Market Size of Smart Shelf Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.61 Billion |
| Market Size (2029) | USD 12.58 Billion |
| CAGR (2024 - 2029) | 22.26 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Smart Shelf Market Analysis
The Smart Shelf Market size is estimated at USD 4.61 billion in 2024, and is expected to reach USD 12.58 billion by 2029, growing at a CAGR of 22.26% during the forecast period (2024-2029).
Smart shelves are electronically connected shelves used in retail outlets to track inventory. Smart shelves use a combination of digital displays, RFID tags, and sensors to provide detailed product information, cross-selling recommendations, and marketing. They also provide retailers with valuable insights into customer shopping patterns and preferences.
- The primary reasons driving the Smart Shelf Market are the commission of improved inventory management by retail to make smarter restocking options and real-time involvement, as well as the use of intelligence and automation technologies by retail to provide a better shopping experience for customers.
- Rising demand for natural and premium products promotes market development due to increased urbanization and consumer buying power. Retail automation is growing more popular, and there is a strong demand among retailers for pricing optimization and enhanced operating effectiveness with real-time product placement. These are only a few of the major factors fueling the market's global rise.
- E-commerce platform sales are rapidly increasing; this development provides a chance for the researched industry to flourish by giving new items to e-commerce warehouses to manage effective inventory management. According to the US Census Bureau, commercial e-commerce in the United States was about USD 266 billion from July to September 2022, a 3% increase over the past quarter. Furthermore, rising retail sales is also propelling the industry.
- RFID tracking does not stop when a customer leaves the store. If customers pay with a credit or debit card or scan a loyalty discount card at checkout, retailers may link the purchases to the RFID data and use the information to map out individual customers' travels around the store, or even an entire shopping complex. This indicates it is harming the user's privacy, which acts as an obstacle to the growth of the market.
- Post-COVID-19, the mart shelves market is expected to grow faster as retailers seek to leverage advanced technologies' benefits to improve inventory management and optimize their supply chain. With the rise of e-commerce and changing consumer behavior, retailers are looking for innovative ways to enhance the in-store experience and increase customer loyalty.
