Electronic Shelf Label Market is expected to witness a significant growth due to the increasing adoption by the retail industry. These components offer benefits such as better price visibility, reduction in pricing errors, and promotional capabilities. These advantages allow users to increase the accountability of the products and increase profit margins. The increasing competition in the retail sector is encouraging players to adopt differentiation strategies such as implementation of automation in the stores to attract the consumers.
(RF) radio frequency-enabled electronic shelf label market will grow significantly to reach the revenue share of over 35% by 2024 due to the increasing adoption of the technology for communication across different technology platforms such as IoT. The technology is cost-effective as it does not requir e additional high-cost infrastructure. It is also immune to blockages and does not require additional security, thus propelling the electronic shelf label market.
RF-enabled electronic shelf label market will witness significant growth due to increasing adoption of radio frequency. Low cost of the technology is encouraging the small retailers to adopt the RF-enabled solutions. Also, RF technology is flexible and allows fast & easy rectification of issues. NFC-enabled electronic shelf label market will grow due to ease of use of these devices with other handheld devices by simply bringing the devices closer. Also, the technology enables communication between labels and tags.
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Commercial applications dominated the electronic shelf label market with over 80% of the overall revenue in 2017. The products are witnessing high penetration in the retail facilities, such as supermarket and hypermarket, to sell a wide range of products under one roof. Kaufland Group, a Germany-based hypermarket chain has entered a joint venture with the UK-based Displaydata to provide ESLs in stores, such as Lidl, across the country.
LCD electronic shelf label market will hold a majority share in the industry due to low cost and high efficiency of LCD displays. These offer advantages such as low power consumption and bi-stable features that aid the industry growth. The full graphic e-paper ESL products are gaining prominence in the industry as these provide support for full graphic imaging and crisp display. Also, these products can work on the communication network that updates pricing in real-time.
Asia Pacific ESL market is expected to reach over USD 340 million, due to the rapidly expanding retail sector in the region. Foreign players, such as Walmart and Seven-Eleven, are expanding their businesses in the region, particularly in the countries including Japan and India. These players are bringing technologically-advanced products, such as electronic shelf labels, in the region to gain a competitive edge over the local players and attract customers.
With the rising frequency of innovations in connectivity, IoT and smart technologies, the electronic shelf label market can be expected to transform significantly, supported by better accessibility to AI and cloud-based services. SES-imagotag, LG Innotek, M2Communication, CEST, Displaydata, Price AB and Teraoka Seiko Co. Ltd. are come key participants in the global electronic shelf label market, which is projected to exhibit a 13% CAGR from 2018 to 2024.