DUBLIN--(BUSINESS WIRE)--The "Electronic Shelf Label Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The electronic shelf label market was valued at USD 478.6 million in 2018, and is expected to reach a value of USD 1.5 billion by 2023, growing at a CAGR of 21.42% over the forecast period 2019-2024.
- High accuracy and reduction in labor cost is growing the market as compare to conventional label changing. This has significantly reduced the risk of human error in turn ensuring potential pricing compliances. Shoppers lose trust in a company if the in-store prices don't align with the online display, and unfortunately, this is often the reality they encounter by which the ESL helps to fix any price errors.
- NFC penetration in the industry is expected to gain momentum over the coming years due to the increasing adoption of NFC technology in multiple devices such as POS systems and smartphones. This allows the retailers to integrate these devices with the existing handheld devices, lowering the overall installation cost of these labels, which is a key drivers for the growth of market.
- However, high initial investments required to set up these products in stores and minimum knowledge about the usefulness of the ESL system are the major restraining factors in the electronic shelf label market.
Major Market Trends
NFC Mobile Payment is Owing to Increase the Market in Retail Sector
- Due to increase in the NFC (Near Field Communication) enabled smartphone technology, NFC in Electronic Shelf Labels is growing in retail sector which is energy-efficient shelf management at low cost. Near Field Communication (NFC) is embedded and uses proximity to create simplified transactions, data exchange, and brief connections. Prior to purchase, NFC-enabled smart packages and signage can provide timely product information and even real-time digital offer to the customers.
- In retail, the NFC technology significantly adds up to standard ESLs which display the price and facilitate the stock management, by enabling price updates at any time which simplifies the customer interactions via a simple tap on an NFC-enabled smartphone.
- Majority of the customer prefer NFC technology over other digital innovations, such as QR code, bluetooth beacon, due to its high speed and improved control on information. This NFC enabled device helps in collecting the details of customers, their shopping interests and frequently purchased items which facilitates personalized marketing and thus attracts customer to visit again, which enables to increase the market.
- Casino is a French supermarket which has used NFC tags in front of every product on the shop shelves. Customers touch their own phones to the tag and can view product info or add to their mobile app's basket, by viewing personalized prices and also activating instant promotions
North America to Account for a Major Share
- North America is the largest market for electronic shelf labels globally. The huge market in this region can be attributed to the vast presence of retail stores, both small and big, across the region.
- Moreover, favorable government initiatives in the US towards technological innovation and integration of automated products across all industry verticals, specifically in retail automation is boosting the demand for the market.
- The US has been led by retail giants, such as Wal-Mart, driving the upsurge in activity, largely contributing to the market growth in the region. The country has been one of the largest logistics markets in the world.
- The industrial revolution in the US has created large data evolution capabilities to be used in the production processes and integration in supply chain management. The technology aids in enhancing the store operations further developing the industry, by which ESL will improve the performance efficiency of store operations.
The electronic shelf label market is highly fragmented with many small retail chains and very few dominant retail brands. The retailers are adopting these solutions to make frequent changes in the prices of products allowing the retailers to add promotional offers to attract customers, which is creating a rivalry among the competition. Key players are E Ink Holding, LG Corporation, Altierre Corporation, etc.
Recent developments in the market are:
- May 2019 - E Ink the leading innovator of electronic ink technology displayed its latest innovations in color displays, writing films and new light transmissive films at SID Display Week 2019 from May 14-16, 2019 in San Jose. It enables electronic shelf labels to respond to customer traffic patterns in an accurate manner.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 NFC Penetration in POS & Smartphones
4.4 Market Restraints
4.4.1 High Initial Investments
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 TECHNOLOGY SNAPSHOT
6 MARKET SEGMENTATION
6.1 By Product
6.1.1 LCD ESLs
6.1.2 E-Paper ESLs
6.2 By Component
6.3 By Communication Technology
6.4 By Store Type
6.4.1 Hyper Markets
6.4.2 Super Markets
6.4.3 Non-food Retail Stores
6.4.4 Specialty Stores
6.5.1 North America
6.5.4 Latin America
6.5.5 Middle East & Africa
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Altierre Corporation
7.1.2 Diebold Nixdorf
7.1.3 Display Data Ltd.
7.1.4 E Ink Holding Inc.
7.1.5 LG Corporation
7.1.6 M2 Communication Inc.
7.1.7 Pricer AB
7.1.8 Samsung Electro-Mechanics Co. Ltd.
7.1.10 Wincor Nixdorf AG
7.1.11 AdvanTech Inc.
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/qqnp6g