What Fueled The Previous Growth In The Smart Shelves Market?
The smart shelves market has seen considerable growth due to a variety of factors.
• The market size for smart shelves has seen a rapid expansion in the past few years. The value of the market is predicted to escalate from $3.99 billion in 2024 to $4.79 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 20.2%. The historical growth has been driven by factors like customer engagement, data-fueled decision making, optimization of the supply chain, an improved shopping experience, and a decrease in out-of-stock situations.
How Does the Forecast Look for the Smart Shelves Market Size?
The Smart Shelves market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for smart shelves is predicted to experience a swift expansion in the forthcoming years. The growth is projected to reach $9.81 billion by 2029, registering a compound annual growth rate (CAGR) of 19.6%.
This anticipated surge during the forecast period can be accredited to factors such as the popularity of contactless shopping, the emergence of self-operating stores, need for immediate pricing updates, tailored shelf displays, the use of green materials in building shelves, and the worldwide broadening of smart retail. Some prominent trends expected during this forecast period encompass the incorporation of RFID technology, the utilization of automation for inventory control, electronic shelf labels (ESLs), emphasis on security and theft prevention, alliances with online retail platforms, and the increasing need for real-time stock visibility.
What Are The Leading Drivers Of Growth In The Smart Shelves Market?
The smart shelf market is projected to expand due to the enhancement in customer personalization and customization. Personalization involves modifying a product to meet a customer's wants and needs more effectively. Customization, on the other hand, happens when a customer manually adjusts a product to meet their specific needs. By maximizing retail profit and providing a customized shopping experience, smart shelves can facilitate increased customer personalization and customization, which is anticipated to have a positive impact on the global smart shelves market. For example, IBM Watson Advertising, a US-based AI-powered advertising solution, reported in January 2022, that 56% of customers expect all their brand interactions to be personalized. Moreover, 70% of millennials are willing to have their browsing and purchasing habits tracked in exchange for a superior personalized shopping experience. Additionally, 59% of customers believe that customized engagement based on past interactions is essential to gain their business. Consequently, the rise in customer personalization and customization is projected to fuel the growth of the smart shelves market.
How Are The Segments Defined Within The Global Smart Shelves Market?
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
Subsegments:
1) By Hardware: Sensors, RFID Tags, Cameras, IoT Devices, Display Screens
2) By Software: Inventory Management Software, Analytics And Reporting Software, Cloud-Based Platforms, Mobile Applications
3) By Services: Installation Services, Maintenance And Support Services, Consulting Services, Training Services
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How Are New Trends Expected To Influence The Growth Of The Smart Shelves Market?
The drive for technological progression is an emerging trend being seen in the smart shelves industry. Dominant players in the market are turning to technological exploration to maintain their relevance in the market. For example, in October 2022, Unified Natural Foods Inc., an American natural and organic food company, rolled out a unique smart shelf tag initiative that uses innovative ELi QR codes technology. These ELi QR codes enable consumers to access product knowledge while shopping in stores. The ELi QR Codes are enhanced, more secure iterations of traditional QR codes, designed to be scanned and provide shoppers with extensive information about products and interactive digital content on their mobile devices without an application. The content obtained through these ELi QR Codes, sourced from the product provider, will be auto-populated for each distinct UPC, offering data on nutrition, allergens, promotional offers, customer testimonials, tracking details, and brand narratives, all aiming to enhance the shopping journey for consumers.
Who Are the Key Players In The Smart Shelves Market?
Major companies operating in the smart shelves market include:
• Happiest Minds Technologies Pvt. Ltd.
• Intel Corporation
• Avery International Corporation
• Honeywell International Inc.
• Huawei Technologies Co. Ltd.
• NXP Semiconductors N.V.
• E Ink Corporation
• Samsung Electronics Co. Ltd.
• Software AG
• Cisco Systems Inc.
• Trax Retail Inc.
• Minew Technologies Co. Ltd.
• SES-Imagotag SA
• Pricer AB
• SOLUM Europe GmbH
• 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.
• NEC Corporation
• Fujitsu Limited
• Hewlett Packard Enterprise Company
• Dell Technologies Inc.
What Is The Most Dominant Region In The Smart Shelves Market?
North America was the largest region in the smart shelves market in 2024. 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.
