- Smart shelves are technology enabled shelves used to automatically track inventory in retail stores. Smart shelves use RFID technology such as RFID tags, antennas, and RFID readers. Smart shelves use weight sensors that are installed within shelves or underneath them.
- The sensors are used to track the amount of inventory sitting on the shelves. Smart shelves provide the real-time status of inventory.
- The global smart shelves market is projected to expand at a rapid pace during the forecast period, due to advancement in technologies in the retail sector across the globe.
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Global Smart Shelves Market: Dynamics
Global Smart Shelves Market: Key Drivers
- Increasing demand for simplification of workflow at physical retail stores and easy analysis of data is estimated to boost the smart shelves market during the forecast period. Besides, growing need for better surveillance and monitoring at physical retail stores is estimated to boost the market during the forecast period.
- Rise in demand to know real-time stock information and inventory management is a major factor that is likely to propel the smart shelves market in the next few years
- Increasing demand to maintain inventory accuracy and supply chain optimization in retail is projected to boost the demand for smart shelves
- However, privacy concerns related to inbuilt data tags leading to low rate of adoption of smart shelves by small and medium size retailers is anticipated to hamper the market during the forecast period
- Incompatibility issues with infrastructure and lack of skilled staff is also projected to hinder the smart shelves market during the forecast period
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Impact of COVID-19 on the Global Smart Shelves Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown and millions of employees are working from home for the first time during this pandemic. COVID-19 has radically disrupted people-facing sectors such as retail. COVID-19 has directly affected the supply, demand, and daily operations of the retail sector. The overall impact of COVID-19 on retail is huge. Fashion, furniture, and electronics retailers are experiencing huge loss. This is primarily because consumers are more focused on purchasing or stocking food and household supplies. Hence, COVID-19 has a negative impact on the smart shelves market. This is projected to hinder the market.
Europe to Hold Major Share of the Global Smart Shelves Market
- In terms of region, the global smart shelves market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Europe dominated the global smart shelves market with the largest share due to the presence of key players such as SES Imagotag, Cicor, Pricer, and Opticon Sensors in the region.
- North America is expected to hold the second highest market share in terms of revenue mainly because of the presence of developed economies, such as the United States and Canada. The U.S. is a key market in the region due to the early adoption and implementation of smart shelves.
- The smart shelves market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing expansion of large-scale retailers and adoption of AI-based solutions and introduction of IoT technology based solutions among retailers in the region.
Global Smart Shelves Market: Competition Landscape
Several local, regional, and global players are active in the smart shelves market with a strong presence. Rapid technological advancements have created significant opportunities in the global smart shelves market. Vendors of smart shelves market are focusing on inorganic growth strategies such as collaborations and merger and acquisition with technology partners to develop innovative and advanced smart shelves to improve their offerings and market reach. For instance, in January 2024, Adroit Worldwide Media, Inc. (AWM Smart Shelf) entered into partnership with OptiCrib, LLC. Through this partnership, OptiCrib uses AWM Frictionless technologies and AWM’s Automated Inventory Intelligence (Aii) to transform storeroom management, powering seamless and friction-free inventory management.
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Key Players Operating in the Global Smart Shelves Market Include:
- SES-imagotag
- Pricer AB
- Trax Technology Solutions Pte Ltd.
- Avery Dennison Corporation
- Samsung Electronics Ltd.
- E Ink Holdings
- Huawei Technologies Co., Ltd.
- Intel Corporation
- Honeywell International Inc.
- SOLUM Europe Gmbh
- Happiest Minds
- PCCW Solutions
- NXP Semiconductor
- DIEBOLD NIXDORF
- Dreamztech Solutions Inc.
- Sennco Solutions, Inc.
- MAGO S.A.
- SES-IMAGOTAG
- AWM Smart Shelf
- Focal Systems
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