(I-BusinessNews.Com, July 29, 2021 ) The On shelf Availability Solution Market is forecast to reach $6.5 billion by 2026, growing at a CAGR of 9.8% from 2021 to 2026. On shelf availability is achieved through a real time application connected to a camera device that monitors the on shelf availability of products and sends alerts to the store manager when products go out of shelf or misplaced. On-shelf availability solutions are technological tools which helps retailers to analyse and monitor the availability of stock on the shelf. On shelf availability solutions are mainly based on technologies like Radio Frequency Identification (RFID technology) and Internet Of Things (IoT sensors). On shelf availability is considered as retailer performance. Out-of-stock is a major problem these days, it leads to lost sales and decreases consumer loyalty. There are several reasons for out of stock situation they are inventory inaccuracy, unexpected high demand and poor shelf monitoring, inaccurate historical data analysis. On Shelf Availability solutions limit the impact of these factors.
On Shelf Availability Solution Market Segment Analysis – By Type
The market is segmented by component into software and services. Owing to increase in adoption of software across the various commercial, retail and industrial sectors, software segment is set to propel the market growing at a CAGR of 11.5% during the forecasted period. Increase in providing customized software solutions to the user according to their requirements by the market players is expected to boost the market growth.
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On Shelf Availability Solution Market Segment Analysis – By Application
The rising demand for consumer goods such as consumer electronics and home appliances is propelling the retail industry and therefore, adoption of On Shelf Availability solution is expected to boost during the forecast period. On shelf availability solutions are the technological tools that help retailers maintain, analyse and monitor the availability of various products in their store and hence due to advancement of technology in OSA solution is expected to increase the adoption and boost the market growth.
On Shelf Availability Solution Market Segment Analysis – By Geography
North America is dominating the on shelf availability solution market with a share of 34.6% in 2020 due to increase in technological advancement. Rapid development in retail industry and technological advancement is expected to further dominate the market during forecast period. However APAC is projected to have fastest growth in the market owing to rise in adoption of innovative and advanced technologies, china holding largest share of market in the region. The increase in demand for consumer electronics and home appliances in APAC region is expected to spur the growth of on shelf availability solution market.
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On Shelf Availability Solution Market Drivers
Business Automation Driving the Market Growth
Business automation is a trendy way to automate processes in the business, creating value both for the company and their customers. Thus there is a rapid increase in automation of business globally which is expected to boost the market for OSA solutions. The On shelf availability solution help businesses maintain analyse and monitor the availability of various products and helps to reduce stock out situations by identifying potential issues and help in quickly resolving them. Hence these factors are set to propel the market during the forecasted period.
Technological Advancements in Retail industry
Technological advancement such as internet of things, automation of inventory management in retail industry is majorly contributing to the adoption of this solution in industry and is expected to spur the growth of OSA solution market. On-shelf availability solutions are generally based on RFID technology & Internet of Things sensors which help retailers to monitor and analyse the inventory. Increase in advancement of technology in retail industry leads to increase in adoption of OSA solution.
On Shelf Availability Solution Market Challenges
High Deployment Cost
The high deployment cost of on shelf availability solution is hampering the market growth. Due to its high deployment, the retailers and other users find it challenging to adopt in their businesses. Also, the high of service for on shelf availability solution is hampering the adoption in the market. However, the risk of unauthorized access to data operating in dynamic environments is also one of the main challenges faced by the on shelf availability solution market.
Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the on shelf availability solution market. The On shelf availability solution market is dominated by major companies such Panasonic Corporation, Atlas Technology Group, Retail Velocity, Verix, Inc., International Business Machine(IBM) Corporation, SAP SE, Impinj Inc., MindTree Ltd., Retail Solutions Inc., Retail Velocity, Market6 Inc., Frontier Field Marketing, Enterra Solutions LLC.
Acquisitions/Technology Launches/Partnerships
In Sep 2019, Panasonic Corporation launched an all new Electronic Shelf Labelling (ESL) solution to all retailers to provide an ability to wirelessly update content on shelving signage quickly and efficiently. It allows retailers to alter prices on real time basis, monitor product information and reduce pricing errors.
Key Takeaways
The On shelf availability solution market is estimated to witness substantial growth over the forecast period primarily due to increase in technological advancement and business automation.
Software segment is projected to have highest share in the market due to increase in adoption of software across the various commercial, retail and industrial sectors.
The adoption of on shelf availability solution in Retail industry is rapidly increasing and it is anticipated to boost the growth of market. Increase in demand for consumer goods such as consumer electronics and home appliance is further propelling retail industry and hence it is expected to further increase in adoption of OSA solution by retail industry.
APAC is expected to have fastest growth in the market owing to rise in adoption of innovative and advanced technologies.
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