According to a new market
report titled "Electronic Shelf Label
(ESL) Market-Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast 2018 - 2026",
published by Transparency Market Research, the global
electronic shelf label market is
expected to reach US$ 2,517.9 Mn by 2026, expanding at a CAGR of
20.0% from 2018 to 2026. According to the report, the global market
is expected to continue to be influenced by a range of macroeconomic
and industry-specific factors. Europe is anticipated to continue to
be at the forefront of global demand, with the market in the region
expanding at a CAGR of above 19.4% during the forecast period.
Technical advancements, increased digitization, and presence of a
large number of electronic shelf label hardware, software, and
service providers are anticipated to drive the electronic shelf label
market in Europe.
Rising Significance of
Automation in Retail Industry and Technological Advancement across
the World Driving the Global Electronic Shelf Label Market
Growing adoption of store
automation and integration of electronic pricing is expected to boost
the electronic shelf label market in the coming years. Moreover,
technological advancement and stringent regulations against
misleading product pricing are likely to drive the growth of the
market during the forecast period. Presence of large number of
electronic shelf label system providers and post-sale service
providers across regions has led to a subsequent rise in demand for
electronic shelf labels. This is likely to propel the growth of the
market during the forecast period.
In terms of electronic shelf label
hardware and software, both Europe and North America are mature
regions of the market, due to high awareness about electronic shelf
label systems among users and technological developments. However,
the market in Asia Pacific is estimated to expand at a robust pace
during the forecast period. Rise in penetration of technology as well
as significant investments in the optimal utilization of digital
pricing systems across countries such as U.K., Germany, France, the
U.S., China, India, and Brazil are anticipated to offer lucrative
opportunities for electronic shelf label system providers in the near
future.
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Electronic Shelf Label
Market: Scope of the Report
Based on component, the global
electronic shelf label market has been segmented into hardware,
software, and services. The hardware segment held a significant
market share and is anticipated to remain dominant over the forecast
period in terms of revenue. The hardware segment has been further
divided into labels (product) type and infrastructure. The labels
(product) type based sub-segment accounted for a prominent market
share globally, followed by the infrastructure sub-segment, in terms
of revenue. Labels (product) type segment is categorized into LCD
ESL, segmented E-paper ESL, and full-graphic E-paper ESL. Among
these, both LCD ESL and full-graphic E-paper ESL are witnessing
prominence in the electronic shelf label market. Moreover, the
adoption rate of full graphic E-paper ESL among retailers has gained
rapid prominence and is projected to expand at a significant pace
over the forecast period due to its low power consumption, high
visibility, and paper like display.
In terms of revenue, the software
segment is expected to expand rapidly over the forecast period. The
software segment has been further divided into pricing and shelf
management software and other digital infrastructure. The pricing and
shelf management software based sub-segment accounted for a prominent
market share globally due to its increasing use in retail stores for
digital price tagging and superior product management. The services
segment is categorized into support and maintenance, installation,
and training and consulting. The installation service sub-segment is
expected to occupy leading market share over the forecast period,
whereas training and consulting segment is projected to expand
rapidly in the coming years as major retail stores are offering
proper training and consulting to employees on digital product
pricing techniques. The report includes analysis of the electronic
shelf label market by region, segmented into North America, Europe,
Asia Pacific, Middle East & Africa, and South America.
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