Electronic Shelf Label Market Overview:
The global electronic shelf label (ESL) market is projected to witness significant growth during the forecast period. In terms of responding better to the increasing competition from the online retail channels, traditional retailers (i.e., brick-and-mortar) are focusing on developing strategies that utilize the cutting-edge technologies (IoT) to close the gap, specifically arising from the difference between store price and online price. Closing the price gap in real time will remain a key factor contributing to the growth of the global electronic shelf label market during the forecast period. Other factors contributing to the growth of the market include increasing focus on real-time price automation in retail stores, optimizing the retail workflow, government regulations on commodity pricing, and rising labor cost. The brick-and-mortar retail segment is witnessing a major shift toward digital technologies to offer superior shopping experience to the customers. The retailers are focusing on expanding their IT capabilities that offer seemingly enhanced shopping experience for customers right from the product identification to the contactless payment.
Additionally, the companies operating in the retail sector, particularly in developed economies, are mandated to meet certain guidelines and standards to eliminate the misleading product price and other information of the product, which is further accelerating the demand for electronic shelf labels.
Electronic shelf label (ESL) is a technology solution predominantly used in retail settings to display and modify the price of items in the store with limited human intervention. The electronic shelf label system makes use of the IoT technology, which automatically reflects the information/data when there are any changes made in the central server.
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Market Revenue and Segmentation Analysis
The global electronic shelf label (ESL) market is anticipated to grow at a CAGR of 20.9% during the forecast period 2019–2025.
The global electronic shelf label market is segmented based on product type, component, end-user type, and region & country. In terms of the product type, the market is segmented into LCD electronic shelf label and e-paper electronic shelf label. The e-paper electronic shelf label was the dominant segment in 2018 and is projected to remain dominant during the forecast period; anticipated to register a CAGR of 22.2% during the forecast period 2019–2025. By component, the global electronic shelf label market is segmented into software and services. The services segment includes professional service, software, and maintenance. In terms of end-users, the market is segmented into hypermarket/supermarket, departmental/convenience stores, and others.
In 2018, Europe was the dominant region in the global electronic shelf label market followed by the Americas. Asia Pacific is identified as the fastest growing region in the electronic shelf label market, i.e., CAGR of 29.0% during the forecast period 2019–2025. This is mainly due to rapid urbanization and expanding retail sector along with the increasing adoption of digital technologies, such as IoT, by vendors operating in the brick-and-mortar retail segment.
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The report also covers the country-wise analysis of the ESL market across various regions including the Americas, Europe, Asia Pacific, and Middle East & Africa (MEA).
Benefits and Vendors
The report contains an in-depth analysis of vendors, which includes financial health, business units, key business priorities, SWOT, strategies, and views; and competitive landscape. Few of the key players profiled in this study include SES-imagotag, Pricer AB, LG INNOTEK, Displaydata Limited, Teraoka Seiko Co. Ltd. (DIGI), SoluM, Hanshow, Altierre, Opticon, and SUNPAI INDUSTRIES LIMITED.