Global Smart Shelves Market Overview Covering Forecast Market Size And Growth Rate 2033 | Happiest Minds Technologies Pvt. Ltd., Intel Corporation, Pacific Century CyberWorks Limited

"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 in the historic period can be attributed to customer engagement, data-driven decision-making, supply chain optimization, enhanced shopping experience, reduction of out-of-stock incidents.

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 growth in the forecast period can be attributed to contactless shopping preferences, rise of autonomous stores, demand for real-time pricing updates, customization of shelf displays, sustainable materials in shelf construction, global expansion of smart retail. Major trends in the forecast period include integration of rfid technology, automation for inventory management, electronic shelf labels (esls), focus on security and anti-theft measures, collaboration with e-commerce platforms, demand for real-time inventory visibility.

Market Overview -
Smart shelves refer to electronically connected shelves that keep track of inventory and provide product information, cross-selling recommendations, and marketing ideas using a combination of sensors, digital displays, and RFID tags. They also give businesses priceless insight into the preferences and purchasing habits of their customers. The smart shelves are used to automatically track inventory in retail stores.

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The Role Of Customer Personalization And Customization In Propelling The Smart Shelf Market
The increase in customer personalization and customization is expected to propel the growth of the smart shelf market going forward. Personalization refers to the process of designing or altering a product to better suit a customer's wants and needs. When a customer manually alters an item to match their demands or specifications, this is called customization. Smart shelves help increase customer personalization and customization through the benefits of smart shelves, such as retailer profit maximization and the provision of a tailored shopping experience, which are anticipated to favorably impact the global market for smart shelves. For instance, according to IBM Watson Advertising, a US-based AI-powered advertising solution, in January 2022, 56% of customers want all their interactions with brands to be customized. And in exchange for a better-personalized shopping experience, 70% of millennials are willing to let companies monitor their browsing and purchasing habits. Further, 59% of customers feel it's crucial to engage them in a customized way based on previous interactions if you want to win their business. Therefore, increasing customer personalization and customization is expected to drive the growth of the smart shelves market.

Competitive Landscape -
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.

Technological Advancements Shaping The Landscape Of The Smart Shelves Market
Technological advancement is a key trend gaining popularity in the smart shelves smart shelves market. Major market players in the smart shelves market are focused on technological innovations to sustain their position in the market. For instance, in October 2022, Unified Natural Foods Inc., a US-based natural and organic food company, introduced a smart shelf tag initiative based on new technology Eli QR codes, which will allow consumers to obtain product information as they shop in stores. ELi QR Codes are an improved, more secure variation of a QR code that can be scanned to give customers more information about a product and rich digital content on their smartphones without the need for an app. The ELi QR Code's content will be obtained from the provider and automatically filled in for each unique UPC to provide information on nutrition, allergens and promotional offers, customer reviews, traceability details, and brand stories which will leverage customers' shopping experience.

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Key Segments -
The smart shelves market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Enterprise Size: Small and Medium Enterprises (SMEs), Large Enterprise
3) By Application: Planogram Management, Inventory Management, Pricing Management, Content Management, Other Applications
4) By End-User: Departmental Stores, Supermarkets, Specialty Stores, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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