According to the latest report by IMARC Group, titled “Electronic Shelf Label (ESL) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025″, the global electronic shelf label market size reached US$ 567.3 Million in 2019, growing at a CAGR of around 21.1% during 2014-2019. The electronic shelf label (ESL) system is utilized by retailers to interact with the users, update required information on the shelving signage, and automate the process of updating the price displays and product information on the shelves. It has replaced the traditional shelf label system that requires printing paper tags and changing them manually. The employment of ESL is improving the accuracy and smooth functioning of businesses across the globe by minimizing pricing errors. They are widely available in a vast array of sizes, colors, fonts, templates and fastening solutions to meet the requirements of the end users.
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Global Electronic Shelf Label (ESL) Market Trends:
The global market is primarily driven by an increase in the adoption of the Internet of Things (IoT) solutions in the retail sector. In order to distinguish themselves from the online retail platforms, brick and mortar stores are now becoming digitalized. Consequently, they are employing smart shelves and ESL systems in their stores to automate inventory management and optimize the overall workflow. They have also started installing ESLs with LED-light indicators, owing to their low power consumption, high brightness and enhanced resolution. Apart from this, the burgeoning retail sector in emerging economies is expected to offer numerous growth opportunities to the new entrants, thereby positively impacting the market growth. The installation of these systems will reduce labor and operational costs, which is expected to boost their overall sales. Furthermore, advanced technologies, including Wi-Fi, Near Field Communication (NFC), radio frequency (RF) and Bluetooth Low Energy (BLE), are now being integrated with these systems to improve their overall functioning. On account of the aforementioned factors, the market has been estimated to reach a value of US$ 2,082.7 Million by 2025, expanding at a CAGR of 24.6% during the forecast period (2020-2025).
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Key Market Segmentation:
- On the basis of the type, the market has been divided into liquid crystal display (LCD), full graphic e-paper, segmented e-paper and others. Amongst these, LCD represents the most preferred segment.
- Based on the component, the market has been bifurcated into hardware and software, wherein hardware dominates the market.
- On the basis of the technology, the market has been categorized into radiofrequency, infrared, near-field communication (NFC) and others. At present, infrared technology accounts for the majority of the global market share.
- Based on the application, the market has been classified into supermarkets and hypermarkets, convenience stores, and others. Amongst these, supermarkets and hypermarkets account for the majority of the total market share.
- On the geographical front, the market has been segregated into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. Currently, North America holds the leading position in the market.
- The competitive landscape of the market has been analyzed, with the detailed profiles of the key players operating in the market. Some of these players include Altierre SAS, Diebold Nixdorf, Incorporated, DIGI System Gurgaon Pvt. Ltd., Displaydata Ltd., LG CNS, M2C Communication doo Belgrade, Panasonic Corporation, Pricer AB, Samsung Electronics and SES Imagotag.
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