Electronic Shelf Label Market 2023 to Set Highest Record of Growth at 21.03% CAGR by STORE ELECTRONIC SYSTEMS SA, PRICER AB, DISPLAYDATA, M2 COMMUNICATION, IMAGOTAG GMBH, E INK HOLDINGS, SAMSUNG ELECTRO-MECHANICS

The electronic shelf label market was valued at USD 397.22 million in 2017 and is expected to reach a value of USD 1.24 billion by 2023 at a CAGR of 21.03% over the forecast period of 2018u20132023. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Detailed Sample Copy of Updated Analysis @ https://marketprognosis.com/sample-request/17341
Note: “If this link doesn’t work in Internet Explorer, kindly try copy pasting it in other browsers”.

Electronic shelf label is a system where the commodity information is electronically displayed and updated. It is essentially a digital price tag, which is deployed by the retailers in stores to present relevant information to customers. It is integrated into a communication network with the additional functionality to edit prices and information on the tag instantaneously, by operating wirelessly. Information displayed by the ESLs are barcodes, unit cost, and real-time pricing among a host of other information. Spurring demand for automation products in the retail industry to make up for the rising cost of manual labor is the key driver for the global electronic shelf label market. The growing world population had reached 6.2 billion in 2016, and retail sales in this market have increased by 350% since 2001. ESLs help in smoothening the process of retail sales. The stringent regulations set by the government for accurate product pricing influences the retailers looking for the ESL systems. They also provide a decent return on investment as they cause a significant reduction in the labor costs for the store owners in the developed regions.

Key Developments in the Market
January 2017: M2COMM, a leading Internet of Things (IoT) solution provider, had introduced its Electronic Shelf Label (ESL) Fresher Packs for retailers to enable reliable, faster, and cost-effective shelving signage. At an affordable USD 1,500, small and medium-sized retail businesses and stores purchased one of M2COMM’s ESL Fresher packs and experienced the convenience and efficiency that IoT brings to the Retail 4.0 era. M2COMM’s ESL Fresher packs provided retailers with the flexibility to scale up and purchase further ESL tags as needed, allowing them to bypass and overcome existing purchasing and quantity constraints. Furthermore, in March 2017, the company launched a series of new ELSA (Electronic Labelling System Application) products at EuroShop 2017. This was the world’s most compact electronic shelf labeling (ESL) solution.

The major players include –
STORE ELECTRONIC SYSTEMS SA, PRICER AB, DISPLAYDATA LTD, M2 COMMUNICATION, INC., IMAGOTAG GMBH, E INK HOLDINGS, INC., SAMSUNG ELECTRO-MECHANICS CO., LTD, and LG CORPORATION, amongst others.

Request Discount on this repots @ https://marketprognosis.com/discount-request/17341
Note: “If this link doesn’t work in Internet Explorer, kindly try copy pasting it in other browsers”.

On the contrary, the developing nations have a huge supply of unemployed population, which reduces the labor costs, thus negating the urge to spend on quality automation techniques to reduce workload. Pricing errors due to technical glitches or negligence are much more plausible in real-time. Also, the requirement of high initial investment to deploy the technology has hampered the rapid growth of the ESL market.

Higher Initial Investments Costs
Automation of businesses requires high capital as there are multiple costs involved, such as equipment cost, service and installation cost, and maintenance costs. Retailers have to spend large amount of money to automate their business processes. Furthermore, as these systems come with additional costs, such as electricity and internet connectivity, it has become hard for small businesses to adopt this technology. Small-time retailers form a major share of the market. It is estimated that the small local retailers contribute more than 50% to the total sales in developing regions across the world. The small retailers are mostly local businesses, which operate from a single store rather than a chain or franchises. These small-time players have limited cash flow, hence, the high cost of installing this equipment is a huge barrier to overcome for these players. Developing regions prefer to employ daily labor services for menial tasks to make up for the lack of technology. The retail players existing in the market, without significant knowledge of the technology, are not aware of the advantages offered by these systems and how they can utilize it. Low adoption of automation by these small businesses is standing as a barrier to the growth of this market.

Controllers and Trip Relays Generate Potential for Emergency Shutdown Systems
Hypermarkets and supermarkets dominated the overall ESL market share owing to the high inclination towards automated equipment and products. The segment consists of extensive retail facilities that sell a wide range of products under one roof including full grocery lines and general merchandise. The steady rise in these stores is mainly due to the expansion of retail outlets in the last decade. The increasing demand for retail automation in countries, like Russia and Turkey, is driving the adoption of ESLs in supermarkets and hypermarkets. The concept of ESLs is spreading through Europe as well as the United States. German hypermarket Chain Kaufland Group announced in August 2016, that it would begin to display electronic shelf labels across its stores nationwide. The company has over 650 stores and is part of the Schwarts Gruppe, which also owns the well-known value grocery store Lidl. It had teamed up with the United Kingdom tech company Displaydata, to provide the ESLs.

North American Dominated the Market
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. The region 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 United States has been one of the largest logistics markets in the world. The country is on the verge of a fourth industrial revolution where data is being used on an extensive scale for production, and is being integrated with a wide variety of manufacturing systems throughout the supply chain. ESLs are one among a bunch of other technologies that will improve performance efficiency of store operations. Domestic manufacturing, government initiatives toward automated technology, and technological innovation in information technology are the factors driving this market in North America.

Enquiry Before Buying @ https://marketprognosis.com/enquiry/17341
Note: “If this link doesn’t work in Internet Explorer, kindly try copy pasting it in other browsers”.

About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

Contact us:
ProgMark Pvt Ltd,
Thane - 421501
India.
Contact No: +1 973 241 5193
Email: sales@marketprognosis.com

This release was published on openPR.