Global Smart Shelves Market Size, Share & Trends Analysis Report, By Component, By Organization Size, By Application, By Region Forecasts, 2024 – 2032

Global Smart Shelves Market Size, Share & Trends Analysis Report, By Component, By Organization Size, By Application, By Region Forecasts, 2024 – 2032

Global Smart Shelves Market was valued at US $ 2.81 billion in 2023 and is expected to reach US $ 13.49 billion by 2032 growing at a CAGR of 25.1% during the forecast period 2024 – 2032.

The primary drivers of this growth in revenue include the retail industry's growing use of technological solutions like RFID and IoT, as well as the popularity of smart shelves, which offer a number of benefits to consumers and supermarkets over their more conventional counterparts. Retail establishments use RFID-enabled intelligent shelf systems that track assets autonomously. These systems consist of RFID tags, RFID readers, and antennae.

One example is the intelligent shelf that detects the number of items and incorporates or allows weight sensors beneath its components. Intelligent shelves can also gather data via the Internet of Things (IoT) and send it to store employees for study. Supermarkets can use this technology to determine what exactly appeals to shoppers and to change the layout of products in the store. Using Internet of Things technology, the gathered data can subsequently be used to inform digital panels that display catalogues, advertisements, and personalised offerings. Intelligent shelving aids shops in monitoring inventory levels and determining when an item runs out of stock. Additionally, smart shelf technology notifies retailers of goods theft events.

The enhancement of inventory control contributes to the market's continued revenue growth. When frequent staff shortages are combined with the demand for several customer lines that require immediate attention, restocking becomes extremely challenging. Employees that fail to regularly monitor the storage capacity risk stockouts, which lower customer satisfaction and reduce sales altogether.

“Software & Solutions segment, by component, to be dominating market from 2023 to 2030.”

In the global market, the software and solutions sector is anticipated to generate the most revenue throughout the forecast period. Higher sales, ROI, comprehension of consumer behaviour and brand loyalty, secondary positioning or product category strategy, assessment of the efficacy of campaigns or initiatives, and enhanced inventory and logistic performance are just a few advantages of smart shelf software and solutions.

Throughout the projection period, revenue growth in the hardware segment is anticipated to be either constant or sluggish. This is due to the fact that modern hardware is compatible with a wide range of devices, including RF devices, mobile service providers, and languages. Additionally, circuits including microcontrollers could be added. Additionally, they make use of REST design, which is highly extensible and interoperable, supports HF and UHF wireless technologies, interfaces easily with POS, store, and even ERP systems at the enterprise level of warehousing, and makes it easier to add new data to the platform.

“Large enterprise segment, by organization size, to be dominating market from 2023 to 2030.”

During the forecast period, revenue will be dominated by the large enterprise segment. As supermarkets and warehouses grow in size and handle a multitude of products, smart shelving is becoming more and more prevalent.

“Planogram management segment, by application, to be fastest growing market from 2023 to 2030.”

The planogram management segment is expected to see notable revenue increase in the forecast years. It is easier to distinguish between a successful transaction and an underused product that is left on the shelves when clever visual merchandising is applied. Any retail firm can easily keep an eye on the state of its shelves on any given day with the help of an intelligent shelving system. Analysing historical data can help optimise how highly demanded products are presented, increasing sales through. It is also rather easy to incorporate this information into an already-existing planogram compliance programme, and astute marketers may quickly identify opportunities to enhance item placement. These are an essential component of the expansion in this direction.

“North America to be largest region in Smart shelves market.”

Because the key market players are more active in these nations, the North American market is anticipated to deliver the greatest revenue share throughout this forecast period. The combining of analytic product clouds by Avery Dennison and SAP is an example of their relationship to combat waste in the retail sector. Supermarkets might keep a close eye on and better manage expiration dates with the use of such measures. The SAP Analytics Cloud, which is a component of the SAP Business Technology Platform solution, can be coupled with Avery Dennison's atma.io connect product cloud through an OEM agreement. Several sources claim that the SAP Analytics dashboard also obtains data from products branded with very Dennison's digital recognition, such as atma.io and RFID.

Smart shelves Competitive Landscape

The competitive landscape of the Smart shelves market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Smart shelves technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Smart shelves market is highly competitive, with numerous companies vying for market share. Prominent companies in the Smart shelves Market include:

Major Players:

SES-Imagotag, Solum, Pricer, Honeywell International Inc., Trax Image Recognition, Huawei Technologies Co., Ltd., Avery Dennison Corporation, Intel Corporation, Samsung, E Ink Holding Inc.

Recent Developments:

Auchan Retail Portugal, a prominent European food store, and Trax, a well-known supplier of computer vision and analytical solutions to the retail sector, reached an agreement on July 29, 2020. According to the terms of the agreement, Trax must outfit Auchan Retail Portugal's 34 supermarkets and hypermarkets with the robot suit for autonomous shelf monitoring. Auchan Retail Portugal is another of Europe's leading supermarket merchants. Everything began at Lisbon's Auchan Alfragide store.

On July 27, 2021, Avery Dennison paid $1.45 billion in cash to purchase vestcom, a privately held business that specialized in premium price labels. The contract includes provisions for some of the closing changes that were part of the transaction. This business employs data management tools to integrate and smooth point-of-sale data in order to deliver item-specific and price-integrated messaging at the exact moment a customer decides what to buy. This agreement expired at the end of September, 2021.