The electronic shelf labels market is anticipated to grow with a CAGR of ~22% over the forecast period of 2019-2028. According to a study published by Insure Insights on the electronic shelf labels market, the rise in the adoption of automation in retail stores, increasing demand for real-time data in retail stores are considered as some of the driving factors for the market growth. Additionally, the advancement in technology of contact lenses and the high adoption of these lenses from the individuals is also boosting the growth of the market.
Top Driver: Rising Business Process Optimization In Retail Sector and Technological Advancement are Driving the Electronic Shelf Labels Market
Electronic shelf labels are devices such as price tags that provide accurate pricing on the display with the help of electronic linkage between the shelves and the checkout system. This technology works based on infra-red, radio-frequency, and/or WLAN linking a master check-out with the shelves. Further, the expansion of IoT across the industries is such as retail, and others are driving electronic shelf labels (ESLs). Additionally, the requirement of reduction in labor cost and high accuracy are boosting the growth of the market. Therefore, these factors have significantly reduced the risk of human error by ensuring impending pricing compliances. The electronic shelf label helps to fix the price errors in the retail shops, warehouses, and others. The technological revolution and adoption of automation by the retail stores, which includes supermarkets, specialty stores, and hypermarkets are also driving the growth of the market. The ESLs allow retailers to reuse the tags with low maintenance costs. Therefore, these capabilities of the labels effectively accelerate the adoption of ESLs, thereby driving the growth of the market.
Near Field Communication (NFC) to Make Crucial Contribution to the Growth of Global Electronic Shelf Labels Market
Based on the communication technology, the electronic shelf labels market has been segmented as Bluetooth low energy (BLE), near field communication (NFC), others. The near field communication (NFC) segment holds the largest share in the communication technology segment for the electronic shelf labels market due to the adoption of NFC enabled smartphone technology by the individuals. Similarly, the growth of the NFC in the retail sector for electronic shelf labels is also a significant factor driving the growth. This technology allows the users to transact, exchange the data, send a notification to the central systems, and provide real-time information, driving the growth of the market across the globe.
Based on end-use, the global electronic shelf labels market has been segmented as hypermarket/ supermarket, non-food retail stores, specialty stores, and others. The hypermarket/ supermarket holds the largest share for the end-use segment. The hypermarket/ supermarket has a large number of products for which the prices are needed to be changed daily based on offers. Therefore, to reduce the manual work and increase the overall accuracy and efficiency of the store electronic shelf labels are used. Furthermore, these labels display the real-time value and offer of the products enabling the consumer to find information easily.
Advancement in Technology in North America is Driving the Market
North America dominates the electronic shelf labels market across the globe due to the presence of both small and big retail stores, across the region. Additionally, focus on technological innovation and automation of retail stores and products is also driving the growth of the market. Furthermore., the presence of retail giants, such as Wal-Mart has been adopting advanced technologies to reduce operation stress and manual work which is contributing to the growth of the market.
Players to Focus on Expanding Applications in the Retail Industry
The global electronic shelf labels market is expected to grow with a high CAGR due to presence of various companies including Pricer, SES-imagotag, Samsung Electro-Mechanics, E Ink Holdings, Displaydata, M2Communication, Diebold Nixdorf, Opticon Sensors Europe, Teraoka Seiko, NZ Electronic Shelf Labelling, and others which are developing new advance technologies which are boosting the market growth.
E Ink: In May 2019, the company launched color displays, writing films, and new light transmissive films at SID Display Week 2019 from May 14-16, 2019 in San Jose. These labels were developed for accurately responding to customer traffic patterns.
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