The global Electronic Shelf Label Market is estimated to be valued at US$ 97.92 Mn or Million in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Electronic shelf labels (ESL) are used in retail stores display real-time product pricing information and other marketing messages directly on the shelves. They allow retailers offer dynamic pricing to respond quickly to promotional pricing or changes in demand. ESLs eliminate the labor and time taken for manual price changes and allows retailers offer customers accurate pricing information.
Market key trends:
Advancements in IOT and AI technologies are allowing ESLs become more intelligent. Most modern ESL systems can communicate product availability in real-time as items are added or removed from shelves. Shelf edge lighting and interactive displays are also being incorporated. Retailers are deploying ESLs to gain actionable insights into purchasing trends. Cloud-based ESL management platforms allow centralized control of large networks from any location. These trends are supporting increased adoption of ESLs among retailers aiming to enhance customer experience through digital shelf edge solutions.
Segment Analysis
Electronic Shelf Labels Market is segmented into component, display technology, store type, and region. Component segment is further divided into displays, batteries, transceivers/wireless communication protocols, microprocessors, and others. Among them, batteries are expected to dominate the market during the forecast period. Batteries hold a large share in the overall system cost of electronic shelf labels. To maximize the battery life, providers focus on manufacturing optimized battery solutions for electronic shelf labels that can last for years without replacement.
Key Takeaways
The Global Electronic Shelf Labels Market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing retail automation adoption for streamlining retail operations.
Regional analysis:
North America dominated the electronic shelf labels market in 2023, accounting for over 30% share of the global market. Rapid adoption of digital technologies across retail industries in the US and Canada is driving the growth of electronic shelf labels in the region. Asia Pacific is expected to be the fastest growing region during the forecast period owing to rising penetration of organized retail sector in countries like India and China.
Key players:
Key players operating in the Electronic Shelf Labels Market are SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, SESimagotag, E-Ink, Wuxi Wei Feng Technology, and Cicor. SES-Imagotag holds the largest market share in the global electronic shelf labels market.
Read more: https://www.rapidwebwire.com/electronic-shelf-labels-market-insights-trends/
Comments
0 comment