Dublin, Sept. 02, 2022 (GLOBE NEWSWIRE) -- The "Global Smart Shelves Market by Components (Hardware, Software and solutions, Professional services), Organization Size, Application (Planogram management, Inventory management, Pricing management, Content management) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Smart Shelves market size is expected to grow from an estimated value of USD 3.0 billion in 2022 to USD 8.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 22.4% from 2022 to 2027. Some of the factors that are driving the market growth include the use of automation and intelligence for better smart shopping. However, the shifting of customers to online retail stores is expected to hinder market growth.
By organization size, Large enterprises to account for a higher market share during the forecast period
Large enterprises are defined as companies with an employee strength of more than 1,000. In the smart shelves market, large-scale retailers, supermarkets, and hypermarkets with multinational presence have been considered as large enterprises. Real-time inventory insights, check and update customer buying behavior, pricing management, and assistance to the retailer in optimizing store operations are provided by Smart shelves. Walmart, Kroger, and Walgreens, among others, are the large retailers that have already adopted ESLs, sensors, RFID tags, and readers in their outlets in the US, Canada, and European nations.
By application, pricing management to grow at the highest CAGR during the forecast period
The emergence of hyper-connected consumers and aggressive competition are driving the need for price management. Retailers deploy a pricing strategy as they are constantly looking for the fair price of a product rather than a low price and are connected to several channels of distribution at a single time. The increasing demand for goods has resulted in the establishment of always-on channels that can cater to the high demand and reduce opportunity loss. Dynamic pricing has been used by gas stations and disruptive vendors. price management has become increasingly important for retailers to check on the competitive pricing displayed on the shelf, thereby enabling the consumers to make an informed decision while comparing prices. Retailers can take advantage of the price optimization strategy by using automation to manage the pricing and demand efficiently.
Premium Insights
- Use of Automation and Intelligence for Better Smart Shopping to Boost Demand for Smart Shelf Solutions
- Smart Shelf Hardware to Account for Largest Share in 2022
- Large Enterprises to Dominate During Forecast Period
- Market: Top Three Applications, 2022-2027
- Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
Market Dynamics
Drivers
- Increased Use of Technologies Like IoT and RFID in Retail
- Adoption of Enhanced Inventory Management
- Use of Automation and Intelligence for Smart Shopping
Restraints
- Privacy Concerns Related to In-Built Data Tags
Opportunities
- Need for Retailers to Build Closer Connections with Customers
Challenges
- Shifting Customers to the Online Retail Store Can Slow Down the Smart Shelves Market
Key Technology Trends
- Growth in Demand for AI-Powered Dynamic Pricing Solutions
- Optimizing Functions of Retail Stores Using AI-Driven Shelf Monitoring Software
- Deploying Self-Scanning Solutions to Enrich Customer Experience
- Visual Recognition and Cashierless Stores
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Smart Shelves Market, by Component
7 Smart Shelves Market, by Organization Size
8 Smart Shelves Market, by Application
9 Smart Shelves Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent Markets
13 Appendix
Companies Mentioned
- Avery Dennison
- Awm Smart Shelves
- Caper
- Diebold Nixdorf
- Dreamztech Solutions
- E Ink
- Focal Systems
- Happiest Minds
- Honeywell
- Huawei
- Intel
- Mago S.A
- Minew
- Nexcom
- Nxp Semiconductor
- Pccw Solutions
- Pricer
- Samsung
- Sennco Solutions
- Ses-Imagotag
- Software AG
- Solum
- Startups
- Trax
- Trigo
- Tronitag
- Wiseshelf
- Zippin
For more information about this report visit https://www.researchandmarkets.com/r/x3qsuz
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