Smart Shelves Market Is Anticipated to Reach Around USD 7,684.45 Million in 2027- Credence Research

The Global Smart Shelves Market generated revenue of around USD 3,187.55 million in 2020 and is anticipated to grow at a CAGR of over 11.57% during the forecast period from 2021 to 2027 to reach around USD 7,684.45 million in 2027. While, cumulative growth opportunity presented by the global Smart Shelves is around USD 40.15 billion during 2021 to 2027.

The Global Smart Shelves MarketΒ generated revenue of around USD 3,187.55 million in 2020 and is anticipated to grow at a CAGR of over 11.57% during the forecast period from 2021 to 2027 to reach around USD 7,684.45 million in 2027. While, cumulative growth opportunity presented by the global Smart Shelves is around USD 40.15 billion during 2021 to 2027.

Global Smart Shelves Market, 2020 – 2027 (USD Million)

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Retail store owners use smart shelf technology to keep track of their inventory. Radio-Frequency Identification (RFID) technology is used in these smart shelves. These include RFID tags, RFID readers, and RFID antennas. The sensors installed either within the shelf itself or underneath it are weight sensors that track and provide the actual inventory status.

Hardware Segment Account for Largest Share

Hardware, Software and Services are major types of smart shelves. Hardware is largest segment by type with over 40% share in 2020. While, software segment is expected to increase by over 12% CAGR during the forecast period. Increasing retail stores around the world and growing demand for surveillance and effective stock management calls for increasing demand of hardware.

Supermarkets/Hypermarkets to Propel the future Growth

Supermarkets/Hypermarkets, Departmental Stores, Small Retailers, Brand Stores and Others are major segments based on application markets. Supermarkets and hypermarkets are major application markets with over 50% share in 2020. Increasing retail chains around the world and ever increasing retail business is major driving force for the growth of smart shelves. Retail industry is going through technological evolution wherein adoption of technology is growing in popularity for effective and efficient management of business operation. Supply chain management is most important aspect of the retail industry and hence there will be increasing demand for smart shelves in the future.

However, high cost of smart shelves is major factor hindering the growth rate. However, with increasing demand and rising production, the cost is expected to come down significantly over the forecast period.

RFID Tags & Readers to Hold Major Share

RFID Tags and Readers, ESL, IoT Sensors, Cameras, and Software and Solutions are major segment based components. RFID Tags & Readers are major segment based on component. It held over 30% share in 2020. However, sensors segment is also expected to rise at an increasing speed over the forecast period.

Innovative Product Offering Will Provide Winning Edge to Competitors

Huawei Technologies, Intel Corporation, Honeywell International, SOLUM Europe Gmbh, PCCW Solutions, NXP Semiconductor, MAGO, SES-IMAGOTAG, AWM Smart Shelf, Focal System, DIEBOLD NIXDORF, Dreamztech Solutions, Sennco Solutions, Happiest Minds, SES-imagotag, Pricer AB, Trax Technology Solutions, Avery Dennison Corporation, Samsung Electronics and E Ink Holdings are major players across the world. Key players are focused on innovation and consolidation of their business. North America is leading regional market with the presence of large number of retail chains. Secondly, availability of advanced technology coupled with higher adoption rate in the region is also contributing towards the growth of smart shelves industry in the region. Europe is also one of the important regional markets. Germany, UK and France are major markets in the region. While, backed by strong demand from China, Japan, India and South Korea to lead future growth of Asia Pacific in the years to come.

Market Segmentation

Global Smart Shelves Market by Type, 2015 – 2027

Hardware
Software
Services

Global Smart Shelves Market by Application, 2015 – 2027

Supermarkets/Hypermarkets
Departmental Stores
Small Retailers
Brand Stores

Global Smart Shelves Market by Design, 2015 – 2027

RFID Tags and Readers
ESL
IoT Sensors
Cameras
Software & Solutions

Global Smart Shelves Market by Company, 2015 – 2027

Huawei Technologies
Intel Corporation
Honeywell International
SOLUM Europe Gmbh
PCCW Solutions
NXP Semiconductor
MAGO
SES-IMAGOTAG
AWM Smart Shelf
Focal System
DIEBOLD NIXDORF
Dreamztech Solutions
Sennco Solutions
Happiest Minds
SES-imagotag
Pricer AB
Trax Technology Solutions
Avery Dennison Corporation
Samsung Electronics
E Ink Holdings
Others

Browse the full report atΒ  Β https://www.credenceresearch.com/report/smart-shelves-market

Our Blog:Β Global Smart Shelves Market- Target Market Size

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