- ABOUT IMC
- IoT LIBRARY
Electronic shelf labels to see 18.2% CAGR
- November 6, 2023
- Steve Rogerson
The global electronic shelf label (ESL) market is set to see a CAGR of 18.2%, reaching $8.37bn by 2030, according to Insight Partners (www.theinsightpartners.com).
The market size was valued at $2.2bn in 2022 and is expected to reach $8.37bn by 2030, with a CAGR of 18.2% from 2022 to 2030.
ESLs let retailers update the prices of products automatically in real time across the store, which further helps them eliminate days of monotonous and error-prone manual work. Retailers are continuously looking for ways to deliver operational efficiency in the retail value chain, which is giving rise to the adoption of IoT technologies, thereby driving the growth of the ESL market.
This has encouraged market players to offer technologies that help retailers increase pricing efficiency and accuracy. For instance, Pricer provides ESLs with Bluetooth technology and helps consumers access product information. In addition, S&K provides the Vusion electronic price tags that include a screen protector attached to the front of the display.
These tags are designed to be extremely thin and can be used in an environment of +10 to +40˚C.
The adoption of technologies is expected to gain significant maturity in the retail industry. In particular, artificial intelligence is expected to be most transformational for the retail industry due to its ability to drive efficiencies, widespread applications and impact on labour.
The IoT in the retail would positively impacts the retail sector, says the report. With the rapid growth in the outlook of online shopping, retailers are looking forward to offering frictionless online shopping experiences to customers. The use of such technologies in retail is growing at an exponential rate.
Both retailers and technology developers are looking to provide an environment of the connected consumer in brick-and-mortar locations. Therefore, ESL developers are working closely to develop more technologies through robust R&D, such as the development of e-paper and batteries, which helps enhance operational efficiency and foster the ESL market.
The market is segmented on the basis of component, store type, product type, technology and geography. Based on component, the global ESL market is segmented into hardware, software and services. Based on store type, the market is bifurcated into hypermarkets, supermarkets, non-food retail stores and specialty stores.
Based on product type, the global ESL market is bifurcated into LCD and e-paper-based ESLs. Based on technology, the market is segmented into radio frequency, infra-red, near-field communication and others.
LabelNest, Diebold Nixdorf, Displaydata, M2Communication, E Ink Holdings, NZ Electronic Shelf Labelling, Pricer, Opticon Sensors, Samsung Electro-Mechanics, Ses-Imagotag, and Teraoka Seiko are among the key players.