According to a new market research report published by Credence Research, the market for electronic shelf labels is set to grow with a CAGR of 16.8% over the forecast period starting from US$ 450.5 million in 2018.
The market for electronic shelf labels (ESL) is driven by the growing need among retailers to enhance the customer experience. As the adoption of Internet services worldwide is increasing, the availability of information is also increasing. Customers are empowered to choose from a wide range of options on the market. As a result, retailers are focusing more on enhancing customer engagement activities and providing better customer experience to reduce the churn rate and build customer loyalty.
The growing adoption of an automated solution across the retail sector also acts as a key driver for the ESL market. In addition, the growing demand among retailers to reduce the use of paper-based labels and the growing need for dynamic pricing solutions is increasing the demand for ESL solutions.
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The market for electronic shelf labels is segmented by radio frequency (RF), infrared (IR), near-field communication (NFC) communication technologies, among others. RF technology dominates the market with an ESL market share of more than 45% in 2018. The ability of technology to establish short-term, effective communication and enable fully-automated data transfer is driving market growth. On the other hand, NFC technology is expected to grow significantly during the forecast period.
The market for electronic shelf labels in the Asia Pacific is expected to grow substantially in the CAGR by more than 20% during the forecast period. The market is driven by an increase in digitalisation across the retail sector. Retailers’ willingness to move towards advanced technology solutions across the region is also estimated to have a 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.