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Smart Shelves Market by Component, Application And Region - Global Forecast to 2026

Smart Shelves Market by Component, Application And Region - Global Forecast to 2026

  • March 2021
  • 229 pages
  • ID: 6042204
  • Format: PDF
  • MarketsandMarkets

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The global smart shelves market size is expected to grow from an estimated value of USD 1.8 billion in 2020 to USD 7.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 25.1% from 2020 to 2026. The smart shelves market is driven by various factors, such as adoption of enhanced inventory management to make smarter restocking decisions and real-time engagements, use of automation and intelligence for better smart shopping to boost demand for smart shelf solutions to boost the growth of smart shelves market across the globe during the forecast period. However, privacy concerns related to inbuild data tags can hinder the growth.

Software and solutions segment to grow at a higher CAGR during the forecast period
Software and solutions are essential tools and platforms, which are used to build connectivity between shelf components and the cloud servers and gateways. In-store execution, category analysis and planning, inventory optimization, price, promotion compliance, store monitoring and intelligence, and planogram monitoring are some of the prime instances of smart shelf software and solutions.
COVID-19 has increased the demand for software and solutions in retail in order to connect the physical environment to the remote server.COVID-19 pandemic has revolutionized digital technology and remote working principles.

In retail as well, it has become essential to monitor and keep track of inventory, planogram, pricing and offers, and content management of the products in real-time, thereby has impacted the adoption of smart shelves as well.

Large enterprises segment to account for a higher market share during the forecast period
By organization size, the smart shelves market is segmented into SMEs and large enterprises.Large enterprises (or large-scale retail outlets such as supermarkets) are the early adopters and are the most significant contributors in generating revenue for the market.

The smart shelves technology is new in the market and is undergoing various deployment and implementation tests by retailers. As compared to large enterprises, SMEs or small retail outlets are growing with a steady growth rate; however, it is expected to have a high adoption rate of the smart shelves technology after two or five years.
Large enterprises are defined as companies with having an employee strength of more than 1,000.In the smart shelves market, large-scale retailers, supermarkets, and hypermarkets with multinational presence have been considered as large enterprises.

Smart shelves have the ability to provide real-time inventory insights, check and update customer buying behavior, pricing management, and assist the retailer in optimizing store operations. Large retailers such as Walmart, Kroger, and Walgreens, among others, have already deployed ESLs, sensors, RFID tags, and readers in their outlets in the US, Canada, and European nations.

Asia Pacific to grow at the highest rate 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.

According to IDC, retailers that leverage emerging technologies such as AI and IoT will have a 20% improvement in customer satisfaction scores and a 25% improvement in inventory turnovers.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the smart shelves market.
• By company type: Tier 1: 20%, Tier 2: 57%, and Tier 3: 33%
• By designation: C-level: 40%, Manager and Other: 60%
• By region: North America: 20%, Europe: 35%, APAC: 45%

Major vendors offering smart shelves market across the globe 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).
The study includes an in-depth competitive analysis of the key players in the smart shelves market, with their company profiles, recent developments, and key market strategies.

Research coverage
The market study covers the smart shelves market size across segments.It aims at estimating the market size and growth potential of this market across different segments: by component, by organization size, by application, and by region.

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall smart shelves market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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