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Future of the Smart Shelves Market: Strategic Analysis and Forecast to 2034
Smart Shelves
Smart Shelves Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the market size of smart shelves has expanded significantly. The market is forecasted to surge from $3.99 billion in 2024 to $4.79 billion in 2025, with a CAGR of 20.2%. This significant growth in the previous period can be credited to factors like customer engagement, analytics-based decision making, improvement in supply chain, improved shopping experiences, and mitigation of out-of-stock scenarios.
Smart Shelves Market Size Forecast: What's the Projected Valuation by 2029?
Over the upcoming years, the smart shelves industry is projected to witness a swift surge in its market size, escalating to $9.81 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 19.6%. Factors contributing to growth in the forecast period include a surge in contactless shopping, the emergence of autonomous stores, real-time pricing updates demand, customizations in shelf displays, utilization of sustainable materials in shelf construction, and the global surge in smart retail. Key trends in the upcoming period comprise the incorporation of RFID technology, automated inventory management, usage of electronic shelf labels (ESLs), emphasis on security and anti-theft systems, collaborations with e-commerce platforms, and a growing demand for real-time inventory transparency.
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What Are the Drivers Transforming the Smart Shelves Market?
The expansion of the smart shelf market is predicted to be buoyed by the rise in consumer personalization and customization. Personalization is the act of modifying or creating a product to specifically align with a customer's preferences and requirements. Customization, on the other hand, occurs when a customer specifically modifies a product to fit their particular needs. The advantages of smart shelves, such as maximizing retailer profits and offering a unique shopping journey, are likely to positively influence the worldwide smart shelf market. For example, IBM Watson Advertising, an AI-based advertising solution from the United States, noted in January 2022 that 56% of consumers desire their brand interactions to be personalized. Furthermore, 70% of millennials are willing to have their browsing and buying habits tracked in exchange for a more personalized shopping experience. Additionally, 59% of consumers believe that to secure their business, it's important to engage with them in a tailored manner based on past interactions. Consequently, the projected market growth for smart shelves is anticipated to be fuelled by the augmenting customer personalization and customization.
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What Long-Term Trends Will Define the Future of the Smart Shelves Market?
The rise in technological advancements is becoming a noteworthy trend in the smart shelves market. Key players in this market are honing in on tech innovations to maintain a substantial market presence. To illustrate, Unified Natural Foods Inc., an American company specializing in organic and natural foods, launched a smart shelf tag program in October 2022. This leverages brand-new Eli QR code technology, enabling shoppers to access product details while in-store. These QR codes offer a more secure, enhanced model that can be scanned to deliver extensive product information and engaging digital content to customers' smartphones, eliminating the need for a specific app. The content of the Eli QR codes, sourced from the provider, will be automatically updated for each individual UPC with details about nutrition, allergens, promotions, customer feedback, product traceability, and brand narratives, enriching the customer's in-store shopping experience.
Which Segments in the Smart Shelves Market Offer the Most Profit Potential?
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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Which Firms Dominate the Smart Shelves Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the Smart Shelves Market?
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.
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