Electronic Shelf Label Market by End-users, Product, Technology, and Geography - Global Forecast and Analysis 2020-2024
Global Electronic Shelf Label Market: About this market
Technavio’s electronic shelf label market analysis considers sales from LCD ESL, full graphic e-paper ESL, and segmented e-paper ESL. our study also finds the sales of electronic shelf label in APAC, Europe, North America, South America, and MEA. In 2019, the LCD ESL segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as low power consumption, high picture quality, low response time, and attractive design will play a significant role in the LCD ESL segment to maintain its market position. Also, our global electronic shelf label market report looks at factors such as the implementation of in-store technologies, development of IoT ecosystem, and rising number of retail outlets. However, growth in e-commerce industry, high capital requirement for implementation of ESLs and supporting infrastructure, and lack of awareness may hamper the growth of the electronic shelf label industry over the forecast period.
Global Electronic Shelf Label Market: Overview
Implementation of in-store technologies
Several online retailers are launching their physical counterparts to enable customers to make effective purchase decisions. This helps the retailers in giving stiff competition to the market players with already established physical stores. Furthermore, with an increasing interest in enhancing the customer experience, physical retail shop owners are deploying innovative in-store technologies, including smart shelves, augmented reality, and virtual reality enabled in-store assistants and electronic shelf labels. These in-store technologies enhance the capabilities of ESLs and boost the overall user experience. Thus, the integration of modern in-store technologies by retail outlets for effective inventory management and user experience enhancement will lead to the expansion of the global electronic shelf label market at a CAGR of almost 15% during the forecast period.
Increasing adoption of smart shelves
The global retail industry is growing at a rapid pace because of the rising urbanization and the increasing disposable income of people. This is attracting investments in organized retail stores. For enhanced customer experience and efficient inventory management, retail operators are investing in smart shelves that incorporate several components and technologies, such as ESLs, 3D cameras, proximity sensors, weight sensors, light-emitting diode (LED) sensors, NFC, and radio-frequency identification (RFID). The integration of smart shelves enables retail operators to minimize labor costs and efficiently manage inventories as smart shelves send a refill notification to storekeepers on their connected mobile devices. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global electronic shelf label market during the forecast period 2020-2024, click here.
With the presence of several major players, the global electronic shelf label market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading electronic shelf label manufacturers, that include Altierre Corp., Diebold Nixdorf, Inc., Displaydata Ltd., E Ink Holdings Inc., LG Innotek, Opticon Sensors Europe BV, Pricer AB, Samsung Electro-Mechanics Co. Ltd., SES-imagotag, and Teraoka Seiko Co. Ltd.
Also, the electronic shelf label market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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