Meticulous Research®—a leading global market research company, published a research report titled, 'Smart Shelves Market by Offering (Hardware, Software, Services), Application (Inventory Management, Remote Monitoring, Demand Forecasting, Pricing Management, Others), End User (Hypermarkets, Supermarket, Others), & Geography - Global Forecast to 2030.’
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In its latest report, Meticulous Research® forecasts the smart shelves market to skyrocket to $10.62 billion by 2030, reflecting an impressive CAGR of 22.8% from 2023 to 2030. This significant growth is driven by several key factors, including the increasing focus of retail businesses on maintaining optimal inventory levels, the rising adoption of electronic shelf labels for efficient pricing management, and the growing consumer demand for enhanced in-store experiences. Additionally, the integration of advanced technologies in retail and the spread of smart stores are set to create substantial growth opportunities for stakeholders in the smart shelves market.
However, the market faces challenges such as the slow adoption of technology in the unorganized retail sector and the increasing 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 projects the hardware segment to dominate in 2023, driven by the growing number of smart stores and the rising use of electronic shelf labels for automated pricing and inventory monitoring.
Technologically, the software segment is expected to exhibit the highest CAGR during the forecast period, due to the growing demand for smart shelf software among retailers to facilitate real-time pricing updates and inventory tracking.
In terms of applications, inventory management is predicted to be the dominant segment in 2023, driven by heightened competition among retailers and the need to optimize shelf stock. Meanwhile, the demand forecasting segment is set to witness the highest growth rate, driven by the need to enhance inventory optimization and supply chain efficiency.
From an end-user perspective, hypermarkets are expected to hold the largest market share in 2023, spurred by their continuous pursuit of advanced technologies and the growing use of digitalized price labels for dynamic pricing strategies. Department stores, however, are projected to register the highest CAGR during the forecast period, focusing on delivering superior customer service and utilizing smart shelves with digital displays for personalized advertisements.
Geographically, Asia-Pacific is set to lead the global smart shelves market in 2023, driven by the rapid economic development, significant technology investments in retail, and widespread adoption of electronic shelf labels to improve customer experience.
Key players in the smart shelves market include industry leaders such as Intel Corporation, Pricer AB, and SES-imagotag, who are actively engaged in product development and enhancement initiatives to seize emerging opportunities and meet evolving customer needs.
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