The North America Smart Shelves Market would witness market growth of 21.6% CAGR during the forecast period (2021-2027). The smart shelves refer to the integrated framework providing superior control and connectivity of hypermarket inventory.
The smart shelves are integrated with weight sensors and these sensors send alerts to the back-end system when a product is lifted. Also, these shelves also send a notification as missing products to the back-end system when it identifies an item that does not belong to that segment. Retailers get a lot of information using smart shelf which helps them to improve their customer services. The retail sector is anticipated to manage customer demands in a better way and offer a superior shopping experience by bringing digitalization in the stored and hypermarkets.
As the retail industry is going through some huge transformation, the retailers currently face a lot of challenges. Retailers find it hard to deal with these challenges, including reducing customer loyalty, management of operational efficiency, internal communication gap, ever-changing customer expectations, and employee retention. With the rising trend of e-commerce platforms, customers have various alternatives causing a massive reduction in their dependency on physical stores. Retailers are deploying advanced technologies like smart shelves, ESL, and IoT with an aim to reduce the effects of these challenges. There is a high focus on the deployment of IoT for asset management and operation optimization. Retailers are putting massive investment on emerging opportunities domains like smart shelf, smart checkout, and location-based marketing. The growing adoption of interactive vending machines, contactless payment technologies, and smart kiosks, in retail stores, reveals that retailers aim for new growth possibilities to improve their grip on customers.
The US market dominated the North America Smart Shelves Small & Medium Enterprises Market by Country 2020, thereby, achieving a market value of $472.2 million by 2027. The Canada market is experiencing a CAGR of 27.4% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 26.4% during (2021 - 2027).
Based on Component, the market is segmented into Hardware, Software and Services. Hardware Segment is further bifurcated across RFID Tags & Readers, Cameras, Digital Displays, Electronic Shelf Labels, IoT Sensors and Others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Application, the market is segmented into Inventory Management, Pricing Management, Content Management, Planogram Management and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Shelves Market is Estimated to Reach USD 7.8 Billion by 2027 at a CAGR of 22.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Intel Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Avery Dennison Corporation, BOE Technology Group Co., Ltd. (SES-Imagotag), E Ink Holdings, Inc. (YFY, Inc.), Pricer AB, Trax Technology Solutions Pte. Ltd., and Nexcom International Co., Ltd.
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