Selbyville, Delaware, Jan. 19, 2022 (GLOBE NEWSWIRE) —
Electronic Shelf Label (ESL) Market is expected to surpass USD 2 billion by 2027, according to the most recent study by Global Market Insights Inc. The high demand for automated solutions across the industrial and retail sectors is fueling the industry growth.
IR-based ESLs will gain popularity owing to their superior performance and radio immunity. IR technology is an integral and essential part of the modern retail store infrastructure. Market players use IR technology to launch innovative solutions. For instance, Pricer AB offers a platform, which is an integrated hardware-software system combining ESL geoposition and IR wireless communication, ultra-low power displays, in-store navigation & server infrastructure (distributed, cloud or in-store). Unlike Radio Frequency (RF), infrared light enables bi-directional communication. The transceiver infrastructure enables transmitting and receiving information with ESLs. In IR-based ESLs, transmitters are installed on the ceiling of the retail store or the industrial facility.
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Supermarkets are gaining popularity in emerging economies, which will offer growth opportunities to the ESL market. The changing trend from small physical stores to supermarkets that enable consumers to shop several items from one place will support the demand for ESLs. Improving economic conditions are further contributing to the rise in the number of supermarkets in developing economies. Authorities use ESLs to ensure improved inventory management and automated updating of prices for promotional strategies. As it is difficult to manually change the pricing of all items, ESLs enable authorities to function efficiently using a central server to change all the prices, simultaneously.
The expanding retail industry in the Middle East & Africa will offer strong market growth opportunities. Several large hypermarkets and mall construction projects are underway in the UAE and Saudi Arabia. The UAE is one of the most popular tourist & retail destinations globally. In the retail sector, ESLs also form a good advertising tool where customers can receive information on discounts or special promos directly from the label, thus increasing revenue generation. Retailers focusing on modernizing their stores, which will boost the demand for ESLs to streamline operations during peak traffic hours.
Some major findings of the ESL market report are:
- Increasing demand for electronic labels that enable authorities to control all the price tags through a central server, which will fuel the market growth.
- ESLs are witnessing increasing adoption, which is attributed to the growing adoption of labels that can be updated and changed in real-time, instantaneously as per the customer traffic. Authorities can add promotional strategies and discounts to attract consumers during low traffic hours.
- ESLs enable authorities to reduce the staff working at stores by automating the process of price tagging. Manual processes are time-consuming and are also prone to errors. It is also a tedious task to manually change all labels in real-time during peak hours.
- ESL graphic labels are available in several features and sizes on a fully graphical e-Ink display that showcases information in black or white or B/W with red or yellow highlights for emphasis. These labels witness increasing demand from the retail sector.
- Intuitive systems and wireless connectivity used in ESL are efficient enough to feature scheduling capabilities, such as updating product or pricing information, at a pre-defined time and date.
- ESLs are increasingly being used in industrial environments as ESL solutions can be used as an innovative & efficient tool for automated product navigation and product location management. It makes it easier to locate an asset, a device, or an item with these interactive labels, mainly in large warehouses with multiple items in their inventories.
- The expanding industrial and retail sectors adopting advanced digital technologies to streamline operations will boost the market growth.
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Partial chapters of report table of contents (TOC):
Chapter 3 Electronic Shelf Label (ESL) Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19
3.2.1 Global Outlook
3.2.2 Regional Outlook
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.6 Regulatory impact
3.6 Price trend analysis, 2017 – 2027
3.6.1 By product
3.6.2 By region
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfall and challenges
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.