MarketsandMarkets forecasts the global Smart Shelves Market size to grow from an estimated value of USD 1.8 billion in 2020 to USD 7.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 25.1% from 2020 to 2026. The smart shelves market is driven by various factors, such as adoption of enhanced inventory management to make smarter restocking decisions and real-time engagements, use of automation and intelligence for better smart shopping to boost demand for smart shelf solutions to boost the growth of smart shelves market across the globe during the forecast period.
By application, inventory management segment to have the highest market share during the forecast period
Smart shelves equipped with weight sensors, proximity sensors, RFID tags and readers, and NFC-enabled are attracting many retailers as it is the advanced automated solution for keeping track of inventory and out-of-stock items. With the help of computer vision technologies and 3D cameras, these smart shelves help not only in inventory management but provide analysis of what consumer wants. The cameras with facial recognition analyze the facial expression of the customer in real-time and alert the retailer about the products that are missing on the shelves while customers were in need.
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By Component, RFID tags and readers segment to have the highest market share during the forecast period
RFID is an automatic and tracking technology that uses small tags or chips to transmit a signal to remote scanners. The technology uses radio waves to read data from small chips, known as tags. RFID is extensively used across retail stores as it enables retailers to monitor monthly stock and thus, improve inventory accuracy. It is also used to prevent theft and track assets, and hence improves security. It enables retailers to have real-time stock information through automated scanning of items in the warehouse. Retailers use RFID technology to shorten queues and speed up the checkout process by utilizing linked payment wallets on their mobile phones.
The smart shelves market includes major vendors, such as Happiest minds (India), Intel (US), PCCW Solutions (Hong Kong), Avery Dennison (US), Honeywell (US), Huawei Technologies Co. Ltd (China), NXP Semiconductor (The Netherland), E-Ink Holdings (Taiwan), Samsung Electronics (South Korea), DIEBOLD NIXDORF, Incorporated (US), Software AG (Germany), SoluM (South Korea), MINEW (China), TraxRetail (Singapore), NEXCOM (Taiwan), Pricer (Sweden), Dreamztech Solutions Inc (US), Sennco Solutions, Inc (US), Tronitag (Germany), MAGO S.A. (Poland), SES-IMAGOTAG (France), AWM Smart Shelf (US), Wiseshelf (Israel), Trigo (Israel), Caper (US), Zippin (US), and Focal Systems (UK). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches, partnerships, and acquisitions are some of the important strategies adopted by the major players to grow further in the smart shelves market.
SES-imagotag is one of the leading players providing IoT and digital solutions to the physical stores in the world. SES-imagotag provides several solutions to retailers across the world, which include smart shelf labels, price optimization solutions, and other hardware devices and infrastructure. The company provides ESLs and associated software for retail businesses. It sells its products through a network of distributors and resellers in Europe, Asia, Australia, North America, and South America. In 2014, the company formed a strategic financial alliance with Store Electronic System (France), and currently, it is operating as a subsidiary of Store Electronic System, SES (France). The range of products that the company offers include ESLs, store management software, infrastructure, accessories and mountings, and cloud platform. In addition, the company operates in various markets, including food, consumer electronics, do-it-yourself (DIY), gardening, cosmetics, drugstore, fashion, digital signage, and industrial.
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Pricer is a leading player in the retail automation market. The company helps retailers to solve key-challenges, which arise in stores, such as meeting the new retail demands, improving store operations, and task management. It provides in-store digital shelf-edge solutions used for the electronic display of product information in retail stores. It offers a communication platform that supports both segment-based and pixel-based ESLs. The company also provides services for intelligently communicating, managing, and optimizing the price and product information on the retail floor. The company’s core offering is built around the smart shelves label technology using a unique and advanced optical wireless network system. Pricer’s customers include retailers operating in Europe, Latin America, Africa, and Japan. The solutions offered by the company improve its customers’ profitability by offering price optimization and margin control tools that help reduce personnel and printing costs. The primary sectors, which the company serves are DIY, electronics, groceries, and pharmacies. The company has an installed base of ~200 million smart shelves labels installed in almost 17,000 stores across the world in more than 50 countries.
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