LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the electronic shelf labels market in the US is expected to grow at a CAGR of more than 20% during the forecast period, according to their latest report.
This research report titled ‘Electronic Shelf Labels Market in the US 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up-to-date analysis and forecasts for various market segments and all geographical regions.
The rapid growth in the retail industry has triggered the growth of the ESL market in the US. ESLs are used in various retail stores such as hypermarkets, supermarkets, and many more. With the help of ESLs, retail outlet owners can minimize labor costs, retain price integrity, and optimize inventory costs. This has resulted in the increased adoption of the ESLs among the retail industry. ESLs have slowly started targeting retail formats such as specialty retailers, department stores, and small convenience stores in the US. Factors such as fast, cost-efficient, and secure price labeling have made the US retailers to increase their demand for ESLs. With a stable economic growth, the demand for the ESLs within the retail stores will continue to increase.
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Technavio’s analysts categorize the electronic shelf labels market in the US into three major segments by retail store format. They are:
- Supermarkets, hypermarkets, and department stores
- Convenience stores
- Drugstores and pharmacies
Supermarkets, hypermarkets, and department stores
The ESL market in the US by supermarkets, hypermarkets, and department stores will grow with an expected CAGR of more than 20% through 2021. The supermarkets, hypermarkets, and department stores segment is regarded as the largest sector, operating at the largest level in the US and is credited for generating the largest revenue for the ESLs.
According to Poonam Saini, a lead retail systems research analyst from Technavio, “The supermarkets, hypermarkets, and department stores will become the early adopters of ESLs. The year 2017-2019 will be regarded as the highest growth period for this format. However, slower growth is expected to come from this format after 2019. However, this will greatly depend on how ESL players penetrate the format.”
The ESL market in the US by convenience stores, which include specialty retailers, is expected to reach USD 11.64 million by 2021, growing at a CAGR of more than 20%. The convenience stores segment was the second largest retail store format in the ESL market in the US in 2016 and will continue to hold its position through 2021. The ESL market is likely to penetrate in convenience stores (including specialty retailers) owing to the robust benefits offered by the ESL to the consumers over the traditional shelf labels.
Drugstores and Pharmacies
The ESL market in the US by drugstores and pharmacies held the smallest share of the market. Technavio researchers forecast the drugstores and pharmacies segment to generate USD 0.63 million by 2021, growing at a CAGR of nearly 14%.
“Currently, few drugstores and pharmacies operating in the US market have started using ESLs. But the adoption rate will increase in the upcoming years. This surge in the use of ESLs is because of the growing awareness about the benefits of using ESLs in the drugstores and pharmacies segment,” says Poonam.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Teraoka Seiko
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