The global electronic shelf label market size is poised to grow by USD 337.95 million during 2020-2024, progressing at a CAGR of almost 15% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic.
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The implementation of in-store technologies will be a significant factor in driving the growth of the electronic shelf labels market. Physical stores allow customers to try out products before purchasing. These stores also offer huge discounts to attract customers and compete with online stores. To enhance the customer experience and improve inventory management, several physical retail stores are adopting in-store technologies, such as smart shelves, ESLs, AR/VR, and in-store assistants. For instance, Koninklijke Ahold Delhaize is planning to install ESLs in its stores in the Czech Republic, Belgium, Luxemburg, Serbia, Greece, and Romania. This rising adoption of in-store technologies is expected to fuel the growth of the ESL market during the forecast period.
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Report Highlights:
The major electronic shelf label market growth came from LCD ESLs segment. The incorporation of advanced technologies such as radio frequency, Wi-Fi, Bluetooth Low Energy (BLE), and NFC and the increasing demand for LCD ESLs from retailers are expected to boost the growth of the electronic shelf label market in this segment.
Europe is one of the largest markets for electronic shelf labels, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the high concentration of major retailers and the integration of in-store technologies such as ESLs, self-service checkouts, and smart shelves are contributing to electronic shelf label market growth in this region.
The global electronic shelf label market is fragmented. Altierre Corp., Diebold Nixdorf, Inc., Displaydata Ltd., E Ink Holdings Inc., LG Innotek, Opticon Sensors Europe BV, Pricer AB, Samsung Electro-Mechanics Co. Ltd., SES-imagotag, and Teraoka Seiko Co. Ltd. are some of the major market participants. To help clients improve their market position, this electronic shelf label market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global electronic shelf label market 2020-2024 is expected to have Neutral and At par. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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