Global Smart Shelves Market Share & Trends Estimated to Reach USD 14.88 Billion By 2030, Expecting 22.2% CAGR Rise: Polaris Market Research
Polaris Market Research recently published [115+ Pages] research report on "Smart Shelves Market Share, Size, Trends, Industry Analysis Report, By Components (Hardware, Software, Services); By Enterprise Size (SMEs, Large Enterprise); By Application; By Region; Segment Forecast, 2022 - 2030" in its research database.
NEW YORK, Nov. 11, 2022 /PRNewswire/ -- According to the research report, the global smart shelves market share & trends increases from USD 2.64 Billion in 2021 to reach USD 14.88 Billion by 2030, growing at a CAGR of 22.2% during the forecast period.
What are Smart Shelves? What are the Projected Value of Smart Shelves Market Size & Share?
Smart shelves refer to the incorporation of wireless technology that automatically keeps track of inventory in any retail store. They use weight sensors that detect when an item has been purchased or removed from a shelf. This ultimately provides manufacturers with real-time data about the usage of their products and get sales data, as well as stock availability. Smart shelves also enhance the customer shopping experience by providing detailed product information.
The store shelves are also equipped with 3D cameras, weight sensors, proximity sensors, NFC, microphones, RFID tags, electronic printed tags, LED sensors, optical sensors, IOT sensors, etc. that track shelf stock. Factors such as rising demand for real-time stock information in retail and growing adoption of technologies such as IoT and RFID are anticipated to drive the demand for smart shelves market.
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What are the key driving factors for the growth of the Smart Shelves Market?
Increased adoption of advanced inventory management to make restocking decisions and rising preference for smart shelves and similar innovators is fueling the growth of the market. A surge in technological advancements in the retail sector across the globe is expected to propel the smart shelves market size over the forecast period. The market is also driven by computerized shelves that have increased retailers' knowledge and power.
Moreover, rising demand for simplification of the workflow at retail stores, increasing requirement for better surveillance and monitoring at physical retail stores, and high demand to maintain inventory accuracy and supply chain optimization are some of the prominent smart shelves market trends estimated to boost it growth during the forecast period. In addition, growing adoption of smart shelves by small and medium size retailers is likely to augment the industry growth.
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Who are the top players operating in the Smart Shelves Market?
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Which is major segment in Smart Shelves market?
Based on component, hardware accounted for the biggest smart shelves market share in 2021. Components are known as the internal hardware components of a computer, while peripherals are the external hardware devices. An optical scanner elucidates the printed image on paper using light-emitting elements. A light sensor discovers the location and color of the markings on the page.
The enterprise size market segmentation is divided into SMEs and Large Enterprises. Small businesses' inherent flexibility and agility allow them to react quickly compared to broader enterprises. This can be an important advantage in a constantly changing market. Innovative services are frequently launched by small enterprises
Based on application, pricing management accounted for the major share in 2021. Price management has become necessary due to the rising competition and hyper-connected consumers. Initially, consumers identify several distribution channels at once and search for a fair price for the product. Due to consumers' behavior of comparing prices, merchants have embraced a similar pricing approach across all channels.
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Smart Shelves Market: Report Scope & Brief Analysis
Based on geography, the Europe region is witnessing the largest growth in the market. This is because the retail industry is experiencing a high demand for smart devices. According to estimates, in upcoming years, smart devices may track and identify items and control inventory operations. These smart shelves will also reduce manual errors to a larger extent. The technology and automation implemented in the smart shelves have led to providing a better shopping experience to customers. These factors are majorly driving the market growth in Europe.
Moreover, the rising penetration of electronic shelf labels in the retail business, especially in nations such as France, Italy, Belgium, Germany, and other European countries, is further anticipated to bolster the smart shelves industry growth in the region.
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Polaris Market Research has segmented the smart shelves market report based on component, enterprise size, application, and region:
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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SOURCE Polaris Market Research
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