The global electronic shelf label market was valued at US$ 406.6 Bn in 2018 and is expected to reach US$ 1,606.8 Bn by 2027, with a CAGR growth rate of 16.8% in the forecast period from 2019 to 2027. The use of IoT in retail is growing at an exponential rate, and therefore both retailers and technology developers are looking forward to providing an environment of the connected consumer in brick-and-mortar locations. The retail industry is focusing on lowering total operational costs by removing manual operations in stores related to stock, changing prices, and more. Therefore, the demand for automation solutions throughout the retail industry is rising.
Europe is a leading region in the global electronic shelf label market, followed by North America. Number of hypermarkets, supermarkets are present within the Europe region, which are responsible to contribute towards the growth of entire retail industry. Opening of new retail stores in countries is projected to flourish consumption rate of ESL as well. On the other hand, across North America, technological advancements have led to a highly competitive market. The region is a hub of technological developments that compliances with economically robust countries. As a result, the electronics & semiconductor manufacturing industry and retail industry in North America pertains to develop and remain the principal factor for driving prosperity and innovation.
APAC is expected to register the highest CAGR in the electronic shelf label market during the forecast period. The growth of the electronic shelf label market in this region is attributed to growing retail industry. The retail in Asian economies is booming at an exponential rate. Owing to rising demand for consumer goods such as home appliances and consumer electronics, many companies are looking ahead to make a significant investment in the Indian retail space - for instance, Walmart Investments Cooperative U. A has spent US$ 37.68 Mn (Rs 2.75 billion) in Wal-Mart India Pvt Ltd. Moreover, the country’s retail industry has witnessed an increase in investments to reach US$ 180.18 Mn (Rs 1,300 crore) in 2018.
The global electronic shelf label market has been segmented based on component, product type, store type, communication technology, and geography. Based on the component, the electronic shelf label market is segmented by displays, battery, transceiver, microprocessor, and others. The electronic shelf label market by product type is segmented by LCD ESL and e-paper based ESL. The market by store type is segmented by hypermarkets, supermarkets, non-food retail stores, specialty stores, and others. And by communication technology, the electronic shelf label market is bifurcated into radio frequency, infrared, near field communication, and others. In the coming period, near field communication in ESL is expected to enable users to check the latest temperature history of any product through their smartphones.
Several companies providing electronic shelf labels are coming up with advanced and efficient technologies and solutions. The growth of specialty stores is expected to furnish the revenue generation stream of the electronic shelf label market. The major companies working on the development of electronic shelf labels include Altierre Corporation, Diebold Nixdorf Incorporated, Displaydata Limited, E Ink Holdings Inc., M2Communication, NZ Electronic Shelf Labelling, Opticon Sensors Europe BV, Pricer, Samsung Electro-Mechanics, Ses-Imagotag, Teraoka Seiko, among others.
Other Market Players from Value Chain:
ALTUM RETAIL, American Retail Supply, Delfi Technologies, Distec GmbH, Eurosec Oy, Hanshow, Huawei Enterprise, LANCOM Systems GmbH, and LG CNS, among others are few other market players from value chain which are not profiled in the report, which can be included based on request.
The overall electronic shelf label market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the electronic shelf label market. It also provides the overview and forecast for the global electronic shelf label market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the electronic shelf label industry.