Smart Shelves Market

GMI Research analysis indicates that the Smart Shelves Market size was estimated at USD 2,853 million in 2022 and is slated to register a double digit CAGR of 25.6% over the forecast period, and is projected to reach USD 17,670 million in 2030.

Smart Shelves Market Overview

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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Major Smart Shelves Market Drivers

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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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)

    • By Component
    • By Organization Size
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Smart Shelves Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Organization Size
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Smart Shelves Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Organization Size
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Smart Shelves Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Organization Size
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) 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