Anticipated $10.62 Billion Market for Smart Shelves by 2030

Posted July 10, 2024 by komal123

Meticulous Research®—a leading global market research company, published a research report titled, 'Smart Shelves Market
Meticulous Research® has released its comprehensive report outlining strong growth prospects in the smart shelves market, projecting a climb to $10.62 billion by 2030 with an impressive CAGR of 22.8% from 2023 to 2030. This growth is underpinned by several key drivers, including retail's increased focus on optimizing inventory levels, rising adoption of electronic shelf labels for efficient pricing management, and growing consumer demand for enhanced in-store experiences. Additionally, the integration of advanced retail technologies and the expansion of smart store concepts are expected to unlock significant growth opportunities for stakeholders in the smart shelves market.

Despite these positive trends, the market faces challenges such as slow technology adoption in the unorganized retail sector and the growing shift towards e-commerce platforms. Concerns over data security and privacy also pose potential obstacles to market expansion.

The report segments the global smart shelves market into hardware, software, and services. It predicts that the hardware segment will dominate in 2023, driven by the proliferation of smart stores and increased use of electronic shelf labels for automated pricing and inventory monitoring. Technologically, the software segment is expected to register the highest CAGR during the forecast period, driven by growing demand for smart shelf software among retailers to enable real-time pricing updates and inventory tracking.

In terms of applications, inventory management is forecasted to lead in 2023, driven by intense competition among retailers and the imperative to optimize shelf stock. Meanwhile, the demand forecasting segment is poised to witness the highest growth rate, driven by the need to improve inventory optimization and streamline supply chain efficiency.

From an end-user perspective, hypermarkets are expected to capture the largest market share in 2023, driven by their ongoing adoption of advanced technologies and increasing use of digital price labels for dynamic pricing strategies. Department stores, on the other hand, are anticipated to record the highest CAGR during the forecast period, focusing on delivering superior customer service and leveraging smart shelves with digital displays for personalized advertisements.

Geographically, Asia-Pacific is positioned to lead the global smart shelves market in 2023, supported by rapid economic development, substantial investments in retail technology, and widespread adoption of electronic shelf labels to enhance the customer experience.

Key players in the smart shelves market, including industry leaders like Intel Corporation, Pricer AB, and SES-imagotag, are actively involved in product development and enhancement initiatives to capitalize on emerging opportunities and meet evolving customer demands.
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Issued By komal
Country India
Categories Technology
Last Updated July 10, 2024