Overview and Scope
Smart shelves refer to electronically connected shelves that keep track of inventory and provide product information, cross-selling recommendations, and marketing ideas using a combination of sensors, digital displays, and RFID tags. They also give businesses priceless insight into the preferences and purchasing habits of their customers. The smart shelves are used to automatically track inventory in retail stores.
Sizing and Forecast
The smart shelves market size has grown exponentially in recent years. It will grow from $3.35 billion in 2023 to $4.07 billion in 2024 at a compound annual growth rate (CAGR) of 21.4%. The growth in the historic period can be attributed to customer engagement, data-driven decision-making, supply chain optimization, enhanced shopping experience, reduction of out-of-stock incidents..
The smart shelves market size is expected to see rapid growth in the next few years. It will grow to $8.22 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The growth in the forecast period can be attributed to contactless shopping preferences, rise of autonomous stores, demand for real-time pricing updates, customization of shelf displays, sustainable materials in shelf construction, global expansion of smart retail.. Major trends in the forecast period include integration of rfid technology, automation for inventory management, electronic shelf labels (esls), focus on security and anti-theft measures, collaboration with e-commerce platforms, demand for real-time inventory visibility..
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Segmentation & Regional Insights
The smart shelves market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Enterprise Size: Small and Medium Enterprises (SMEs), Large Enterprise
3) By Application: Planogram Management, Inventory Management, Pricing Management, Content Management, Other Applications
4) By End-User: Departmental Stores, Supermarkets, Specialty Stores, Other End-Users
Top 5 Major Players:
- Happiest Minds Technologies Pvt. Ltd
- Intel Corporation
- Pacific Century CyberWorks Limited
- Avery International Corporation
- Honeywell International Inc
North America was the largest region in the smart shelves market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart shelves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in customer personalization and customization is expected to propel the growth of the smart shelf market going forward. Personalization refers to the process of designing or altering a product to better suit a customer’s wants and needs. When a customer manually alters an item to match their demands or specifications, this is called customization. Smart shelves help increase customer personalization and customization through the benefits of smart shelves, such as retailer profit maximization and the provision of a tailored shopping experience, which are anticipated to favorably impact the global market for smart shelves. For instance, according to IBM Watson Advertising, a US-based AI-powered advertising solution, in January 2022, 56% of customers want all their interactions with brands to be customized. And in exchange for a better-personalized shopping experience, 70% of millennials are willing to let companies monitor their browsing and purchasing habits. Further, 59% of customers feel it’s crucial to engage them in a customized way based on previous interactions if you want to win their business. Therefore, increasing customer personalization and customization is expected to drive the growth of the smart shelves market.
Key Industry Players
Major companies operating in the smart shelves market report are Happiest Minds Technologies Pvt. Ltd., Intel Corporation, Pacific Century CyberWorks Limited, Avery International Corporation, Honeywell International Inc., Huawei Technologies Co. Ltd., NXP Semiconductors N.V., E Ink Corporation, Samsung Electronics Co. Ltd., Software AG, NEXCOM International Co. Ltd., cisco Systems Inc., Trax Retail Inc., Minew Technologies Co. Ltd., SES-Imagotag SA, Pricer AB, Adroit Worldwide Media Inc., SOLUM Europe GmbH, Sennco Solutions Inc., MAGO S.A., BOE Technology Group Co. Ltd., Lenovo PCCW Solutions Limited, Microsoft Corporation, Amazon.com Inc., Google LLC, IBM Corporation, Oracle Corporation, SAP SE, Zebra Technologies Corporation, Advantech Co. Ltd., NCR Corporation, Toshiba Corporation, Panasonic Corporation, LG Electronics Inc., Sony Corporation, NEC Corporation, Fujitsu Limited, Hewlett Packard Enterprise Company, Dell Technologies Inc.
The smart shelves market report table of contents includes:
1. Executive Summary
2. Smart Shelves Market Characteristics
3. Smart Shelves Market Trends And Strategies
4. Smart Shelves Market – Macro Economic Scenario
5. Global Smart Shelves Market Size and Growth
…..
31. Global Smart Shelves Market Competitive Benchmarking
32. Global Smart Shelves Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Smart Shelves Market
34. Smart Shelves Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Smart Shelves Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Smart Shelves Market, Segmentation By Enterprise Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Smart Shelves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 75: Happiest Minds Technologies Pvt. Ltd. Financial Performance
Table 76: Intel Corporation Financial Performance
Table 77: Pacific Century CyberWorks Limited Financial Performance
Table 78: Avery International Corporation Financial Performance
Table 79: Honeywell International Inc. Financial Performance
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