According to a new market research report published by Credence Research “Global Electronic Shelf Label Market (Product Type (LCD ESL, Segmented E-Paper ESL, Full Graphic E-Paper ESL); Communication Technology (Radio Frequency (RF), Infrared (IR), Near Field Communication (NFC), Others); Application (Hypermarkets, Supermarkets, Non-Food Retail Stores, Specialty Stores, Others)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the electronic shelf label market is set to grow with a CAGR of 16.8% during the forecast period, started from US$ 450.5 mn in 2018.
The electronic shelf label (ESL) market is driven by the growing need among the retailers to enhance the customer experience. As the adoption of the internet services across the globe is increasing, the information availability is also rising. Customers are becoming empowered, they can choose from wide array of option available in the market. As a result, the retailers are focusing more on enhancing the customer engagement activities and provide better customer experience to reduce the churn rate and gain customer loyalty.
The increasing adoption of the automated solution across the retail sector is also acting as a major driver for the ESL market. Furthermore, the growing demand among the retailers to reduce the use of the paper based labels and growing need for dynamic pricing solution is augmenting the demand for ESL solutions.
The electronic shelf label market is segmented based on the communication technology into radio frequency (RF), infrared (IR), near field communication (NFC), others. RF technology is dominating the market with more than 45% share in the ESL market in 2018. The ability of the technology to establish short effective communication and enable fully automated data transfer is driving the market growth. On the other hand, NFC technology is estimated to grow considerably during the forecast period.
Asia Pacific’s electronic shelf label market is anticipated to grow substantially at a CAGR of over 20% during the forecast period. The market is driven by the increasing digitalization across the retail sector. The willingness of the retailers to shift towards advance technology solution across the region is also estimated to have significant impact on the growth of the ESL market.
The prominent players of the electronic shelf label market are Diebold Nixdorf, Displaydata, E Ink Holdings, M2Communication, NZ Electronic Shelf Labelling, Opticon Sensors Europe, Pricer, Samsung Electro-Mechanics, SES-imagotag, and Teraoka Seiko.
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