On Shelf Availability Solution Market Overview
On Shelf Availability Solution Market Overview
The global On Shelf Availability Solution market size is forecast to reach $4.7 billion by 2027, growing at a CAGR of 7.2% from 2022 to 2027.?The on-shelf availability solutions are deployed in various end user industry verticals, such as Warehouses, E-Commerce Websites,?Digital transformation, Response Time Analysis, Internet of Things, Retailers and more to enhance the overall inventory management of the organization. Therefore, on shelf availability solutions eliminate the risk of out-of-stock situations by monitoring and tracking each and every Stock Keeping Unit (SKU) in real-time position. In addition, the solutions can also help identify if an item is misplaced within a facility, thereby further improving the overall efficiency of the end user’s operations. The rapid surge in the adoption of online shopping after the COVID-19 pandemic is anticipated to play a major role in driving the market as the sudden growth in demand faced by e commerce websites is increasing the need for enhancing supply chain efficiency. Through the use of on shelf availability?supply chain management?solutions and?radio frequency identification technology, key players in the e commerce sector will be able to reduce the time and cost necessary for monitoring inventories.
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Report Coverage
The report:?“On Shelf Availability Solution Industry Outlook – Forecast (2022-2027)”,?by IndustryARC covers an in-depth analysis of the following segments of the On Shelf Availability Solution Industry.
By Component:?Hardware, Software, Services
By Technology:?Fixed Cameras, Mobile Applications, Others By Deployment:?On-Premise, Cloud
By Application:?Equipment Condition Monitoring, Store Performance Assessment, Customer Pattern Analysis, Product Identification, Detection of Misplaced Products, Planogram Compliance Verification, Inventory Management, Others
By End Users:?Warehouses, Suppliers, Retailers, E-commerce Websites, Consumer Packaged Goods (CPG) Manufacturers, Others
By Geography: North America (US, Canada, Mexico), Europe (Germany, U.K, France, Spain, Italy,?Others), APAC (China, Japan, Malaysia, Thailand, South Korea, Philippines, Hong Kong, Others),?South America (Brazil, Argentina and others),?RoW (Middle East and Africa)
Key Takeaways
Global On Shelf Availability Solution Market Value Share, by Geography, 2021, (%)
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On Shelf Availability Solution Segment Analysis- By Component
The shelf availability solution market by component has been segmented into hardware, software and services. The hardware segment accounted for the largest?On Shelf Availability Solution market share?in terms of revenue with 46.03%, in 2021. The rapid growth of the segment can be attributed to the large volume of various hardware systems necessary for the implementation of on shelf availability solutions in retrial stores and warehouses. For instance, sensors are required to be placed at the back of each individual shelf of retail outlets in order to accurately determine shelf availability. Hardware can help with inventory management in situations where ceiling and shelf-mounted cameras cannot. SmartSight machines, for example, can automate the process of identifying misplaced items on shelves and sales floor quantities, as well as alerting employees when certain items are running low. Amazon goes a step further with its Amazon Go Grocery model stores, which are powered by Just Walk Out. Deep learning, sensor fusion, and computer vision are all used in this project. The store's extensive network of cameras and IoT sensors can detect when a customer removes an item from the shelf and places it in their shopping cart. When a customer leaves the store, their credit card is charged for the items they purchased. Amazon.com alone has increased its monthly traffic from 2 billion in 2019 to 2.3 billion in 2020 and a record 2.8 billion in February 2021.
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On Shelf Availability Solutionn Segment Analysis- By Application
The on shelf availability solution market by application has been segmented into equipment condition monitoring, store performance assessment, customer pattern analysis, product identification, detection of misplaced products, planogram compliance verification, inventory management and others. The product identification segment accounted for the largest?On Shelf Availability Solution market share?in terms of revenue with 25.9%, in 2021. The higher share of the segment is attributed to the growth in the use of laser sensors, RFID tags and shelf monitoring cameras in the retail sector. Such devices monitor and identify individual products within the store shelves, thereby ensuring that out of stock situations does not take place. The retail business will be greatly impacted by implementing automatic product recognition in grocery stores using photos. Businesses are increasingly focusing on how to employ artificial intelligence technology to transform the retail industry's ecology and connect online and offline experiences as retail evolves at a rapid rate. Merck KGaA, a German pharmaceutical company, is pioneering the use of AI and predictive analytics across its entire supply chain. They're also conducting research on Aera Technology Inc. analytics software to "predict demand spikes, identify bottlenecks, and alleviate supply shortages for 100 products." According to Retail TrendsPlaybook2020, "the software collects supply chain data from Merck KGaA's various planning systems and, after the data is uploaded to Aera's cloud infrastructure, is analyzed by machine learning algorithms.“
On Shelf Availability Solution Segment Analysis- By Geography
By Geography, On Shelf Availability Solution Market has been segmented into North America, Europe, APAC, South America and Others. North America accounted for the largest market share in terms of revenue with 37.5%, in 2021. Surge in the North American E- commerce sector after the COVID-19 pandemic and the presence of a highly developed retail and supply chain sector are some of the key factors contributing to the growth of the segment. For instance, according to Forbes, the US E-commerce sales in 2021 increased by approximately 14.2% and represented around 13.2% of all retail sales in 2021.?However, Asia pacific region is projected to be the fastest growing market over the forecast period 2022 to 2027, owing to the rapid rise in the implementation of new digital infrastructure such as 5G networks in emerging economies such as China and India. In addition, robust growth in development of AI Research and Development in China is another key factor contributing to the market growth.
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On Shelf Availability Solution Market Drivers
The growing number of supply chain disruptions is expected to the drive the market growth for the on shelf availability solution market
Growing instances of supply chain disruption is anticipated to be a key factor driving the market for on shelf availability solutions for inventory management applications as such solutions provide end users with automatic inventory monitoring using technologies such as sensors, cameras and Radio-frequency identification (RFID). This enables organizations to accurately account for existing inventory and forecast when reorders need to be placed to eliminate out of stock situations. Besides, the accurate data provided by such systems give end user industries more time to switch suppliers in case supply chain disruptions take place, thereby reducing the risk of out-of-stock situations. Some of the major causes of supply chain disruptions that took place in 2021 include COVID-19 pandemic, the blockage of Suez Canal and extreme weather events. For instance, numerous companies were left without inventories owing to the shutting down of Vietnam’s major manufacturing hub due to rising COVID-19 cases. Meanwhile, large scale lockdowns in China to combat COVID-19 and the Russia-Ukraine conflict were some of the major factors that disrupted the global supply chain in 2022. Furthermore, on shelf availability solutions enable suppliers and retailers to manage and account for safety stock more efficiently. Safety stock management is a proactive approach to inventory management that establishes a minimum volume of inventory to keep on hand. This inventory acts as a buffer to compensate for demand surges or supply shortages. The real time visibility provided by on shelf availability solutions also significantly reduce the time taken for decision making processes.
The growing application of AI in a wide range of end use industries is driving the on shelf availability solution market
Rapid growth in the adoption of AI technologies among end user industries such as retail stores and e commerce websites is anticipated to boost the adoption of AI enabled on shelf availability equipment and software during the forecast period. According to a recent study conducted by KPMG international limited, around 90% of retail business leaders stated that their employees are prepared and have the skills for AI adoption in 2021, up from only 47% in 2020. An estimated 53% of retail business leaders believed that the COVID-19 pandemic increased their company’s pace of adoption. Such growth in positive outlook towards implantation of AI in the retail sector is acting as a major boost for on shelf availability solutions. Furthermore, with advancements in AI technology, numerous retail chains are implementing autonomous retail outlets and checkout free stores. For instance, In January 2022, Aldi opened its first checkout-free supermarket where people can shop without having to scan a product.
On Shelf Availability Solution Market Challenges
The decline in global retail sales is a key challenge for the on shelf availability solution market players
Reduction in customer footfall into retail stores and overall decline in sales through retail outlets in several regions is projected to be a key factor challenging growth opportunities during the forecast period. The decline in retail shopping can be attributed to the high inflation levels in regions such as the US and Europe. For instance, according to the US Bureau of Labor Statistics report, the consumer price index (CPI) increased by 8.5% for the 12 months ending March 2022. The CPI was the largest 12-month increase since the period ending December 1981. In addition, the two categories that had the largest impact on the rising price index were food at 8.8% and energy at 6.9%. Such growth in the prices of essential items meant that spending on other non-essential items were greatly reduced, thereby directly impacting the retail sector. For instance, according to Forbes, department stores sales in March declined from that of February by approximately 0.3% in the US. Meanwhile, according to data from the British Retail Consortium (BRC), retail footfall in the UK decreased by 15.4% year-on-three-years (Yo3Y) in March 2022.
On Shelf Availability Solution Market Landscape
Product innovations, acquisitions, Partnerships and R&D activities are key strategies adopted by players?in the On Shelf Availability Solution Market. On Shelf Availability Solution top 10 companies include:
Recent Developments
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