The Global Smart Shelves Market size is expected to reach $7. 8 billion by 2027, rising at a market growth of 22. 3% CAGR during the forecast period. The smart shelf is considered as the shelf which is made with transistors combined with a radio frequency identification reader (RFID) sensor that is integrated inside, above, or behind the shelves.
New York, May 20, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Shelves Market By Component, By Organization Size, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06073610/?utm_source=GNW
In the modern era, smart shelves are adopted by hypermarkets because they aid in optimization and improve their sales.
Consumers are more willing to go to smart shelves integrated hypermarket as these shelves provide discounts or offer as the consumer takes out a product. Factors like growing acceptance of smart shelves as they offer advantages to customers & hypermarkets and provide several other benefits in comparison to traditional shelves are expected to fuel the growth of the overall smart shelves market. Automatic low-end stock alert, theft identification, observing consumer preferences, and better operations management are some of the leading benefits offered by smart shelves as compared to conventional shelves. In addition, the conventional shelves do not provide these features and cause declined efficiency of hypermarket employees and a smaller number of sales.
The demand for software and solutions in retail has been increased due to the COVID-19 pandemic to link the physical environment to the remote server. Remote working culture and digital technology have been revolutionized by the outbreak of the COVID-19 pandemic. In the retail sector too, it is necessary to track and monitor planogram, inventory, pricing and offers, and content management of the items in real-time, hence has influenced the acceptance of smart shelves as well.
Based on Component, the market is segmented into Hardware, Software and Services. Hardware Segment is further bifurcated across RFID Tags & Readers, Cameras, Digital Displays, Electronic Shelf Labels, IoT Sensors and Others. The software & solutions segment is expected to show the highest CAGR during the forecast period. Software and solutions are considered as important platforms and tools, which are utilized to develop connectivity between shelf components and the cloud servers and gateways. In-store execution, promotion compliance, category analysis and planning, store monitoring and intelligence, inventory optimization, price, and planogram monitoring are some of the main usages of smart shelf software and solutions.
Organization Size Outlook
Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The Large Enterprises market dominated the Global Smart Shelves Market by Organization Size 2020, growing at a CAGR of 21.3 % during the forecast period. The Small & Medium Enterprises market is expected to witness a CAGR of 25.3% during (2021 - 2027).
Based on Application, the market is segmented into Inventory Management, Pricing Management, Content Management, Planogram Management and Others. Pricing Management Applications would exhibit the promising CAGR during the forecast years. The requirement for price management is fueled by various aspects, like huge competition, and the advent of hyper-connected consumers. Consumers are consistently searching for the fair cost of an item instead of less cost and are linked with various channels of distribution simultaneously. This has encouraged retailers to adopt a pricing strategy, which is the same across channels as the consumers always willing to compare the prices on different channels.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Europe obtained the highest revenue share in 2020 for the global smart shelves market and would maintain a similar kind of trend during the forecast period. The regional growth is majorly because of the existence of leading players like Opticon Sensors, SES Imagotag, Cicor, and Pricer. The massive penetration of ESL in the retail industry of the region, particularly in the nations like Germany, France, Belgium, Italy, and other nations in Europe, would help the industry to procure the maximum revenue share of the market during the forecast period.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Intel Corporation and Samsung Electronics Co., Ltd. are the forerunners in the Smart Shelves Market. Companies such as Avery Dennison Corporation, BOE Technology Group Co., Ltd., Pricer AB, Honeywell International, Inc., are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Intel Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Avery Dennison Corporation, BOE Technology Group Co., Ltd. (SES-Imagotag), E Ink Holdings, Inc. (YFY, Inc.), Pricer AB, Trax Technology Solutions Pte. Ltd., and Nexcom International Co., Ltd.
Recent strategies deployed in Smart Shelves Market
Partnerships, Collaborations, and Agreements:
Feb-2021: SES-Imagotag teamed up with Cisco Meraki, a cloud-managed IT company. Together, they launched a leading-edge IoT infrastructure for physical stores. SES-Imagotag would benefit from Cisco Meraki’s global network presence of millions of gadgets to provide a solution for physical retailers, at a very nominal cost.
Dec-2020: E Ink Holdings signed a joint development agreement (JDA) with MICROVIEW Electronics. This agreement aimed to develop and sell ePaper modules for retail shelf labels, wearables, healthcare, and several IoT applications. Together, the companies utilize their respective strengths to collectively design and broaden applications by utilizing E Ink’s ePaper products. E Ink would offer ePaper films to MICROVIEW, who are authorized to produce and sell ePaper display modules, and E Ink would complement MICROVIEW Electronics in the production and development of the modules.
Dec-2020: E Ink Holdings came into partnership with Plastic Logic, a leader in the design and manufacture of flexible, glass-free electrophoretic displays (EPDs). Both companies focus on offering the world’s first flexible color displays based on E Ink’s Advanced Color ePaper technology.
Nov-2020: E Ink Holdings entered into a partnership with Yes Optoelectronics, a leading designer and manufacturer of customer LCD panels. The partnership aims to research and develop ePaper regarding modules, core materials, product manufacturing, and sales & marketing support. Together, the companies expand ePaper product applications in the IoT space that includes smart labels, electronic shelf labels, smart home, smart logistics, smart wearables, smart healthcare, industrial instrumentation, smart transportation, and wireless communication.
Sep-2020: Trax came into partnership with Deloitte Digital, a world leader in consulting and strategic services. The partnership aims to make large-scale incorporation and combination of Trax’s Retail Watch shelf monitoring solution accessible to Deloitte’s grocery retail user base in Spain.
Jul-2020: Pricer signed a master framework agreement with the Canadian Tire Dealer Association (CTDA), a dealer network of approximately 500 stores across Canada. The agreement aimed to be the exclusive supplier for Electronic Shelves Label (ESL) systems.
Jan-2020: SES-Imagotag collaborated with Qualcomm Technologies International, an American multinational corporation. Both the companies aimed to make a new generation of ultra-low-power, high performance, and improved security connectivity solutions developed to promote the huge adoption of IoT technologies in retail stores.
Oct-2019: SES-Imagotag joined hands with Wirecard, the global innovation leader for digital financial technology. The companies focused on boosting the adoption of frictionless in-store mobile payment. Together, the companies also offer a distinct solution developed to improve the in-store shopping experience. They strengthened their cooperation to create a joint ESL-enabled mobile payment solution for in-store customers.
Jul-2019: E Ink Holdings collaborated with Ossia and E-Peas. Under this collaboration, the companies developed the first-of-its-kind wirelessly-powered electronic paper display (EPD) prototype, which is wholly battery-free. This prototype system is an electronic shelf label focused on retailers that can run and wirelessly based at-a-distance in an active surrounding, without any wires or batteries.
May-2019: SES-Imagotag agreed to establish a joint venture with BOE Technology and JD Digits. They aimed to offer smart solutions to help the digitalization of physical retail.
Jan-2019: SES-Imagotag announced its collaboration with Ossia. This collaboration aims to develop the next-generation wirelessly powered ESLs for retailers and launch this leading-edge technology in the coming years.
Jan-2019: Trax entered into a partnership with Google Cloud. The partnership aimed to bring Trax’s breakthrough image identification and machine learning offerings to retail stores, enabling retailers to take all the benefits of real-time shelf insights at extraordinary speed and scale.
Acquisition and Mergers:
Jul-2019: Trax acquired Planorama, the leading image recognition solutions. This acquisition would make a substantial depth and breadth of foundation in place to deliver Consumer Packaged Goods (CPG) customers across the globe by increasing the customer reach and make accessible a complete set of in-store execution equipment to the market.
Product Launches and Product Expansions:
Oct-2020: Trax introduced Retail Watch in the Americas. Retail Watch is a computer vision-powered store supervising and intelligence solution, assists grocery retailers in automatize in-store data collection and improve operations. The solution increases the on-shelf accessibility and staff productivity that resulted in rising revenue and also offers timely, precise data for more supply chain replenishment, predicting and taking online orders.
Feb-2020: Pricer introduced Pricer Plaza, a new and improved architecture for smart retail in-store services & business models. This architecture expanded Pricer’s broadly successful real-time store effectiveness and improved customer engagement infrastructure implementing a series of advanced latest products and technologies.
Jun-2019: Honeywell introduced a new industrial Internet of things analytics platform known as Honeywell Forge. This platform is categorized under enterprise performance management for operations technology. It is developed to use the company’s asset and process control know-how, and integrate it with analytics and data. The platform evaluates building data through artificial intelligence with an aim on energy, occupant, asset, and tenant billing management with visualization equipment.
Jan-2019: Nexcom launched its smart facial-access and self-service solutions. This solution integrates the AI analytics engine products with Microsoft Face API and AI object detection algorithm. The smart solutions displayed at the time of Microsoft events include Microsoft BUILD and Microsoft Inspire, and also on stage while Computex in Taipei, Taiwan.
Scope of the Study
Market Segments covered in the Report:
o RFID Tags & Readers
o Digital Displays
o Electronic Shelf Labels
o IoT Sensors
By Organization Size
• Large Enterprises
• Small & Medium Enterprises
• Inventory Management
• Pricing Management
• Content Management
• Planogram Management
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Honeywell International, Inc.
• Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
• Intel Corporation
• Samsung Electronics Co., Ltd. (Samsung Group)
• Avery Dennison Corporation
• BOE Technology Group Co., Ltd. (SES-Imagotag)
• E Ink Holdings, Inc. (YFY, Inc.)
• Pricer AB
• Trax Technology Solutions Pte. Ltd.
• Nexcom International Co., Ltd.
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