PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477186
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477186
Electronic Shelf Label Market size was valued at USD 1,516.30 Million in 2023, expanding at a CAGR of 13.5% from 2024 to 2032.
Electronic Shelf Labels (ESLs) are digital price tags used in retail stores to display product pricing and information electronically. ESLs automate the process of updating product information, eliminating the need for manual price changes. This improves efficiency and reduces errors. ESL systems, particularly those connected to a network, may be vulnerable to cybersecurity threats such as hacking or data breaches, raising concerns about the security of sensitive pricing information. Furthermore, there are opportunities to expand into sectors such as healthcare, hospitality, and logistics, where accurate and real-time information is crucial.
Electronic Shelf Label Market- Market Dynamics
Increasing trend of retail automation driving the electronic shelf label market growth
The rising tide of retail automation is indeed propelling the growth of the electronic shelf label (ESL) market. In addition, the increasing adoption of retail automation, coupled with the benefits offered by ESLs, is driving significant growth in the ESL market. According to the National Retail Federation, expects retail sales to exceed $4.44 trillion by the end of 2021. In addition, The retail industry makes up 5% of the UK economy, which drives high demand for retail automation in the electronic shelf label market. Data from an AI survey shows that 80% of retail executives plan to adopt AI automation by 2025.
Electronic Shelf Label Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.5% over the forecast period (2024-2032)
Based on product type segmentation, LCD ESL was predicted to show maximum market share in the year 2023
Based on technology segmentation, ZigBee was the leading type in 2023
Based on end user segmentation, non-food retail stores were the leading type in 2023
based on region, Europe was the leading revenue generator in 2023
The Global Electronic Shelf Label Market is segmented based on Product Type, Component, End User, Technology, and Region.
The market is divided into three categories based on technology - ZigBee is a wireless communication protocol widely used in electronic devices for short-range, low-power communication. In the context of electronic shelf labels (ESLs), ZigBee technology allows efficient communication between the central management system and the individual ESLs attached to store shelves.
The market is divided into five categories based on application- ESLs allow retailers to update prices in real-time, enabling dynamic pricing strategies based on factors like demand, time of day, or inventory levels. This flexibility can help optimize pricing strategies and improve sales. Retailers can use ESLs as a differentiator in the market, offering customers a more modern and convenient shopping experience compared to competitors still using traditional paper labels.
Electronic Shelf Label Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market for electronic shelf labels is dominated by Europe worldwide. Because of the strong growth of full graphic e-paper displays and the presence of most electronics manufacturers in the region, the market is predicted to expand. Due to the low cost of labor and the growing number of retail giants with more interested clients, Asia-Pacific is predicted to experience tremendous growth.
Due to the presence of multiple players, the fragmented nature of the electronic shelf labels market is expected to face rivalry. To stay ahead of the competition and to guarantee effectiveness, and safety, major service providers in the industry are always updating their technologies. These companies concentrate on cooperation, product improvements, and partnerships to outperform their rivals and take a substantial portion of the market for electronic shelf labels. With a strong focus on technological innovation, Pricer offers advanced ESL systems designed to optimize pricing strategies, streamline store operations, and drive sales growth. For instance, in February 2024, Pricer and Epishine in a strategic partnership to set the foundation for the next generation of sustainable light-powered electronic shelf labels.
In April 2024, E-paper technology company E Ink is replacing paper labels with e-paper shelf labels for increased retailer efficiency and lower carbon emissions. In addition, E Ink is collaborating with ecosystem partners Realtek Semiconductor (Realtek), Integrated Solutions Technology (IST) and Chipbond Technology Corporation (Chipbond) to develop the System on Panel (SoP) architecture.
In February 2023, Qualcomm Technologies, Inc. announced to collaborate with SES-imagotag, to develop technology that enables new electronic shelf labels (ESLs).
GLOBAL ELECTRONIC SHELF LABEL MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Altieer Corporation
Clearing Display
Diebold Nixdorf
Displaydata Limited
E Ink Holdings Incorporation
NCR Corporation.
Panasonic Corporation
Pricer
Samsung Electro-Mechanics
SES-imagotag
Others