Electronic Shelf Label Market size to grow USD 1.20 billion from 2022 to 2027, Driven by the development of the IoT ecosystem, Technavio

NEW YORK, March 19, 2024 /PRNewswire/ -- The potential growth difference for the electronic shelf label market between 2022 and 2027 is USD 1.20 billion. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The expansion of the IoT landscape is propelling market growth, driven by interconnected devices, sensors, software, and networks. Increased IoT device adoption and advancements in network compatibility are fueling the demand for ESLs. Despite a dense global market, encompassing sensor, software, hardware providers, and network technology, recent years have seen significant strides towards fostering a robust IoT device ecosystem. This evolution is poised to positively influence global market growth in the forecast period, indicating promising opportunities for businesses operating within the IoT domain.

Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

• The growth in the e-commerce industry is a significant challenge restricting market growth. 

Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report Now

The electronic shelf label market has been segmented by technology (radio frequency, infrared, and others), product (LCD ESL, full graphic E-paper ESL, and segmented E-paper ESL), end-user (supermarkets and hypermarkets, convenience stores, department stores, mass merchants, and drug stores and others), and geography (Europe, APAC, North America, Middle East and Africa, and South America). 

• The market share growth by the radio frequency segment will be significant during the forecast period. A significant factor in its widespread adoption has been the fact that radio frequencies are free from a requirement of sight, which will eventually reduce infrastructure costs and make it possible for ESL to deliver information without interruption.

• Europe is estimated to contribute 38% to the growth of the global market during the forecast period. 

View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies

Danavation Technologies Corp, Diebold Nixdorf Inc., Displaydata Ltd., E Ink Holdings Inc., LANCOM Systems GmbH, M2COMM, New Zealand Electronic Shelf Labelling, Opticon Sensors Europe BV, Panasonic Holdings Corp., Pricer AB, Rational Innovation, RSJ Software GmbH, S and K Solutions GmbH and Co. KG, Samsung Electronics Co. Ltd., SES-imagotag, Shenzhen Minew Technologies Co. Ltd., SOLUM Europe Gmbh, Teraoka Seiko Co. Ltd., troniTAG GmbH, and Zhejiang Hanshow Technology Co. Ltd.

Analyst Review

The Electronic Shelf Label (ESL) market is experiencing a profound transformation fueled by the proliferation of technologies and the surge in digitalization and automation in stores. ESLs are revolutionizing the retail landscape by providing dynamic pricing solutions that enhance efficiency, accuracy, and ultimately, consumer satisfaction. The ESL market refers to the sector dedicated to electronic shelf label systems, which digitally display product information and prices on shelves in retail stores.

The market dynamics of ESLs are characterized by an increasing demand driven by the growing efficiency and accuracy in pricing, leading to enhanced customer experience. Retailers are leveraging ESLs to stay competitive in an era of rapid digitalization and automation in stores. The rising expansion of e-commerce further fuels the demand for ESLs as retailers seek seamless integration between their online and offline operations to provide a unified shopping experience to consumers.

However, the adoption of ESLs is not without challenges. High initial implementation costs pose a significant barrier for some retailers, while infrastructure and compatibility challenges may hinder seamless integration with existing systems. Despite these challenges, the ESL market continues to evolve. Recent developments indicate a growing scope for ESL solutions, driven by innovative technologies and strategic partnerships aimed at addressing market needs.

The scope of the global ESL market encompasses various sectors, including retail, hospitality, and healthcare, where dynamic pricing and accurate product information are essential for operational efficiency and customer satisfaction. In conclusion, the ESL market presents significant opportunities for retailers to enhance their operations and improve customer experiences. As digitalization and automation continue to reshape the retail landscape, ESLs will play a crucial role in driving efficiency, accuracy, and ultimately, business growth.

View the Sample Report

Market Overview

The Electronic Shelf Label (ESLs) market is witnessing remarkable growth driven by the proliferation of technologies and increased consumer satisfaction. Market dynamics reflect a surge in digitalization and automation in stores, leading to enhanced efficiency and accuracy in pricing. ESLs redefine market definition by offering real-time pricing updates, promoting seamless shopping experiences. With the global ESL market expanding, retailers are embracing these innovative solutions to streamline operations and improve customer engagement. The integration of ESLs aligns with the evolving retail landscape, emphasizing the significance of digital tools in enhancing competitiveness. As the demand for ESLs continues to rise, they represent a pivotal component in shaping the future of retail environments worldwide.

View the Sample Report

Related Reports:

The Factory Automation Platform as a Service (FA PaaS) Market size is estimated to grow at a CAGR of 21.51% between 2023 and 2028. The market size is forecast to increase by USD 6,649.1 million. 

The print label market is estimated to grow at a CAGR of 4.58% between 2022 and 2027. The size of the market is forecast to increase by USD 11.29 billion.

ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio