As Smart Shelves helps to provide an interactive retail environment for customers, increased use of emerging technologies in retail is expected to drive the market growth.
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By Hardware, Electronic Shelf Labels to grow at higher CAGR during forecast period
Electronic shelf labels (ESLs) are electronic devices used to automatically display product information and price in retail stores. They are small wireless display systems that are capable of replacing traditional paper pricing systems used in retail stores. ESL provides labels for ordinary shelves, fresh food areas, freezers, and chillers, as well as for areas that require larger displays such as fruits and vegetables. Traditionally, ESL solutions have been viewed as an alternative to manual label processes within the retail location. These solutions allow enterprises to reduce labor costs and eradicate pricing errors. They have the added advantage of improving sales conversions and margins by making it easier to alter prices in response to competitors and supplier price changes.
The ESL system comprises individual electronic shelf labels, which are supported by wireless communication infrastructure and software. For instance, a communication network, either centralized or manually operated, automatically updates the revised price of an article on display.
By Region, Europe to hold the largest market size during the forecast period.
Europe accounted for largest market share in terms of revenue in 2022 for the global electronic smart shelves market and is expected to continue its dominance in the forecast period. The growth in this region is mainly due to the presence of key players such as SES Imagotag, Pricer, Cicor, and Opticon Sensors. High penetration of ESL in the regional retail business, especially in the countries such as France, Italy, Belgium, Germany, and other countries in Central Europe, is expected to garner the industry with around 23.4% CAGR over the forecast period. Various factors such as the requirement for advanced and fast retail processes and a highly interactive retail environment in Europe contribute to the growth of the electronic smart shelves market in the region. Recently in Austria, three bakery shops of Merkur Hypermarkets have been equipped with smart-shelf technology by Rewe Group. This smart shelf system uses artificial intelligence (AI) to evaluate collected data and provide precise weighing system and dynamically adjust product prices. This way the local market is adopting the smart shelf technology driving the overall smart shelves market in Europe.
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Major vendors in the global Smart Shelves Market include SES-Imagotag (France), Pricer (Sweden), Trax (Singapore), Avery Dennison (US), Samsung (South Korea), E Ink (Taiwan), Intel (US), Huawei (China), Honeywell (US), Solum (south Korea), NEXCOM (Taiwan), DreamzTech Solutions (US), Sennco (US), Tronitag (Germany), Mago S.A. (Poland), Happiest Minds (India), PCCW Solutions (Hong Kong), NXP semiconductor (Netherlands), Diebold Nixdorf (US), Software AG (Germany), Minew (China), AWM Smart Shelves (US), Wiseshelf (Israel), Trigo (Israel), Caper (US), Zippin (US), Focal Systems (UK).