The electronic shelf labels market size was valued at USD 302.2 Million in 2016 and is expected to be worth USD 1,424.8 Million by 2023, at a CAGR of 23.98% during the forecast period. The base year considered for this report is 2016, and the forecast period for the market has been considered between 2017 and 2023.
The objective of this report is to define, describe, and forecast the market size and growth potential of the ESL market across different segments such as component, product type, communication technology, store type, and geography. This includes the forecast of the market size, in terms of value, with respect to 4 main geographies, namely, North America, Europe, APAC, and RoW. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and challenges for the market. The report also profiles the key players operating in the ESL market. The growth of this market is driven by the factors such as increasing operational efficiency with real-time product positioning, more cost-efficient and less time-consuming alternative to paper labels, and trending retail automation.
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The report covers the ESL market on the basis of component, product type, communication technology, store type, and geography. The displays component held the largest share of the ESL market in 2016. LCDs and e-paper displays are being used in ESLs. The manufacturers of ESL, such as Displaydata (UK), are integrating the latest electrophoretic display (EPD) technology in labels.
On the basis of product type, full-graphic e-paper ESL held the largest share of the market in 2016, and the market for full-graphic e-paper ESL is expected to grow at the highest CAGR during the forecast period. Full-graphic e-paper ESLs use e-papers as their display component; these are the advanced version of segmented e-paper displays. The major benefit of these labels is the energy-efficiency and its ability to project graphical objects, such as logos and callouts, facilitating real-time product positioning.
The ESL market based on store type was dominated by hypermarkets owing to the complications associated with the manual management of such big stores, leading to the high rate of adoption of these labels. Using ESLs allows hypermarkets to update the prices and other product-related information in much less time. The major benefits of using ESLs in these stores are digital price tagging and superior product management. These uniform electronic labels contribute to the organized and high-quality pharmacies and electronic stores