailer about the products that are missing on the shelves while customers were in need.
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By Component, RFID tags and readers segment to have the highest market share during the forecast period
RFID is an automatic and tracking technology that uses small tags or chips to transmit a signal to remote scanners. The technology uses radio waves to read data from small chips, known as tags. RFID is extensively used across retail stores as it enables retailers to monitor monthly stock and thus, improve inventory accuracy. It is also used to prevent theft and track assets, and hence improves security. It enables retailers to have real-time stock information through automated scanning of items in the warehouse. Retailers use RFID technology to shorten queues and speed up the checkout process by utilizing linked payment wallets on their mobile phones.
Asia Pacific to grow with fastest growing CAGR during the forecast period
The major developed countries in APAC, such as China, Japan, Australia, Singapore, and South Korea, are expected to be potential markets for the Smart Shelves Market. The economic reform programs of various countries in APAC are creating growth opportunities for the manufacturers of the Smart Shelves Market. In addition, the expansion of large-scale retailers in this region is also responsible for the expected high growth rate of the Smart Shelves Market in APAC. The introduction of IoT to counter online retail and retailer’s problems and change in consumer preferences is expected to boost the Smart Shelves Market. 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. With innovation in IoT, coupled with the popularity of ESL, supports dynamic price adjustment and updating of inventory, the retail industries can reach a new height.
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