Smart Shelves Market to be Worth $10.62 Billion by 2030

The Smart Shelves Market is projected to reach $10.62 billion by 2030, at a CAGR of 22.8% during the forecast period of 2023-2030. The growth of this market is driven by the growing concern of retail business to keep inventory at an optimum level, increasing use of electronic shelve labels for pricing management, and growing customer demand for better in-store experiences. In addition, the rising use of advanced technologies in retail and a growing number of smart stores are expected to offer significant growth opportunities for the stakeholders in the smart shelves market.

Smart shelves provide more cost-efficient ways to update pricing, deliver rich media, harmonize online and in-store channels, and provide product details. There are a variety of devices that can be installed on and around shelves to make them more efficient in terms of utility. Smart shelves collect and transmit inventory data, which retailers analyze and use to improve stock availability.

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The growth of this market is driven by the growing concern of retail business to keep inventory at an optimum level, increasing use of electronic shelve labels for pricing management, and growing customer demand for better in-store experiences. In addition, the rising use of advanced technologies in retail and a growing number of smart stores are expected to offer significant growth opportunities for the stakeholders in the smart shelves market.

However, the lack of technology adoption in the unorganized retail sector may restrain the market's growth. Furthermore, the rising shift towards E-commerce and data security & privacy issues are expected to challenge the growth of the smart shelves market.

The smart shelves market is segmented by offering (hardware (electronic shelf labels, sensors, cameras, RFID tags and readers, and other hardware), software (cloud-based deployments, on-premises deployments), services), application (inventory management, remote monitoring, demand forecasting, pricing management, and other applications), and end user (hypermarkets, supermarkets, department stores, specialty stores, other retailers, and warehouses)

Based on offering, the global smart shelves market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global smart shelves market. However, the software segment is projected to register the highest CAGR during the forecast period. Growing need for smart shelve software among retailers to update the pricing of goods, real-time tracking of virtually all on-shelf inventory, and a growing need to analyze the data collected from the shelves to produce business insights. Several players operating in the market provide smart shelf management software. For instance, Scandit AG (Switzerland) offers ShelfView, a shelf management software that empowers more intelligent and efficient store operations for inventory localization and execution of prices and promotions.

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Based on application, the global smart shelves market is broadly segmented into inventory management, remote monitoring, demand forecasting, pricing management, and other applications. In 2023, the inventory management segment is expected to account for the largest share of the global smart shelves market. However, the demand forecasting segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as the rising need to optimize inventory levels, reduce stockouts and overstocks, improve customer satisfaction, and enhance supply chain efficiency are expected to drive the segment growth.

Based on end user, the global smart shelves market is broadly segmented into hypermarkets, supermarkets, department stores, specialty stores, warehouses, and other end users. In 2023, the hypermarkets segment is expected to account for the largest share of the global smart shelves market. However, the department stores segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising focus of department stores on providing a high level of services, greater convenience to customers by offering a variety of products under one roof, increased use of smart shelves with digital displays for personalized advertisements, the need for automated processes in stores, and crucial need of continuous tracking and managing stocks in department stores.

Based on geography, the global smart shelves market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global smart shelves market. The large market share of the region is attributed to the presence of rapidly developing economies, the growing technology investment in the retail sector to address changed consumer expectations on the shopping experience, and the increased use of electronic shelf labels at retail for providing an enhanced customer experience. Moreover, the Asia-Pacific region is also projected to register the highest CAGR during the forecast period.

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Key Players:

Some of the key players operating in the global smart shelves market are Intel Corporation (U.S.), AWM (U.S.), Panasonic Connect Oceania (Australia), Pricer AB (Sweden), Trax Technology Solutions Pte Ltd. (Singapore), SOLUM (South Korea), SES-imagotag (France), HCL Technologies Limited (India), E Ink Holdings Inc. (Taiwan), Huawei Technologies Co., Ltd. (China), Focal Systems Inc. (U.S.), MAGO SA (Poland), Minewtag (China), troniTAG GmbH (Germany), Samsung Electronics Co. Ltd (South Korea), Honeywell International Inc. (U.S.), Lenovo PCCW Solutions Limited (China), NXP Semiconductors N.V (Netherlands), and Avery Dennison Corporation (U.S.).

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