DUBLIN--(BUSINESS WIRE)--The "Global Smart Shelves Market By Component, By Organization Size, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Shelves Market size is expected to reach $7.8 billion by 2027, rising at a market growth of 22.3% CAGR during the forecast period. The smart shelf is considered as the shelf which is made with transistors combined with a radio frequency identification reader (RFID) sensor that is integrated inside, above, or behind the shelves. In the modern era, smart shelves are adopted by hypermarkets because they aid in optimization and improve their sales.
Consumers are more willing to go to smart shelves integrated hypermarket as these shelves provide discounts or offer as the consumer takes out a product. Factors like growing acceptance of smart shelves as they offer advantages to customers & hypermarkets and provide several other benefits in comparison to traditional shelves are expected to fuel the growth of the overall smart shelves market. Automatic low-end stock alert, theft identification, observing consumer preferences, and better operations management are some of the leading benefits offered by smart shelves as compared to conventional shelves. In addition, the conventional shelves do not provide these features and cause declined efficiency of hypermarket employees and a smaller number of sales.
The demand for software and solutions in retail has been increased due to the COVID-19 pandemic to link the physical environment to the remote server. Remote working culture and digital technology have been revolutionized by the outbreak of the COVID-19 pandemic. In the retail sector too, it is necessary to track and monitor planogram, inventory, pricing and offers, and content management of the items in real-time, hence has influenced the acceptance of smart shelves as well.
Based on Component, the market is segmented into Hardware, Software and Services. Hardware Segment is further bifurcated across RFID Tags & Readers, Cameras, Digital Displays, Electronic Shelf Labels, IoT Sensors and Others. The software & solutions segment is expected to show the highest CAGR during the forecast period. Software and solutions are considered as important platforms and tools, which are utilized to develop connectivity between shelf components and the cloud servers and gateways. In-store execution, promotion compliance, category analysis and planning, store monitoring and intelligence, inventory optimization, price, and planogram monitoring are some of the main usages of smart shelf software and solutions.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The Large Enterprises market dominated the Global Smart Shelves Market by Organization Size 2020, growing at a CAGR of 21.3 % during the forecast period. The Small & Medium Enterprises market is expected to witness a CAGR of 25.3% during (2021 - 2027).
Based on Application, the market is segmented into Inventory Management, Pricing Management, Content Management, Planogram Management and Others. Pricing Management Applications is expected to exhibit the promising CAGR during the forecast years. The requirement for price management is fueled by various aspects, like huge competition, and the advent of hyper-connected consumers. Consumers are consistently searching for the fair cost of an item instead of less cost and are linked with various channels of distribution simultaneously. This has encouraged retailers to adopt a pricing strategy, which is the same across channels as the consumers always willing to compare the prices on different channels.
- Honeywell International, Inc.
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
- Intel Corporation
- Samsung Electronics Co., Ltd. (Samsung Group)
- Avery Dennison Corporation
- BOE Technology Group Co., Ltd. (SES-Imagotag)
- E Ink Holdings, Inc. (YFY, Inc.)
- Pricer AB
- Trax Technology Solutions Pte. Ltd.
- Nexcom International Co., Ltd.
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