Smart Shelves Market Report and Forecast 2024-2032

Market Outlook

According to this report, the smart shelves market size reached a value of USD 3.97 billion in 2023. Aided by increasing demand for advanced retail technologies and the growing applications of smart shelves in various sectors, the market is projected to further grow at a CAGR of 23.1% between 2024 and 2032 to reach a value of USD 25.78 billion by 2032.

Smart shelves are advanced retail solutions equipped with sensors, RFID tags, and IoT technologies to provide real-time data on inventory levels, product placement, and customer interactions. These shelves enhance the efficiency of retail operations by automating inventory management, reducing stockouts, and improving the overall shopping experience. The global smart shelves market is experiencing significant growth due to the rising adoption of retail automation, the increasing focus on enhancing customer experience, and the continuous innovation in retail technologies.

The increasing demand for advanced retail technologies is driving the smart shelves market growth. With the growing competition in the retail sector, businesses are turning to smart shelves to optimize their operations and improve customer satisfaction. Smart shelves provide real-time data on inventory levels, enabling retailers to manage stock more efficiently and reduce the risk of stockouts. The automation of inventory management processes also reduces labour costs and improves operational efficiency, driving the demand for smart shelves in the global market.

The rising focus on enhancing customer experience also plays a significant role in the market's growth. As consumers become more demanding and expect personalised shopping experiences, retailers are adopting smart shelves to meet these expectations. Smart shelves provide real-time information on product availability, offer personalized promotions, and enhance the overall shopping experience. The increasing emphasis on customer satisfaction and the need to differentiate in a competitive market have driven the adoption of smart shelves.

The expanding applications of smart shelves in various sectors significantly contribute to the market's growth. In the retail sector, smart shelves are widely used in supermarkets, hypermarkets, and convenience stores to optimise inventory management and enhance the shopping experience. The increasing adoption of omnichannel retailing and the growing focus on providing seamless shopping experiences have driven the demand for smart shelves in the retail sector, consequently driving up the smart shelves market share.

In the healthcare sector, smart shelves are employed to manage medical supplies, pharmaceuticals, and other healthcare products. The increasing focus on improving inventory management and reducing waste in healthcare facilities has driven the adoption of smart shelves in the healthcare sector. Additionally, smart shelves are used in warehouses and distribution centres to enhance inventory visibility and improve supply chain efficiency.

In the hospitality sector, smart shelves are used in hotels and restaurants to manage inventory and enhance the guest experience. The growing focus on providing personalised services and improving operational efficiency has driven the adoption of smart shelves in the hospitality sector. Furthermore, smart shelves are used in the manufacturing sector to manage raw materials, work-in-progress inventory, and finished goods, improving production efficiency and reducing waste.

As per the smart shelves market analysis, North America holds a significant share in the market, driven by the increasing adoption of retail automation, the presence of leading technology companies, and a well-established retail sector in the region. The rising demand for advanced retail technologies and the focus on enhancing customer experience have boosted the demand for smart shelves in North America. Moreover, the region's strong focus on research and development and the presence of a robust technology infrastructure further support market growth.

Market Segmentation

The market can be divided based on component, application, and region.

Market Breakup by Component

• Hardware
• Electronic Shelf Labels (ESL)
• Cameras
• IoT Sensors
• RFID Tags and Readers
• Others
• Software
• Services

Market Breakup by Application

• Inventory Management
• Planogram Management
• Pricing Management
• Content Management
• Others

Market Breakup by Region

• North America
• Europe
• Latin America
• Middle East and Africa
• Asia Pacific

Competitive landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global smart shelves market. some of the major players explored in the report are as follows:

• Samsung Electronics Co. Ltd.
• Intel Corporation
• Huawei Technologies Co. Ltd.
• Trax Technology Solutions Pte Ltd.
• Amazon.com, Inc.
• Lenovo PCCW Solutions Limited
• SoluM Europe GmbH
• NEXCOM International Co., Ltd.
• Pricer AB
• Dreamztech Us Inc.
• Others