Smart Shelves: Introduction
- 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.
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
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 2020, 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.
Key Players Operating in the Global Smart Shelves Market Include:
- 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.
- AWM Smart Shelf
- Focal Systems
Global Smart Shelves Market: Research Scope
Global Smart Shelves Market, by Component
- RFID Tags & Readers
- Electronic Shelf Labels
- IOT Sensors
Smart Shelves Market, by Enterprise Size
- Large Enterprise
Global Smart Shelves Market, by Application
- Planogram Management
- Inventory Management
- Pricing Management
- Content Management
Global Smart Shelves Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.