PUBLISHER: The Business Research Company | PRODUCT CODE: 1425821
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425821
Smart Shelves Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart shelves market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart shelves? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart shelves market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Smart shelves are technologically integrated shelves equipped with sensors, digital displays, and RFID tags. They efficiently monitor inventory, offer product information, suggest cross-selling opportunities, and provide marketing insights. These shelves offer valuable data on customer preferences and buying behaviors for businesses. Typically deployed in retail stores, smart shelves automate inventory tracking.
Key components of smart shelves comprise hardware, software, and associated services. Hardware includes essential physical parts like the motherboard, CPU, RAM, and other critical elements of a computer system. Businesses of various sizes, from small and medium enterprises to large corporations, leverage smart shelves for functions like planogram management, inventory tracking, pricing management, and content management. They find applications in departmental stores, supermarkets, specialty stores, and similar end-user environments.
The smart shelves market research report is one of a series of new reports from The Business Research Company that provides Smart shelves market statistics, including smart shelves industry global market size, regional shares, competitors with smart shelves market share, detailed Smart shelves market segments, market trends, and opportunities, and any further data you may need to thrive in the smart shelves industry. This smart shelf market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 observed in the historical period can be attributed to factors such as improved customer engagement, decision-making based on data insights, optimization of supply chains, enriched shopping experiences, and a decrease in out-of-stock occurrences.
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 anticipated growth in the upcoming period can be linked to factors such as the preference for contactless shopping, the emergence of autonomous stores, the need for real-time pricing updates, personalized shelf displays, the adoption of sustainable materials in shelf construction, and the global expansion of smart retail initiatives. Key trends expected in this period encompass the integration of RFID technology, automation for inventory management, utilization of electronic shelf labels (ESLs), emphasis on security and anti-theft measures, collaboration with e-commerce platforms, and the growing demand for real-time inventory visibility.
The smart shelf market is poised for growth due to the increasing trend of customer personalization and customization. Personalization involves tailoring a product to meet a customer's specific wants and needs, while customization refers to customers manually adjusting items to their specifications. Smart shelves play a pivotal role in enhancing customer personalization and customization, offering benefits such as retailer profit maximization and tailored shopping experiences. According to IBM Watson Advertising in January 2022, 56% of customers desire customized interactions with brands, and 70% of millennials are willing to allow companies to monitor their browsing and purchasing habits for a more personalized shopping experience. With 59% of customers emphasizing the importance of personalized engagement based on past interactions, the growing focus on customer personalization is expected to be a key driver for the smart shelf market.
The expansion of the e-commerce industry is anticipated to contribute significantly to the growth of the smart shelf market. E-commerce involves the online buying and selling of goods and services, and smart shelves can play a crucial role in real-time inventory tracking, helping e-commerce businesses avoid stockouts and overstocks. A report by the International Trade Administration in October 2021 projects that e-commerce for consumer goods will constitute approximately 22% of all retail sales globally by 2024, growing at an average rate of over 1%. Additionally, retail e-commerce sales are expected to witness a consistent long-term increase of 8% through 2024. This trajectory in the e-commerce industry is a key factor driving the growth of the smart shelf market.
Technological advancement emerges as a prominent trend in the smart shelf market, with major players focusing on innovative technologies to maintain their market position. For example, Unified Natural Foods Inc., a US-based natural and organic food company, introduced a smart shelf tag initiative in October 2022 based on Eli QR codes. This technology allows consumers to access product information while shopping in stores. Eli QR Codes, an enhanced and secure variation of QR codes, can be scanned to provide customers with detailed information about a product, including nutrition details, allergens, promotional offers, customer reviews, traceability information, and brand stories. This technological innovation is designed to enhance the customer shopping experience, reflecting the industry's commitment to staying at the forefront of technology in the smart shelf market.
Leading companies in the smart shelves market are strategically focusing on the development of technological innovations, particularly in the realm of smart data capture solutions, to establish a competitive advantage. Smart data capture solutions encompass integrated hardware, software, and connectivity systems designed to automate the process of capturing and transmitting data from physical objects or documents into digital formats. An illustrative example is Scandit AG, a Switzerland-based provider of smart data capture solutions, which introduced ShelfView in January 2022. ShelfView is a smart data capture and analytics solution specifically tailored for retail shelf management. Leveraging advanced computer vision technology, ShelfView captures and analyzes in-store data, including pricing and inventory locations, offering retailers real-time visibility into their store operations.
In a strategic move in August 2021, Zebra Technologies Corporation, a prominent US-based mobile computing company, acquired Fetch Robotics Inc. The acquisition, completed for an undisclosed amount, positions Zebra Technologies to gain access to Fetch Robotics' portfolio of autonomous mobile robots (AMRs). This acquisition is expected to complement Zebra Technologies' existing product offerings and includes Fetch Robotics' expertise in manufacturing collaborative, autonomous mobile robots, including those designed for smart shelves. This strategic acquisition underscores the industry's recognition of the importance of autonomous technologies in the smart shelves market.
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.
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.
The countries covered in the smart shelves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart shelves market consists of revenues earned by entities by providing smart shelves services such as real-time stock information services, inventory management services, cross-selling suggestion, stock operations management. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart shelves market also includes sales of digital display, detector system, satellite receivers which are used in providing smart shelves services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.