"Smart Shelves Market Projected to Reach $10.62 Billion by 2030"

Meticulous Research® today announced the release of its latest report, forecasting that the global smart shelves market will soar to a staggering $10.62 billion by 2030, expanding at a compound annual growth rate (CAGR) of 22.8% from 2024 to 2030. The rapid growth of this market is propelled by increasing retail industry concerns about optimizing inventory levels, the growing adoption of electronic shelf labels (ESLs) for pricing management, and a rising demand for enhanced in-store experiences.

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Market Drivers and Opportunities

The report highlights several key factors driving the smart shelves market's expansion. Retailers are increasingly focused on maintaining optimal inventory levels to meet consumer demand efficiently. The adoption of advanced ESL technologies is revolutionizing pricing management, allowing for real-time updates and dynamic pricing strategies. Additionally, as consumers seek more personalized and engaging shopping experiences, the demand for smart stores equipped with advanced technologies is on the rise.

Significant growth opportunities are expected to emerge as more retailers integrate advanced technologies into their operations. The increasing prevalence of smart stores and the continued innovation in retail technology solutions will further fuel market growth.

One notable example is the recent collaboration between Qualcomm Technologies, Inc. (U.S.) and SES-imagotag (France). In February 2024, these industry leaders joined forces to develop cutting-edge electronic shelf labels based on wireless standards from the Bluetooth Special Interest Group (SIG). This partnership aims to enhance retailers' operational efficiencies, empower employees, and elevate customer experiences through the deployment of advanced ESL solutions.

Segment Analysis

The smart shelves market is segmented based on offerings into hardware, software, and services. In 2024, the hardware segment is anticipated to dominate the market, driven by the rising number of smart stores and the widespread adoption of ESLs for automated pricing, product monitoring, and inventory management. The software segment, however, is projected to experience the highest CAGR during the forecast period, fueled by the growing need for smart shelf management software. This software is essential for real-time inventory tracking, dynamic pricing updates, and data-driven business insights.

Scandit AG (Switzerland), for instance, offers ShelfView, a comprehensive shelf management software that enhances store operations by optimizing inventory localization and executing pricing and promotional strategies with greater precision.

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Application and End-User Insights

The report also segments the market by application into inventory management, remote monitoring, demand forecasting, pricing management, and other uses. In 2024, inventory management is expected to hold the largest market share, driven by the need for precise stock control and the use of ESLs for real-time inventory tracking. Demand forecasting is projected to register the highest growth, as retailers increasingly leverage advanced analytics to optimize inventory levels, reduce stockouts, and enhance supply chain efficiency.

When analyzed by end-user, hypermarkets are set to dominate the market in 2024, thanks to their rapid adoption of digitalized price labels and automated checkout systems. The department stores segment, however, is expected to witness the fastest growth, driven by the sector's focus on delivering high-quality service and convenience to customers.

Geographical Outlook

Geographically, the Asia-Pacific region is poised to lead the global smart shelves market by 2024, accounting for the largest market share. This dominance is attributed to the region's rapidly developing economies, increased technological investment in retail, and the widespread use of ESLs to enhance customer experience. Furthermore, Asia-Pacific is also expected to experience the highest CAGR during the forecast period, driven by the necessity for digitalization in retail, the development of new ESL standards, and the surge in e-commerce.

Key Industry Players

Prominent companies in the smart shelves market include Intel Corporation (U.S.), Panasonic Connect Oceania (Australia), Pricer AB (Sweden), Trax Technology Solutions Pte Ltd. (Singapore), SOLUM (South Korea), SES-imagotag (France), Huawei Technologies Co., Ltd. (China), and Samsung Electronics Co. Ltd (South Korea), among others. These industry leaders are at the forefront of driving innovation and growth within the smart shelves market.

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Mr. Khushal Bombe
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This release was published on openPR.