Rapid Automation in Retail Sector Boosting Electronic Shelf Label Market Growth

A number of factors, such as the soaring need for increased functional efficiency with real-time product positioning, accelerating automation and digitalization, and burgeoning demand for price optimization in the retail sector will steer the electronic shelf label (ESL) market growth during the forecast period (2021-2030). According to P&S Intelligence, the market generated $800 million revenue in 2020. Additionally, the lower time consumption and higher profits allowed by ESLs will catalyze the market growth in the forthcoming years.

One of the key growth drivers for the market is the rising automation rate in the retail industry owing to the increasing focus of retailers on enhancing the customer shopping experience. The surging requirement for smart automation solutions here can be attributed to the growing complexities in managing large retail stores and warehouses. ESL systems deliver flexibility and precision in store and warehouse operations, as they offer easy updates, time-saving, and reliability.

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In recent years, the rising integration of near-field communication (NFC) technology in such systems has become a major trend in the electronic shelf label market, as it helps retailers in efficient stock management and price optimization. NFC-technology-based ESLs enable retailers to update product information, such as price, discounts, and special offers, by using smartphones and point-of-sale devices. This technology, therefore, allows for contactless and quick data transfer between devices, owing to which ESL manufacturers are focusing on the production of NFC-enabled devices.

The product type segment of the electronic shelf label market is categorized into liquid crystal display (LCD), segmented e-paper, and full-graphic e-paper. Among these, the full-graphic e-paper category generates the highest revenue, and it is also expected to demonstrate the fastest growth throughout the forecast period. This can be ascribed to the cost-effectiveness and high energy efficiency exhibited by full-graphic-e-paper-based ESLs, which also have the ability to project graphical objects on labels.

Globally, the North American electronic shelf label market generated the highest revenue in 2020 due to the booming demand for the ESL technology among the expansive chains of retail stores across the region. Moreover, the rising number of favorable government initiatives to support technological development and increasing adoption of automated products in retail stores will facilitate the market growth. Besides, the escalating demand for full-graphic e-paper displays and the mounting focus of retail giants on consumer-centric practices will drive the demand for ESLs in the continent.

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Whereas, the European electronic shelf label market is expected to showcase the fastest growth during the forecast period. This will be on account of the presence of prominent market players and extensive growth in the retail industry. Additionally, the high labor cost in European countries is encouraging the adoption of ESLs in retail stores and warehouses as their incorporation increases the return for retailers by minimizing manual intervention.

Thus, the escalating automation rate across the retail sector and surging adoption of NFC-based ESLs will facilitate the market growth worldwide.

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