The On Shelf Availability Solution market size is forecast to reach $4.7 billion by 2027, growing at a CAGR 7.2% from 2022 to 2027. The solutions can also help identify if an item is misplaced within a facility, thereby further improving overall efficiency of the end user’s operations. Technologies such as cameras, response time analysis, digital transformation, sensors, Radio Frequency Identification (RFID) Systems and computers are some of the equipment necessary for the implementation of on shelf availability solutions. Growing supply chain constraints across numerous industries owing to the COVID-19 pandemic related restrictions have significantly increased the need for optimizing the supply chain network. This is anticipated to directly boost the demand for on shelf availability solutions during the forecast period, 2022 to 2027.
The product identification segment in the On Shelf Availability Solution market report segmented by application accounted for the largest market share, 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.“
North America accounted for the largest On Shelf Availability Solution 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. The U.S. accounted for the largest share in North America in terms of revenue. The proliferation of mobile devices and the penetration of the internet in emerging economies are the key drivers. On-Shelf Availability (OSA) gaps result in lost volume, baskets, and consumer confidence. The persistence of this issue demonstrates the necessity for food merchants and suppliers to share data and collaborate more effectively in order to sustain service standards in stores and online. Toilet paper On-Shelf Availability rates fell by 1.84%, in November 2021, more than some food categories that are frequently low during the Thanksgiving holiday week. The increased adoption of technologies such as IoT and machine learning in ecommerce, warehousing and retail industry is expected to drive the growth of US market over the forecast period.
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On Self Availability Solution Market Growth Drivers:
The growth in penetration of online shopping among consumers is driving the demand for On Shelf Availability Solution industry.
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 solutions, key players in the e commerce sector will be able to reduce the time and cost necessary for monitoring inventories. In addition, real time data regarding on shelf availability enables e commerce sites to accurately forecast demand and place reorders with distributors before fast moving items become out of stock. This helps maximize profits while also improving customer retention. In addition, on shelf availability solutions also allow the company to reduce labor costs as manual accounting of stock is eliminated. According to the United Nations Conference on Trade and Development (UNCTAD), global e commerce sales rose to $26.7 trillion owing to the rapid growth in online shopping after the COVID-19 pandemic. The increased travel restrictions coupled a wide assortment of products offered by large scale e commerce sites made them an attractive choice for consumers.
The Major Players in this Market Include
On Shelf Availability Solution top 10 companies include Panasonic, IBM Corp, SES Imagotag, SAP SE, IRI Worldwide, Tech Mahindra, Impinj Inc, Basler AG, Symphony Retail AL, Neogrid. In July 2021, BeMyEye Holdings announced the release of a new upgrade for their Compass App. The new upgrade comes in the form of a real-time image recognition tool, for store audits. The tool can scan shelves for products and provide related store insights for sales representatives, thereby cutting down audit times.
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