North America Electronic Shelf Label Market to Grow at a CAGR of 14.4% to reach US$ 359.2 Million from 2020 to 2027

The North America electronic shelf label market is expected to grow from US$ 124.7 million in 2019 to US$ 359.2 million by 2027; it is estimated to grow at a CAGR of 14.4% from 2020 to 2027.

The US, Canada, and Mexico are major economies in North America. Fast adoption of game-changing technologies across the retail - value chain is expected to escalate the North America electronic shelf label market. Technology is projected to be the key driver of this industry transformation. The success of the industry participants highly depends upon the relentless focus on the application of various technologies for enhancement of the value-added services to consumers. Advanced technologies have played a critical role in the transformation of retail. For instance, in North America, Pricer provides ESL enables with Bluetooth technology that help the consumers to have an access on product information. Over the next ten years, all of these technologies are expected to attain significant maturity in the retail industry, creating an unprecedented level of disruption. In particular, artificial intelligence is predicted to be most transformational for the retail industry due to its widespread applications, ability to drive efficiencies and impact on labor. Internet of things (IoT) in retail would have a positive impact on the retail sector. With the rapid growth in the outlook of online shopping, retailers are looking forward to bring frictionless customer experience into online shopping for customers. The use of IoT in retail is growing at an exponential rate, and therefore both retailers and technology developers are looking forward to providing an environment of the connected consumer in brick-and-mortar locations. Therefore, the ESL developers across North America are working closely to develop more technologies through robust R&D such as development of ePaper, battery free-solutions and more, which is expected to drive the North America electronic shelf label market during forecast period.

Further, in case of COVID-19, North America is highly affected specially the US. North America has the highest adoption and growth rate of new technologies owing to favorable government policies to boost innovation and strengthen the infrastructure capabilities. Hence, any impact on industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst affected country due to COVID-19 outbreak thereby influencing the high adoption of online shopping across the country. For instance, according to studies, Amazon recorded an increase in sales by 37% owing to the covid-19 pandemic. It is becoming apparent with the COVID-19 pandemic spreading across the United States that few can escape its scope, presenting significant challenges to all industries. The close down of all retail outlets by the government authorities coupled with the social distancing norms laid down by them is affecting the investments by retail outlets. For instance, the sales of online grocery segment across the United States, recorded an increase by 210.1% due to the pandemic. Thus, the above-mentioned factors are adversely affecting the electronic shelf label market over the years.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America electronic shelf label market. The North America electronic shelf label market is expected to grow at a good CAGR during the forecast period.

 

 North America Electronic Shelf Label Market Segmentation

 North America Electronic Shelf Label Market – By Components

• Displays
• Batteries
• Transceivers
• Microprocessors
• Others

North America Electronic Shelf Label Market – By Product Type

• LCD ESL
• E-Paper based ESL

 North America Electronic Shelf Label Market – By Store Type

• Hypermarkets
• Supermarkets
• Non-Food Retail Stores
• Specialty Stores
• Others

 North America Electronic Shelf Label Market – ByCommunication Technology

• Radio Frequency
• Infrared
• Near Field Communication
• Others

 North America Electronic Shelf Label Market, by Country

• US
• Canada
• Mexico

 North America Electronic Shelf Label Market -Companies Mentioned

• Diebold Nixdorf, Incorporated
• Displaydata Limited
• E Ink Holdings Inc.
• eraoka Seiko Co., Ltd.
• Opticon Sensors Europe B.V.
• Pricer AB
• Samsung Electro-Mechanics Co., Ltd.
• SES-imagotag