Smart Shelves Market Size Worth $14.88 Billion By 2030 | CAGR: 22.2%
The global smart shelves market size is expected to reach USD 14.88 billion by 2030, according to a new study by Polaris Market Research. The report "Smart Shelves Market Share, Size, Trends, Industry Analysis Report, By Components (Hardware, Software, Services); By Enterprise Size (SMEs, Large Enterprise); By Application (Planogram Management, Inventory Management, Pricing Management, Others) By Region; Segment Forecast, 2022-2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing adoption of smart pricing and inventory management system for making smart restocking decisions and rising demand for supply chain optimization are collectively drives the market growth.
Electronic labels are anticipated to minimize the need for paper and make it easier to change the prices throughout the entire store quickly. As more and more businesses use cutting-edge technologies to replace paper labels, most supermarkets are beginning to embrace smart shelves with digital displays.
For instance, American retailer Kroger recently began utilizing the cloud-based display technology EDGE. The software shows prices, coupons, movies, and nutritional information together with adverts. Over the projected period, it is anticipated that this will significantly increase sales.
Retailers can also use smart shelf technology to detect theft of goods, minimizing losses and increasing profits. Furthermore, essential advantages including product placement, low stock warnings, shelf tag updates, stock information, product information, store performance, and customer service.
Additionally, businesses can use this technology to check inventory levels and determine when a product is out of stock. Technology for electronic shelves can also notify shops of product theft, lowering waste and increasing revenues.
Smart Shelves Market Report Highlights
- The Hardware segment is expected to grow at a high CAGR. In particular, they are compact wireless display systems that can replace the conventional paper pricing systems used in retail establishments. These technologies enable businesses to cut labour costs and eliminate pricing mistakes. They also offer the additional benefit of increasing sales conversions and margins by making it simpler to adjust prices in reaction to price changes from suppliers and competitors.
- SMEs accounted largest revenue share. As a result, growing e-commerce and business competitiveness are pushing the SME segment of the global market to rise over the forecast period.
- Pricing Management accounted for the highest global revenue share. The shelf can be transformed into a holistic, multipurpose selling tool using digital signage, RFID technology, weight sensors, and other gadgets.
- Europe is expected to grow at a high CAGR over the forecast period. Because of the high penetration in the retail sector, particularly in nations like France, Italy, Germany, and Central Europe.
- Major players operating in the industry include Samsung Electronics Co. Ltd., Happiest minds, Avery Dennison, Huawei Technologies Co. Ltd, Nexcom International Co., Ltd., PCCW Solutions, Intel, Honeywell International Inc., SES-Imagotag, NXP Semiconductor, Samsung Electronics, E-Ink Holdings, Software AG, MINEW, TraxRetail, Pricer AB, and others.
Where is the Smart Shelves Market Headed?
Our research on the smart shelves industry reveals that the rising adoption of technologies such as Internet of Things (IoT) and RFID will create lucrative opportunities during the forecast period. Based on component, the software segment is expected to register at the highest rate during the projected period. Increasing requirement to build connectivity between shelf component and cloud servers will propel the segment growth. Geographic analysis indicates that the Europe smart shelves market is dominating across the world, because the retail industry is seeing an increase in demand for smart devices.
What Does the Smart Shelves Report Reveal?
- What is the global market size, opportunities, emerging trends, and CAGR for the market through 2030?
- Which factors are leading to the industry's expansion?
- Who are the key industry players, and what is their relative position in terms of competitive positioning?
- How do different applications, such as planogram management, inventory management, pricing management, content management, and others, influence the market landscape?
- How does the market differ in terms of component, enterprise size, application, and geography, and which is the leading application?
- What are the key trends in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa?
- Where do new opportunities arise in the market?
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Polaris Market Research has segmented the smart shelves market report based on component, enterprise size, application, and region:
Smart Shelves, Component Outlook (Revenue - USD Billion, 2018 - 2030)
- Hardware
- Software
- Services
Smart Shelves, Enterprise Size Outlook (Revenue - USD Billion, 2018 - 2030)
- SMEs
- Large Enterprise
Smart Shelves, Application Outlook (Revenue - USD Billion, 2018 - 2030)
- Planogram Management
- Inventory Management
- Pricing Management
- Content Management
- Others
Smart Shelves, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
