Smart Shelf Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.61 Billion |
| Market Size (2029) | USD 12.58 Billion |
| CAGR (2024 - 2029) | 22.26 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Smart Shelf Market Analysis
The Smart Shelf Market size is estimated at USD 4.61 billion in 2024, and is expected to reach USD 12.58 billion by 2029, growing at a CAGR of 22.26% during the forecast period (2024-2029).
Smart shelves are electronically connected shelves used in retail outlets to track inventory. Smart shelves use a combination of digital displays, RFID tags, and sensors to provide detailed product information, cross-selling recommendations, and marketing. They also provide retailers with valuable insights into customer shopping patterns and preferences.
- The primary reasons driving the Smart Shelf Market are the commission of improved inventory management by retail to make smarter restocking options and real-time involvement, as well as the use of intelligence and automation technologies by retail to provide a better shopping experience for customers.
- Rising demand for natural and premium products promotes market development due to increased urbanization and consumer buying power. Retail automation is growing more popular, and there is a strong demand among retailers for pricing optimization and enhanced operating effectiveness with real-time product placement. These are only a few of the major factors fueling the market's global rise.
- E-commerce platform sales are rapidly increasing; this development provides a chance for the researched industry to flourish by giving new items to e-commerce warehouses to manage effective inventory management. According to the US Census Bureau, commercial e-commerce in the United States was about USD 266 billion from July to September 2022, a 3% increase over the past quarter. Furthermore, rising retail sales is also propelling the industry.
- RFID tracking does not stop when a customer leaves the store. If customers pay with a credit or debit card or scan a loyalty discount card at checkout, retailers may link the purchases to the RFID data and use the information to map out individual customers' travels around the store, or even an entire shopping complex. This indicates it is harming the user's privacy, which acts as an obstacle to the growth of the market.
- Post-COVID-19, the mart shelves market is expected to grow faster as retailers seek to leverage advanced technologies' benefits to improve inventory management and optimize their supply chain. With the rise of e-commerce and changing consumer behavior, retailers are looking for innovative ways to enhance the in-store experience and increase customer loyalty.
Smart Shelf Market Trends
Adoption of Enhanced Inventory Management is Expected to Drive the Market
- With increasing online sales, it is important for businesses to invest in a robust pipeline of fairly priced, consistent, and high-quality goods. In this new context, managing safety inventories and optimizing operational efficiency is more important than ever. As a result, e-commerce businesses have increased their usage of inventory management software in recent years. Inventory management systems are required by retail companies all around the globe to assist them in keeping track of their existing inventory and meet escalating demand.
- Retailers are seeking better, more time-efficient, and cost-effective inventory management methods. Traditional inventory management systems are time-consuming and prone to human mistakes, both of which cost firms time and money. Retailers can minimize shrinkage and enhance overall company efficiency by using smart inventory management technologies, such as smart shelves, autonomous inventory robots, RFID, and so on.
- Smart inventory management methods, such as autonomous inventory robots, smart shelves, and RFID, are assisting retailers in becoming more operationally effective and reducing loss.
- Additionally, this increased adoption of Smart Inventory Management (SIM) helps to minimize expenses and drive growth by utilizing data and software to assist in meeting rising consumer demand with the least amount of inventory. Data provides greater insight, allowing to estimate demand and enhance efficiency, while automated technology synchronizes the inventory across numerous sales channels, maximizing revenues.
Europe Holds Significant Market Share
- The United Kingdom is one of the most significant regions in the global smart shelf market. The major sources of demand in the region include the retail, logistics, and healthcare sectors. The smart shelf market within the region is witnessing various several significant mergers, acquisitions, and investments by the key major players as part of its strategy to improve business and their presence to reach customers and meet their requirements for various applications.
- European retailers, especially Germany, are some of the world's earliest adopters of electronic shelf labels (ESLs) to reduce operations costs as a foundation for retail digitalization. In May 2022, at the week's EuroCIS 2022 trade show, the new IoT platform All-Star was released and introduced by the digital solutions provider Hanshow, with operations in Germany, which is expected to drive Europe's brickandmortar retail into a new era of efficiency and profitability.
- Also, in May 2022, Digety, a fast-growing electronic shelf label company from Germany, partnered with Nowi, which specializes in energy harvesting, to develop solar-powered electronic shelf labels used in retail stores. This collaboration primarily aims to meet the surging market demand to offer retail stores an innovative solution that would further enable them to maximize their yield and manage their overall supply chain processes more effectively.
- Italy has a significant growth rate in the global smart shelf market among the various European countries. It is mainly due to the presence of key major players as well as a higher penetration rate of electronic shelf labels within the entire region.
- The smart shelves market in France is growing rapidly as retailers increasingly adopt smart shelf technology to improve their operations and enhance the customer experience. In France, major retailers such as Carrefour, Auchan, and Casino have already implemented smart shelves in some of their stores, with others likely to follow suit. The market for smart shelves in France is being driven by several factors, including the increasing demand for real-time inventory management and the need for retailers to optimize their operations and reduce waste.
- The growing retail sales volume, along with the rising adoption of smart shelves in various chains of supermarkets, is expected to increase the demand for smart shelves in Europe.
Smart Shelf Industry Overview
The Smart Shelf Market is competitive in nature because of the presence of several global companies. Some of the key players are Avery Dennison Corporation, AWM Smart Shelf, Huawei Technologies Co. Ltd, Dreamztech Solutions Inc., E Ink Holdings Inc., Focal Systems Inc., Happiest Minds Technologies Limited, and many others. Key players in this market are introducing new innovative products and forming partnerships and collaborations to gain competitive advantages.
- June 2023 - Bibliotheca has announced the global availability of smartShelf borrowing, an integrated intelligent return and lending solution for libraries across all sizes. SmartShelf borrow is a combination of intelligent return shelves and the power of self check to allow an instant recirculation of recently returned goods. Library users simply place returns on the shelf and technology does the rest – identifying the items, removing them from the user’s account, enabling security, and making them immediately available for borrowing through the integrated selfCheck self-service checkout solution.
- April 2024 - Samsung Introduces Latest Home Appliance Lineup featuring Enhanced Connectivity and AI Capabilities at the ‘Welcome to BESPOKE AI’ Global Launch Event, where Samsung’s latest Bespoke AI appliances come with enhanced features and connectivity to lay the foundation for a truly smart home. Also, the new AI Home, a connected 7-inch LCD display that has been added to multiple products, provides intuitive, easy access and control over the whole connected ecosystem.
Smart Shelf Market Leaders
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Honeywell International Inc.
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Huawei Technologies Co. Ltd
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Trax Technology Solutions
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Samsung Electronics Co., Ltd.
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Lenovo PCCW Solutions Limited
*Disclaimer: Major Players sorted in no particular order
Smart Shelf Market News
- April 2024 - E Ink (8069.TW) has announced it is collaborating with ecosystem partners Realtek Semiconductor (Realtek), Integrated Solutions Technology (IST), and Chipbond Technology Corporation (Chipbond) to develop the System on Panel (SoP) architecture. This technology will be integrated into the next-generation electronic shelf label (ESL) jointly developed with the system integrator, SOLUM. In order to simplify the material structure of ESL, this collaboration aims to bring a sustainable solution via reduced material usage, lower power consumption and simplified production processes.
- January 2024 – Vestcom, owned subsidiary of Avery Dennison the launch of storeLink, a centralised cloud platform that enables retailers to simplify the execution of holistic inStore Merchandising strategies across digital and print media with its proprietary data composition engine will allow Vestcom to deliver item specific prices, promotion or brand content via any form of printing or digital medium powered by it.
Smart Shelf Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Industry Value Chain Analysis
- 4.4 Assessment of Impact of COVID-19 on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Adoption of Enhanced Inventory Management
- 5.1.2 Growing Demand for Real-Time Stock Information and Inventory Management in the Retail Sector
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5.2 Market Challenges
- 5.2.1 Privacy Concerns Regarding Inbuilt Data Tags
6. MARKET SEGMENTATION
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6.1 By Component
- 6.1.1 Hardware
- 6.1.1.1 IoT Sensors
- 6.1.1.2 RFID Tags and Readers
- 6.1.1.3 Electronic Shelf Lables (ESL)
- 6.1.1.4 Cameras
- 6.1.2 Software
- 6.1.3 Service
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6.2 By Application
- 6.2.1 Inventory Management
- 6.2.2 Pricing Management
- 6.2.3 Content Management
- 6.2.4 Planogram Management
- 6.2.5 Other Applications
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6.3 By Geography***
- 6.3.1 North America
- 6.3.1.1 United States
- 6.3.1.2 Canada
- 6.3.2 Europe
- 6.3.2.1 United Kingdom
- 6.3.2.2 Germany
- 6.3.2.3 Italy
- 6.3.2.4 France
- 6.3.3 Asia
- 6.3.3.1 China
- 6.3.3.2 India
- 6.3.3.3 Japan
- 6.3.3.4 South Korea
- 6.3.4 Australia and New Zealand
- 6.3.5 Latin America
- 6.3.5.1 Brazil
- 6.3.5.2 Mexico
- 6.3.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles*
- 7.1.1 Honeywell International Inc.
- 7.1.2 Huawei Technologies Co. Ltd
- 7.1.3 Trax Technology Solutions
- 7.1.4 Lenovo PCCW Solutions Limited
- 7.1.5 Samsung Electronics Co. Ltd
- 7.1.6 AWM Smart Shelf
- 7.1.7 Happiest Minds Technologies Limited
- 7.1.8 E Ink Holdings Inc.
- 7.1.9 Avery Dennison Corporation
- 7.1.10 Intel Corporation
- 7.1.11 NXP Semiconductors NV
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
** Subject To AvailablitySmart Shelf Industry Segmentation
A Smart Shelf is used to display product pricing on store shelves, and it controls the central server and updates continuously. Smart shelves offer thorough product information, marketing advice, cross-selling ideas, and perceptions into the preferences and spending patterns of clients of organizations. They accomplish this by using RFID tags, digital displays, and sensors.
The Smart Shelf Market is segmented by component (hardware [IoT sensors, RFID tags and readers, electronic shelf labels, cameras], software, service), application (inventory management, pricing management, content management, planogram management), and by geography (North America [United States, Canada], Europe [United Kingdom, Germany, Italy, France, Rest of Europe], Asia Pacific [China, India, Japan, South Korea, Australia & New Zealand, Rest of Asia Pacific], Latin America [Brazil, Mexico, Rest of Latin America], Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.
| By Component | Hardware | IoT Sensors |
| RFID Tags and Readers | ||
| Electronic Shelf Lables (ESL) | ||
| Cameras | ||
| By Component | Software | |
| Service | ||
| By Application | Inventory Management | |
| Pricing Management | ||
| Content Management | ||
| Planogram Management | ||
| Other Applications | ||
| By Geography*** | North America | United States |
| Canada | ||
| By Geography*** | Europe | United Kingdom |
| Germany | ||
| Italy | ||
| France | ||
| By Geography*** | Asia | China |
| India | ||
| Japan | ||
| South Korea | ||
| By Geography*** | Australia and New Zealand | |
| Latin America | Brazil | |
| Mexico | ||
| Middle East and Africa |
Smart Shelf Market Research FAQs
How big is the Smart Shelf Market?
The Smart Shelf Market size is expected to reach USD 4.61 billion in 2024 and grow at a CAGR of 22.26% to reach USD 12.58 billion by 2029.
What is the current Smart Shelf Market size?
In 2024, the Smart Shelf Market size is expected to reach USD 4.61 billion.
Who are the key players in Smart Shelf Market?
Honeywell International Inc., Huawei Technologies Co. Ltd, Trax Technology Solutions, Samsung Electronics Co., Ltd. and Lenovo PCCW Solutions Limited are the major companies operating in the Smart Shelf Market.
Which is the fastest growing region in Smart Shelf Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Shelf Market?
In 2024, the Europe accounts for the largest market share in Smart Shelf Market.
What years does this Smart Shelf Market cover, and what was the market size in 2023?
In 2023, the Smart Shelf Market size was estimated at USD 3.58 billion. The report covers the Smart Shelf Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Smart Shelf Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Shelf Industry Report
Statistics for the 2024 Smart Shelf market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Shelf analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
