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Emerging Trends Influencing The Growth Of The Smart Shelves Market:Technological Advancements Shaping The Landscape Of The Smart Shelves Market
Smart Shelves
How Big Is the Smart Shelves Market Size Expected to Be by 2034?
In recent times, the market size for smart shelves has seen significant expansion. It is predicted to surge from $3.99 billion in 2024 to $4.79 billion in 2025, with a compound annual growth rate (CAGR) of 20.2%. Factors contributing to historical period growth include improved customer engagement, data-influenced decision-making processes, enhanced supply chain management, improved shopping environments, and decreased occurrences of stock shortages.
Predicted to see significant acceleration in the coming years, the size of the smart shelves market is set to reach $9.81 billion by 2029, with a compound annual growth rate (CAGR) of 19.6%. Influences contributing to this growth throughout the forecast period are trends towards contactless shopping, the emergence of autonomous shops, the necessity for real-time pricing updates, personalized shelf displays, the use of environmentally friendly materials in shelf production, and the worldwide growth of intelligent retailing. Ahead within the forecast duration, the merging of RFID technology, automation implementation for proper inventory management, the utilization of electronic shelf labels (ESLs), emphasis on security and anti-theft strategies, partnerships with online commerce platforms, and desire for instant inventory visibility are major trends to look out for.
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What Are the Emerging Segments Within the Smart Shelves Market?
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
Subsegments:
1) By Hardware: Sensors, RFID Tags, Cameras, IoT Devices, Display Screens
2) By Software: Inventory Management Software, Analytics And Reporting Software, Cloud-Based Platforms, Mobile Applications
3) By Services: Installation Services, Maintenance And Support Services, Consulting Services, Training Services
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What Long-Term Drivers Are Shaping Smart Shelves Market Trends?
The smart shelf market's future growth is projected to be fueled by heightened customer personalization and customization. Personalization entails tailoring or modifying a product to perfectly fit the requirements and desires of a customer, whereas customization is the process when a customer manually adjusts a product to fit their particular needs or wants. Smart shelves play a pivotal role in enhancing customer personalization and customization, offering advantages like maximized retailer profits and a personalized shopping experience, which are likely to positively affect the global smart shelves market. For instance, IBM Watson Advertising, a United States-based AI-driven advertising solution, reported in January 2022, that 56% of consumers desire complete customization in their interactions with brands. Furthermore, 70% of millennials are willing to allow businesses to track their browsing and purchasing activities in exchange for an improved personalized shopping experience. Additionally, 59% of consumers believe that businesses must engage with them in a personalized manner, taking into account previous interactions, to secure their patronage. Consequently, the rise in customer personalization and customization is set to spur the expansion of the smart shelves market.
Who Are the Top Competitors in Key Smart Shelves Market Segments?
Major companies operating in the smart shelves market are Happiest Minds Technologies Pvt. Ltd., Intel Corporation, Avery International Corporation, Honeywell International Inc., Huawei Technologies Co. Ltd., NXP Semiconductors N.V., E Ink Corporation, Samsung Electronics Co. Ltd., Software AG, Cisco Systems Inc., Trax Retail Inc., Minew Technologies Co. Ltd., SES-Imagotag SA, Pricer AB, SOLUM Europe GmbH, 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., NEC Corporation, Fujitsu Limited, Hewlett Packard Enterprise Company, Dell Technologies Inc.
What Smart Shelves Market Trends Are Gaining Traction Across Different Segments?
The rising trend of technological progress is significantly gaining traction in the smart shelves market. Key players within this sphere are honing their technological capabilities to retain their market standing. A case in point is Unified Natural Foods Inc., an American company specializing in natural and organic foods, which in October 2022, launched a smart shelf tag scheme based on a novel technological innovation called ELi QR codes. This enables customers to access product details while they shop. The ELi QR codes, an advanced and safer type of QR code, can be scanned to offer customers in-depth product information and a wealth of digital content straight to their smartphones without requiring any app downloads. The data contained in the ELi QR Code will be directly sourced from the provider and auto-filled for each specific UPC. This will include information about nutrition, allergens, promotional offers, customer feedback, product traceability, and branding narratives, all designed to enhance the customer's shopping journey.
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Which Regions Are Becoming Hubs for Smart Shelves Market Innovation?
North America was the largest region in the smart shelves market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Shelves Market?
2. What is the CAGR expected in the Smart Shelves Market?
3. What Are the Key Innovations Transforming the Smart Shelves Industry?
4. Which Region Is Leading the Smart Shelves Market?
Why This Report Matters:
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