Rapid Adoption of Game-Changing Technologies Across Retail–Value Chain Drives Electronic Shelf Label Market Growth
According to our latest study on “Electronic Shelf Label Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component, Product Type, Store Type, and Technology,” the electronic shelf label market size was valued at US$ 2.20 billion in 2022 and is expected to reach US$ 8.37 billion by 2030. The electronic shelf label market is estimated to record a CAGR of 18.2% from 2022 to 2030.
Technology is projected to be the key driver of the industrial transformation. The success of the industry participants highly depends upon the relentless focus on the application of various technologies to offer enhanced value-added services to consumers. Advanced technologies have played a critical role in the transformation of the retail sector. Electronic shelf label (ESL) enables retailers to update the prices of the products automatically in real-time across the store, which further help them to eliminate days of monotonous and error-prone manual work. Retailers are continuously looking for solutions to deliver operational efficiency in the retail value chain, which is giving rise to the adoption of IoT technologies, thereby driving the growth of the electronic shelf label market. This has encouraged the market players to offer solutions that help retailers increase pricing efficiency and accuracy. For instance, Pricer provides ESL with Bluetooth technology and helps consumers to access product information. In addition, S&K Solutions GmbH provides the next generation of electronic price tags, VUSION, that includes a screen protector attached to the front of the display.
Electronic Shelf Label Market – by Region, 2022 and 2030
Electronic Shelf Label Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Components (Hardware, Software, and Services), Hardware (Displays, Batteries, Transceivers, Microprocessors, and Others), Product Type (LCD ESL and E-Paper based ESL), Store Type (Hypermarkets, Supermarkets, Non-Food Retail Stores, Specialty Stores, and Others), Communication Technology (Radio Frequency, Infrared, Near Field Communication, and Others), and Geography
Electronic Shelf Label Market Growth Report 2020 to 2030
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Source: The Insight Partners Analysis
These tags are designed to be extremely thin and can be used in an environment of +10 to +40 degrees. The adoption of advanced technologies is expected to gain significant maturity in the retail industry, creating an unprecedented level of disruption. In particular, artificial intelligence is expected to be most transformational for the retail industry due to its ability to drive efficiencies, widespread applications, and impact on labor. IoT in retail would positively impact the retail sector. With the rapid growth in the outlook of online shopping, retailers are looking forward to offering frictionless online shopping experiences to customers. The use of such technologies in retail is growing at an exponential rate. Both retailers and technology developers are looking forward to providing an environment of the connected consumer in brick-and-mortar locations. Therefore, ESL developers are working closely to develop more technologies through robust R&D, such as the development of ePaper and battery solutions, which helps to enhance operational efficiency and foster the electronic shelf label market.
The electronic shelf label market is segmented on the basis of component, store type, product type, technology, and geography. Based on component, the global electronic shelf label market is segmented into hardware, software, and services. Based on store type, the electronic shelf label market is bifurcated into hypermarkets, supermarkets, non-food retail stores, and specialty stores. Based on product type, the global electronic shelf label market is bifurcated into LCD ESL and E-Paper-based ESL. Based on technology, the global electronic shelf label market is segmented into radio frequency, infrared, near-field communication, and others. By geography, the electronic shelf label market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
LabelNest, Diebold Nixdorf Incorporated, Displaydata Limited, M2Communication, E Ink Holdings Inc, NZ Electronic Shelf Labelling, Pricer, Opticon Sensors Europe BV, Samsung Electro-Mechanics, Ses-Imagotag, and Teraoka Seiko are among the key players operating in the electronic shelf label market.
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