Smart shelves market size from USD 3.5 Billion in 2023 to USD 30 Billion in 10 years. Rising use of the IoT and RFID technologies in the retail industry will drive the Smart Shelves market’s growth.
Newark, March 14, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 3.5 Billion smart shelves market will reach USD 30 Billion by 2033. The rising demand of retailers to build rapport with the customers may fuel the growth of the Smart Shelves Market. In the current landscape, retailers extensively leverage smart shelves to offer innovative solutions and meet the evolving needs of their customers. To achieve this, they heavily incorporate Internet of Things (IoT) and Radio-Frequency Identification (RFID) technologies, presenting promising avenues for substantial growth in the foreseeable future.
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Smart Shelves Market Size by Components (Hardware, Software and Solutions, Professional services), Application (Planogram management, Inventory management, Pricing management, Content management), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
Europe emerged as the largest global Smart Shelves market, accounting for 57.23% of the total market. Owing to rising demand for smart devices, advancements in the technology of smart shelves and increasing product launches and partnership agreements in the region have fueled the growth of the Smart shelf market. Whereas the Asia Pacific region is anticipated to exhibit the highest growth rate over the period. Owing to increasing numbers of mobile computers, RFID tags, and POS terminals besides the growing retail industry has also paved the way for the APAC region’s growth in the Smart Shelves industry.
Software and Solutions Smart Shelves segment has dominated the market accounting for 41.34% of the total market.
Software and Solutions have dominated the market accounting for 41.34% of the total market. Owing to its rising connectivity between self-components and gateways. Further rapidly growing retail industry and advances in AI (Artificial Intelligence) Analytics have also paved the way for Smart Shelves in the global market.
The Inventory management segment accounted for the largest share of the market share of 45.67% in 2023.
The inventory management segment has dominated the Smart Shelves market with a market share of 45.67% in 2023. It is also expected to be the fastest-growing segment across the globe. Owing to rapidly growing inventory management methods in the market. These range from RFID, automated use of inventory robots, and smart shelves. Further, the rising adoption of Smart Inventory Management (SIM) has also fueled the growth of the Smart Shelves Market.
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Latest Development:
• In EuroShop 2023, Bizerba presented its hardware and software solutions for Smart Shelves, emphasizing the theme “Shape your future. Today.” The primary goal was to elevate the customer experience, ensuring a seamless and expeditious shopping process.
• SES-imaging introduced the VUSION OS and IoT program in March 2022, aiming to empower retailers to achieve complete automation of their spaces and obtaining real-time data. The ultimate objective was to offer end-users effective and efficient solutions to fulfill their needs and desires.
Market Dynamics
Drivers: Rising use of the IoT and RFID technologies in the retail industry
The increasing use of IoT and RFID technologies is heavily used in the retail industry to increase efficiency and enhance its market share in the competitive market. The introduction of the technology not only reduces labor costs but also increases revenue and provides customers with long-term better experiences.
Restraint: Security and privacy concerns related to inbuilt data tags
One significant factor impeding the advancement of Smart Shelves is the potential challenges associated with the embedded data tags. Preserving customer privacy is a paramount concern for organizations. Nevertheless, the substantial issues of data theft, cyber-attacks, and the inadvertent disclosure of customers’ personal information pose critical hurdles that organizations must confront and mitigate.
Opportunity: Rising demand of retailers for building rapport with the customers
In the current landscape, retailers extensively leverage smart shelves to offer innovative solutions and meet the evolving needs of their customers. To achieve this, they heavily incorporate Internet of Things (IoT) and Radio-Frequency Identification (RFID) technologies, presenting promising avenues for substantial growth in the foreseeable future.
Challenge: Increasing customer shift to online retail stores
A noteworthy challenge that might affect the Smart Shelves Market is the growing inclination towards online shopping. The increasing prevalence of online shopping not only diminishes foot traffic in physical retail stores, supermarkets, and hypermarkets but also diminishes the earnings of retailers. Consequently, this shift has resulted in a reduced understanding of customer behaviour, as customers are more inclined to shop online. This trend could pose a significant challenge for the smart shelves market.
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Some of the major players operating in the Smart Shelves market are:
• Honeywell International Inc.
• Huawei Technologies Co. Ltd
• Trax Technology Solutions
• Lenovo PCCW Solutions Limited
• Samsung Electronics Co. Ltd
• AWM Smart Shelf
• Happiest Minds Technologies Limited
• E Ink Holdings Inc
• Avery Dennison Corporation
• Intel Corporation
Key Segments cover in the market:
By Components:
• Hardware
• Software and Solutions
• Professional services
By Application:
• Planogram management
• Inventory management
• Pricing management
• Content management
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About the report:
The global Immunofluorescence Assay market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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