Pune, Maharashtra Feb 15, 2024 (Issuewire.com) - The Smart Shelves Market is poised for significant growth, with projections indicating an increase from USD 2.81 billion in 2023 to USD 13.49 billion by 2032. This expansion is expected to occur at a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period of 2024-2032.
Smart Shelves involve the integration of wireless technology in retail settings to automatically track inventory records. Utilizing weight sensors, these shelves detect when items are removed or purchased, providing real-time data on consumption, sales, and stock. The inclusion of 3D cameras, weight sensors, proximity sensors, NFC, microphones, RFID tags, electronic printed tags, LED sensors, optical sensors, and IoT sensors enhances shelf monitoring. The demand for real-time stock data, coupled with the adoption of IoT and RFID technologies, drives the market growth, especially as small and medium-sized retailers embrace smart shelving solutions.
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Factors contributing to the market's growth include the need for improved security surveillance, streamlined store workflows, enhanced inventory precision, and optimized supply chain management. The hardware sector is expected to witness the fastest growth, with components holding the largest market share in 2021. Small and medium-sized enterprises (SMEs) play a significant role in this growth, showcasing flexibility and adaptability in the evolving market.
Pricing management emerges as the fastest-growing application within the smart shelf industry, addressing the increasing competition and the importance of uniform pricing policies. Europe leads in market penetration due to the rising demand for digital devices among retailers, with projections suggesting substantial growth in the coming years. The adoption of electronic shelf labels in European countries such as France, Italy, Belgium, and Germany further contributes to market progress.
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Key players in the Smart Shelves Market include SES-Imagotag, Pricer, Trax Image Recognition, Avery Dennison Corporation, Samsung, E Ink Holding Inc., Intel Corporation, Huawei Technologies Co., Ltd., Honeywell International Inc., and Solum.
Recent developments in the market include SES-imagotag's IoT sustainability initiative, aimed at prolonging the operational lifespan of connected devices in retail establishments, and E Ink Holdings' introduction of the four-color E-Ink SpectraTM 3100 for electronic shelf labels and retail signage.
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Market segmentation includes components such as hardware (cameras, IoT sensors, RDFI tags & readers, digital displays, electronic shelf labels, and other hardware), software & solutions, and professional services. The market is further categorized by organization size (large enterprises and SMEs) and application (planogram management, inventory management, pricing management, content management, and other applications).
Regional outlooks cover North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, with specific focus on key countries within these regions.
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