CHICAGO, June 12, 2019 /PRNewswire/ -- According to the new market research report "Electronic Shelf Label Market by Product Type (LCD, Segmented E-Paper, Full-Graphic E-Paper), Communication Technology (RF, IR, NFC), Store Type (Hypermarkets, Supermarkets, Others), Component, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the Electronic Shelf Label (ESL) Market is expected to grow from USD 302 million in 2016 to USD 1,425 million by 2023, at a CAGR of 23.9% between 2017 and 2023. The factors such as trending retail automation and increased operational efficiency with real-time product positioning are the major driving forces for the growth of the ESL market. Even though ESLs are comparatively cost-efficient than paper tags and save time while displaying updated prices of the product, the market is facing challenges from the low labor cost in economically developing countries, which has proved to be a major hurdle in the acceptance of the systems.
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"Full-graphic e-paper ESL to grow at the highest CAGR during forecast period"
Full-graphic e-paper ESL is expected to grow at the highest CAGR during the forecast period. The highest CAGR of this segment is attributed to the growing demand for price automation from the Tier I and Tier II retailers that rely on these ESLs to a large extent, as these ESLs support the graphic content and information. In addition, full graphic e-paper ESLs are a key to gain customer attention and make the in-store communication dynamic.
"Radio frequency communication technology to hold the largest share during the forecast period"
The RF technology is expected to dominate the market in terms of size during the forecast period. The largest size of the market for this technology is attributed to its stability. The RF technology is considered to be a stable communication technology that can be integrated with ESLs for fully automated data transfers. It also possesses an electronic memory that is beneficial for the storage of information regarding assets strengthening the ESL network.
"APAC to grow at the highest CAGR during the forecast period"
The globalization and development of organized retail in APAC are likely to contribute to the highest CAGR of the market in APAC. The economy modernization programs of various countries in APAC are creating the growth opportunities for the ESL market players. Additionally, the readiness of retailers (i.e., ESL end users) in APAC to follow the ongoing trends of the retail market also leads to the growth of the ESL market in this region. Moreover, Japan is the major adopter of ESLs in APAC. In Australia, the labor costs are high, and the Australian retailers are spending a great deal of money on price management to maximize the promotional activities for various products.
Browse in-depth TOC on "Electronic Shelf Label Market"
63 – Tables
47 – Figures
135 – Pages
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The key players operating across the value chain of the ESL market are Pricer (Sweden), SES-imagotag (France), Samsung Electro-Mechanics (South Korea), E Ink Holdings (Taiwan), Displaydata (UK), M2Communication (Taiwan), Diebold Nixdorf (Germany), Opticon Sensors Europe (Netherlands), Teraoka Seiko (Japan), and NZ Electronic Shelf Labelling (New Zealand), among others.
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