The leading vendors in the electronic shelf label (ESL) market are SES-imagotag, Pricer, Displaydata Ltd, Altierre Corp, and DIGI.
Arizton’s recent market research report on the electronic shelf label (ESL) market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by display (LCD, EPD, and OLED), by technology (vendor facing (RF and IR) and customer facing (BLE and NFC), end-users (supermarkets and hypermarkets, departmental stores, convenience stores, drugstores, and others), and geography (North America, APAC, Europe, MEA, and Latin America).
The electronic shelf label (ESL) market is anticipated to generate revenues of over $1,675 million and grow at a CAGR of more than 28% during the forecast period. The adoption of innovative technology and growing demand for value in-store shopping experience is driving the sales of electronic shelf label in the global market. The advent of LED and e-paper displays are enabling vendors to launch micro-displays and ESL in the retail industry.
The top 3 drivers and trends boosting growth in the electronic shelf label (ESL) market are discussed below:
Declining Prices of Micro-displays
The exponential development of innovative technologies and economies of scales is ensuring the consistent decline in the price of micro-display units. The most popular display technologies for micro-displays are LCD, LED, and EPD. The advent of novel technologies led to the introduction of a plethora of innovations in the multimedia environment and consumer products, thereby driving the growth of the electronic shelf label (ESL) market. The development of EPD display is revolutionizing digital technology and is helping prominent vendors launch e-books, watches, and mobile phones with innovative display units. The decline prices of micro-displays are propelling the adoption of displays in a host of new applications and as price labels in the retail industry. The growing need for interactive display units that enhance shopping experience will drive the demand for electronic shelf labels in the global market.
Imminent Retail Automation
The integration of retail automation and advent of innovative offerings is revolutionizing the retail industry. The adoption of Vendor Managed Inventory (VMI) will help increase the operational productivity and decrease the replenishment cycle. The introduction of RFID technology which uses radio frequency for communication and sensors to track and identify processed in the supply chain will boost the efficiency of the warehouse operations and enable superior inventory management. The development of Smart Trolleys where products picked by customers are read by sensors in the trolley and information about the products are displayed in the screen attached with the trolley will transform the retail sector. The advent of retail automation will pave the way for the introduction ESL that will improve customer experience and retail performance.
SKU Proliferation Warranting Need for Smarter Inventory Management
The rising number of e-retailers helped launch the Stock Keeping Unit (SKU) system which helps effective management of the inventory. The proliferation of SKU caters to the need of retailers to understand the consumers’ needs and increase the sales revenues. The complexities involved with warehouse management is driving the demand for smart inventory management in the retail sector. The adoption of ESL will prevent stockouts at the shelf level and control inventory management. The integration of point of sale (POS) and ESL will provide sales data and inventory management information to the retailers and help them analyze the demand trends and increase productivity in the warehouse operations. Such developments in the retail sector will propel the growth of the electronic shelf label (ESL) market during the forecast period.
The complete overview of the latest market research report on electronic shelf label (ESL) market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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