Global Electronic Shelf Label Market 2020–2024| Implementation of In-Store Technologies to Boost Market Growth | Technavio
The electronic shelf label market is expected to grow by USD 337.95 million during 2020–2024, according to the latest market research report by Technavio. Request a free sample report
Several online retailers are launching their physical counterparts to enable customers to make effective purchase decisions. This helps online retailers to compete with the market players that have well-established physical stores. Furthermore, the need to enhance customer experience, necessitates the deployment of innovative in-store technologies, such as smart shelves, augmented, and virtual reality enabled in-store assistants, and electronic shelf labels. These in-store technologies enhance the capabilities of ESLs and boost the overall user experience. Thus, the integration of modern in-store technologies by retail outlets for effective inventory management and improved customer experience will drive the adoption of ESLs over the next few years.
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As per Technavio, the increasing adoption of smart shelves will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020–2024.
Electronic Shelf Label Market: Increasing Adoption of Smart Shelves
The global retail industry is growing at a rapid pace because of the rising urbanization and the increasing disposable income of people. This is attracting investments in organized retail stores. For enhanced customer experience and efficient inventory management, retail operators are investing in smart shelves that incorporate several components and technologies, such as ESLs, 3D cameras, proximity sensors, weight sensors, LED sensors, NFC, and RFID. The integration of smart shelves enables retail operators to minimize labor costs and efficiently manage inventories. Thus, the adoption of smart shelves is increasing, which will have a significant impact on the growth of the electronic shelf label market during the forecast period.
The rising number of strategic partnerships and alliances, and the introduction of advanced ESL solutions will have a significant impact on the growth of the electronic shelf label market value during the forecast period,” says a senior analyst at Technavio.
Electronic Shelf Label Market: Segmentation Analysis
This market research report segments the electronic shelf label market by product (LCD ESL, full graphic e-paper ESL, and segmented e-paper ESL), end-user (supermarkets and hypermarkets; convenience stores, department stores, and mass merchants; and drug stores, pharmacies, and others), technology (radio frequency, infrared, and others), and geography (North America, APAC, Europe, South America, and MEA).
The European region led the electronic shelf label market in 2019, followed by APAC, North America, MEA, and South America. During the forecast period, Europe is expected to register the highest incremental growth due to the high concentration of major retailers in the region.
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